Windmill Lane pretax profits fall by 84%

PRETAX PROFITS at television and film-editing studio Windmill Lane Pictures plummeted last year by 84 per cent to €135,570.

The Dublin-based studio, which counts the "Bertie in the cupboard" advert for the News of the Worldamongst its recent post-production credits, saw gross profit reduce by 26 per cent to €3 million, accounts filed at the Companies Office show.

The company’s chief executive, James Morris, said revenues in the domestic market collapsed at the start of 2009 due to the knock-on effect of TV programming cutbacks and a downturn in television advertising.

The current chairman of the Irish Film Board, Mr Morris said Windmill Lane was “happy to have made a small profit” in 2009.

“We’re quite happy with things. It is a long way short of what we were doing in 2006 and 2007. That being said, in the circumstances we’re glad to be in a position of thinking ahead and making plans.”

Last year, Windmill Lane – established in 1979 – pressed ahead with its €5 million move to its new premises in Herbert Place in Dublin. The move was funded by the sale five years ago of its famous south docks studios where U2 made five albums.

Mr Morris added that the fall in domestic revenues resulted in the company building up its international business “and we are beginning to see some success in our international programming”.

The company has secured a contract to produce computer-generated imagery effects on a film called Lock Outbeing shot in Belgrade, starring Guy Pierce and produced by Luc Besson.

“We have currently 30 people that will go up to 50 producing visual effects for the movie in a warehouse in Stillorgan,” he said. “It is very competitive in the marketplace. Like everyone else in our business, we are working twice as hard for half as much.”