Intandem makes progress – slowly

FILM group Intandem Films – which has former Edge Ellison lawyer John James on its board – is moving towards operational profitability – albeit at a slower rate than it would have liked.

Operating losses for the six months to the end of December fell to £194,126 – down from £257,789 – as turnover more than doubled to £245,456 from £93,058.

But pre-tax losses increased to ££194,122 against £179,127, mainly due to the exceptional profit made last year on the sale of an investment.

The firm said it had eliminated debt and no finance charges were incurred compared with £176,660 debt costs a year ago.

CEO Gary Smith said: “The six months to 31 December 2010 has seen Intandem progress towards operational profitability, albeit at a slower rate than we would have liked.

“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.”

Mr James is a non-executive director for Intandem, and chairs the company’s audit and remuneration committees.