It’s ironic that it should be the film studio behind the current hit 28 Weeks Later that is now suffering from lengthy production delays.

Such problems mean that 2007 pre-tax profits from Pinewood Shepperton could be nearly 15 per cent lower than forecast last month by Cazenove, its house broker, which said that there was “substantial upside” to the shares and set a target price of 387p. Today they fell to 280p.

Yet while Ivan Dunleavy’s warning is a setback, it is unlikely to have any long-term impact on sentiment. The delayed productions will still be shot at Pinewood, only next year. Revenue from Pinewood’s fast-growing television business is also continuing to climb.

More important, the shares are protected by the perception the group is increasingly more of a property than media play.

Pinewood has 41 stages, six digital TV studios and vast woodlands around its long-time home in Iver Heath, Buckinghamshire. Analysts believe that a conversion to Real Estate Investment Trust status will unlock the hidden value and see the shares climb back towards the Cazenove target.

Mr Dunleavy may find that unless he makes this move, a cash-rich private equity buyer comes along and beats him to it.

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