Windmill Lane eyes better outlook after hefty loss
Mr Morris was commenting on new accounts which show that Windmill Lane Pictures Ltd recorded a €679,444 loss last year. The firm posted a loss of €273,137 in 2013.
However, Mr Morris said that the loss arose from large non-cash depreciation costs of €817,851 “and our cash position is strong”.
The firm employs 70 people in Dublin and has recently added the movie Brooklyn, Jim Sheridan’s Secret Scripture, and RTÉ’s Rebellion to its list of credits that includes the five series of the phenomenon Love/Hate and The Guarantee.
“We’re in a good space. We have weathered a few difficult years but are now in a position to compete internationally,” Mr Morris said.
Speaking from Toronto, he said the increase in business in the second half of this year will result in the firm being “very close to break-even for this year”.
“The first part of the year was similar to last year, but we have seen a real pick-up in the last few months and that is to do with the general pick-up in the economy.”
The increase in business since around July has arose from new commercial work along with new film and drama commissions.
“We survived the recession quite well and remained in a good cash position and now we have re-orientated the business to look at other markets along with the domestic one,” he said.
The firm has also collaborated with animation firms and engaged in work involving computer-generated imagery.
Tune in to @RTE2 on Tuesday 10pm for the first episode of the new series #CloseEncounters @angelascanlon @WWESheamus https://t.co/XbxvVjERBs
— 📽 Windmill Lane 🎬 (@windmilllane) October 19, 2015
Mr Morris said the firm’s staff costs “are substantial and account for over half our of costs, but this is a people business”.
The directors’ report says there will be a major reduction in depreciation charges in future years which will lead to a positive impact on the profitability of the company.
At the end of last year, the firm’s accumulated profits stood at €2.57m while the firm’s cash reduced from €1m to €802,594.
In 2009, the company pressed ahead with its €5m move to its new premises in Herbert Place in Dublin.
That move was funded by the sale of its famous south docks studios, where U2 made five albums.
