Film studio’s pre-tax profits increase 9%

PRE-TAX profits at TV and film-editing studio Windmill Lane Pictures last year increased by 9% to €147,662, figures show.

The company is involved in the production of TV shows including hit series, Love/Hate on RTÉ and TV3’s The Apprentice.

The abridged accounts show that the firm’s gross profits increased by 36.7% from €3 million to €4.2m.

Chief executive of Windmill Lane Pictures, James Morris, said yesterday: “We held our own last year. Given the economic circumstances, we were very happy to do that.”

Mr Morris said the domestic market “is very, very difficult in terms of programming and commissioning. It has shrunk by 30% since the start of 2009 and there is an oversupply in the market at the moment.”

Mr Morris confirmed that the company maintained the 75 jobs at the company last year.

He said that in response to the downturn in the home market, Windmill Lane Pictures has built up its overseas business “from zero to around 25% of revenues”.

“It is a changed world. We have had some success with new markets and will continue down that path.

“Everyone who is in the TV post-production industry here is not jumping up and down. It is tough for everyone I would say,” said Mr Morris.

Windmill Lane recently worked on upcoming movies, Saving the Titanic and Albert Knobbs starring Glenn Close.

The company had accumulated profits last year of €4.5m. Its shareholder funds totalled €4.8m, including €975,236 in cash.

The company’s operating profit almost doubled last year from €103,344 to €199,487.

In 2009, the company pressed ahead with its €5m move to its premises in Herbert Place, Dublin.