TV studio left reeling as pre-tax profits plunge 84pc
Pre-tax profits at the well-known TV- and film-editing studio, Windmill Lane Pictures, which helped produce the recent controversial 'Bertie in the cupboard' advert, plummeted last year by 84pc to €135,570.
The Dublin-based studio counts the advert featuring former Taoiseach Bertie Ahern among its recent post-production credits and figures to the end of December 2009 show that the gross profit at Windmill Lane Pictures Ltd reduced by 26pc from €4.2m to €3m.
The figures, filed with the Companies Office, show that the company's operating profit dropped by 86pc from €782,069 to €103,344.
The company's chief executive, James Morris, said yesterday that 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.
Currently the chair of the Irish Film Board, Mr Morris said: "We are happy to have made a small profit last year."
He said: "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."
The figures show that the company had €4.3m in accumulated profits at the end of 2009.
Last year the company, which was established in 1979, pressed ahead with its €5m move to its new premises in Herbert Place in Dublin 4.