The film, TV and advertising post-production company, Windmill Lane Picture Ltd, has posted a 6.25 per cent rise in profits according to its latest profit and loss account. Emmet Oliver reports.
The company's accumulated profits for year ended March 31st, 2003 was €1.7 million, up from €1.6 million in the year before. Mr James Morris, managing director, said the company was benefiting from renewed confidence in the Irish TV and film industries.
He said Windmill was especially happy with the decision of the Minister for Finance, Mr McCreevy, to extend Section 418 film relief until the end of 2008.
Windmill has worked on various film and TV projects in the last two years, including the King Arthur movie, which has yet to go on general release. Windmill also benefited from the success of the unexpected hit East Is East, a film directed by Irish director Damian O'Donnell.
It has also won advertising contracts from Guinness and McDonalds. Another lucrative area for the company is TV post-production and in recent months it won the contract for RTÉ's ratings success, You're A Star.
The company's bank loans have dropped to €2.3 million from €2.5 million. The company's total net assets were up to €2.1 million from €2.0 million. Shareholders funds rose from €2 million to €2.1 million.
The company had three subsidiaries: Hanover Street Production Centre; Leinster House Television Ltd and Windmill Lane Television Services Ltd.
Not all of these were active, although the Leinster House company continued to provide coverage of Oireachtas proceedings to RTÉ and other outlets.
