Licensed to increase profits
STAR Wars, the Avengers and the new James Bond film all helped a film studios to record breaking profits.
The Pinewood Group, which includes Pinewood Studios in Iver Heath, said that its income for the 2014/15 financial year was £75m, an increase of £10m since the previous year.
It has attracted a host of high profile productions recently with Star Wars Episode VII, Spectre, the new Bond film, as well as comic book blockbuster Avengers: Age of Ultron all shooting there.
Pinewood says that despite its success, it has still been unable to accommodate demand from large scale productions, and says that its continued expansion is critical to its future.
Work began earlier this year on the first phase of the Pinewood Studios Development Framework, which involves the studios expanding onto an area of previously green belt land.
Pinewood’s chief executive Ivan Dunleavy said: “Pinewood is a uniquely positioned
Films such as James Bond and The Avengers, below, have helped Pinewood’s profit soar independent operator and has once again delivered strong growth.
“As our core business has grown we have expanded the range of services for the screen based industries. We are seeing encouraging results from this strategy.”
He added: “Although we have hosted the three largest film productions of the year, being Star Wars Episode VII: The Force Awakens, Avengers: Age of Ultron and the 24th Bond film Spectre, we continue to be unable to meet all the demand from large films.
“This will partly be addressed by the first phase of the Pinewood expansion.
“We are encouraged that the current financial year has got off to a strong start with good visibility into the coming year.”
As well as Pinewood Studios, the Pinewood Group also has Shepperton Film Studios as well as sites in Toronto and Atlanta under its wing, which also contributed to this year’s financial success.