In a trading update for the stock exchange, a company statement revealed: “The challenging market conditions experienced by the Company during last Autumn have continued into 2009. Whilst it is difficult to predict the actual outcome of the full year with certainty, the Board now expects that the Company will report a loss for the year as a whole.”
Prime Focus' financial year ends 31 March 2009.
Anshul Doshi, the managing director of Prime Focus London and group finance director, told Broadcast that the loss would be the result of the writing down in value of investments made by the company whilst it was still VTR plc such as the animated series Busy Buses.
The company is also taking various cost-cutting measures to help it through the recession including renegotiating some supplier contracts and being prudent with day-to-day running expenses.
Prime Focus London PLC (formerly VTR PLC) is a publicly listed media and communications services company. Based in Soho its main divisions are Prime Focus London, blue post production and Machine.
Picture: Man on a Wire, visual effects work completed by Prime Focus London creative director Simon Clarke.