U.K.'s Intandem Films Posts Reduction in Operating Losses
The company said its red ink dried to $309,936 in the last six months of 2010.
LONDON -- U.K.-based sales and finance banner Intandem Films, listed here on the stock exchange, posted a reduction in operating losses for the six months to Dec. 31, 2010.
The company said its red ink dried to £194,126 ($309,936) in the last six months of last year from £257,789 ($411,644) in the same period in 2009.
Intandem’s turnover more than doubled to £245,456 ($391,950) in the latter half of 2010 from £93,058 ($148,613) the previous year.
The company told the marketplace there were reasons to be cheerful amid the challenging marketplace including “a significant sale” of movie The Veteran to U.K. indie distributor Revolver Entertainment for theatrical distribution.
Intandem also has Ecstasy, based on Irvine Welsh’s novel of the same name, on its sales roster in post-production.
In January 2011, the company raised £684,000 ($1.1 million) by the issue of 11,400,000 shares at 6p, a premium of 14.3 percent on the previous day’s closing price. The share issue has allowed Intandem to eliminate some trade creditors and increased working capital.
“The six months to December 31, 2010 has seen Intandem progress towards operational profitability, albeit at a slower rate than we would have liked,” said Gary Smith, Intandem CEO. “Having cleaned up the balance sheet by eliminating debt and with overheads under control, the emphasis is now on increasing the number of films the company represents and generating a much higher level of sales revenue and ultimately achieving and maintaining profitability.”