Movie firm Windmill Lane cuts loss by 69pc
Pre-tax losses at the movie firm involved in the making of 'Love/Hate' and box-office hit, 'Brooklyn' last year reduced by 69pc to €207,098.
New accounts filed by Windmill Lane Pictures show the firm reduced its losses after it increased its gross profit from €2.63m to €3.14m.
The loss last year takes account of hefty non-cash depreciation charges of €563,768.
The firm employs just under 70 people in Dublin and its list of credits include Jamie Dornan's 'The Siege of Jadotville', 'Brooklyn', Jim Sheridan's 'Secret Scripture', RTÉ's 'Rebellion' and it also worked on the five series of the phenomenon, 'Love/Hate'.
The directors' report said trading conditions were "extremely challenging".
It added that the loss for the year from a cash perspective was mitigated by the non-cash depreciation costs. After investment in fixed assets, the cash outcome for the year was largely neutral.
It also said that during the recession, there was a severe contraction in advertising and television programming here that resulted in the company suffering a substantial decline in revenue and profitability.
"We have invested and diversified into new revenues and we look forward to positive returns in the near future," said ceo Dave Quinn.
"We expect our core business to break even in 2016 and for the company to return to profitability in 2017."
Staff costs last year rose from €3.43m to €4m.
The firm's accumulated profits stood at €2.36m while its cash reduced to €776,708.