London based sales and financing company Intandem has published its interim report today
London based film financing and sales company Intandem has announced a reduction in pre tax losses of 71% in its interim report, published today.
The report, for the six months ending 31 December 2009 showed that the company now had pre tax losses of £179,00 compared to £618,000 in 2009.
The company also announced a profit of £254,000 on the sale of its 10% stake in Los Angeles publisher, Radical Publishing Inc as well as a book profit of approximately £4million and elimination of a £6million loan post after the disposal of ownership rights in five films.
Intandem currently has four films in post production, which are due to be screened at the Cannes Film Festival - Jeremy Sims’ war film Beneath Hill 60, The Devil’s Playground starring Danny Dyer, Ways To Live Forever directed by Gustavo Ron and Nick Moran’s The Kid (pictured) starring Ioan Gruffud and Rupert Friend (pictured).The company is also co-producing Matthew Hope’s The Veteran and Neil Marshall’s Ghost Of Slaughterford, both of which are due to go into production in June.
Gary Smith, Chairman and CEO of Intandem, said: “The Company has transformed its balance sheet through the elimination of its bank overdraft and the repayment of its outstanding loan.”
Despite the difficulties facing the film financing industry over the past eighteen months, Intandem is bucking the trend and progressing several films into production,” he added.