The interims highlighted the weakness of Film for a second year in a row. We had already flagged that it looked mature and ETO comments suggest the unit needs a Goldilocks environment to make progress. As a consequence we have cut Film revenues by over £100m and edged down our medium term margin expectations, but still see risks to the downside if volume does not recover. TV is expected to do the work on growth despite being the smaller division. After re-profiling our investment and growth assu ....
