Prime Focus looks to strengthen bottom line; to sell part of UK post-prod unit

Even as Prime Focus (PF) is celebrating the win of partner company Double Negative’s (Dneg) win at the Oscars, employees at the UK division were recently informed that the acquisition of the creative services division in the country would soon be finalised. On the other hand, the contractual services part would be retained by PF, which looks after clients by Red Bee Media. Reports have stated that the buyer is someone who has worked closely with PF in the past. Earlier, the company mentioned in its presentation to investors that it is looking to divest its non-core UK post-production business to eradicate the drag on consolidated results going forward. The focus for PF now will be Prime Focus Technology’s CLEAR cloud based system. The last quarter also saw the global integration of Dneg and PFW proceeding as expected with major integration expenses already incurred. In June 2014, PF had announced its merger with Dneg that created the world’s largest VFX, stereo conversion and animation company serving the Hollywood industry. Also Read: Q2-2015: Prime Focus revenue up 43.3%, loss widens by Rs 36 crore Prime Focus Q1-2015 revenue up 78%, loss widens to Rs 22 crore because of global integration process Prime Focus FY-2014 pat Rs 33 Cr; deferred tax, forex loss contribute to Prime Focus Q4-2014 Reliance MediaWorks owns 60% shares in Prime Focus open offerce Prime Focus disappoints for quarter ended 30 June, 2014