The Daily Observer London Desk: Reporter- Victoria Smith
Shares in a British camera and lighting firm that supplies major TV and film projects slumped due to the impact of the Hollywood writers’ and actors’ strikes.
Videndum, a London-based company founded in 1910, said it is experiencing ‘significantly more impact’ from the strikes in the second half of the year than it expected.
Its share price crashed 36.9pc following the financial update.
Writers went on strike in May and actors followed in July.
Videndum, which has worked on productions including Game Of Thrones (starring Emilia Clarke, pictured), said there has been ‘encouraging news about the strikes’ but it is not clear when productions will restart.
Shares in a British camera and lighting firm that supplies major TV and film projects slumped due to the impact of the Hollywood writers’ and actors’ strikes (stock photo)
Videndum, which has worked on productions including Game Of Thrones (starring Emilia Clarke, pictured), said there has been ‘encouraging news about the strikes’
Screenwriters and studios have reached a deal after nearly five months, although it is still subject to a vote by union members. The actors’ strike is ongoing.
The company, which also supplies news broadcasters and owns the Autocue brand, warned it might not be able to meet its debt repayments due to the financial impact of the industrial action.
Revenue fell 25pc to £165m in the first six months of the year and it swung to a loss of £50m having made a profit of £16.4m in the same period of 2022.
