Record year for fi­nances at Pinewood Stu­dios

Buckinghamshire Advertiser - - NEWS -

PINEWOOD Group plc de­liv­ered ‘record rev­enues’ in the last fi­nan­cial year, with the lat­est fig­ures show­ing the com­pany made an in­come of £83.2m.

And with Phase One of the Pinewood Stu­dios ex­pan­sion – which adds a to­tal of 1mil­lion square feet of new fa­cil­i­ties – hav­ing been com­pleted on June 30, bosses are hop­ing for con­tin­ued growth in­ter­na­tion­ally as the pound drops fol­low­ing the Brexit vote.

An au­dit re­port for the year ended March 31 2016 has re­vealed that group rev­enues were 10.9% higher than in the pre­vi­ous year, when in­come was £75m. Nor­malised earn­ings – an in­di­ca­tion of a com­pany’s fi­nan­cial health – were up 31.1%, from 13.5p to 17.7p.

The good news comes de­spite the com­pany – which runs Pinewood Stu­dios, Shep­per­ton Stu­dios and Ted­ding­ton Stu­dios in the UK, Pinewood Toronto Stu­dios, Pinewood In­dom­ina Stu­dios, Pinewood Stu­dio Ber­lin and Pinewood Iskan­dar Malaysia Stu­dios in Canada, the Do­mini­can Repub­lic, Ger­many and Malaysia – run­ning at a ‘con­strained’ ca­pac­ity for the ma­jor­ity of the fi­nan­cial year.

Lord Michael chair­man, said Grade, in a state­ment: “Once again Pinewood Group plc has de­liv­ered record rev­enues as the com­pany cap­i­talises on the con­tin­u­ing de­mand for screen-based en­ter­tain­ment.

“The com­pany re­mained ca­pac­ity con­strained dur­ing the year which makes the re­sults par­tic­u­larly pleas­ing and gives con­fi­dence that the re­cently opened ad­di­tional ca­pac­ity will sig­nif­i­cantly en­hance Pinewood’s of­fer to the global screen-based in­dus­tries. The Board’s strat­egy for the Pinewood Group is to cap­ture more of the value chain in con­tent cre­ation across film, tele­vi­sion and games. Clearly, ex­pand­ing fa­cil­i­ties at Pinewood Stu­dios will be a ma­jor part in de­liv­er­ing this. The board has iden­ti­fied ad­di­tional op­por­tu­ni­ties in­ter­na­tion­ally, in pre and post pro­duc­tion, in an­cil­lary ser­vices and in con­sul­tancy.

“These op­por­tu­ni­ties will ex­pand and en­hance our of­fer to cus­tomers and will lever­age Pinewood’s rep­u­ta­tion for ex­per­tise and ex­cel­lence.”

Ivan Dun­leavy, chief ex­ec­u­tive, said: “The com­pany is very pleased to re­port to­day an­other set of strong re­sults show­ing a 10.9% in­crease in group rev­enue and a 31.1% in­crease in nor­malised earn­ings per share. The re­sult of UK’s ref­er­en­dum on mem­ber­ship of the EU is now known.

“In the con­text of our busi­ness, the de­cline in the ster­ling ex­change rate is un­doubt­edly pos­i­tive for our in­ter­na­tional cus­tomers. We will con­tinue to mon­i­tor sen­ti­ment around the is­sue go­ing for­ward.

“The com­pany is also pleased to con­firm that the PSDF Phase One be­came fully op­er­a­tional on June 30 adding five stages and sig­nif­i­cant ca­pac­ity to our ex­ist­ing world class of­fer.

“The com­pany is de­lighted that the first pro­duc­tion to utilise the new fa­cil­i­ties is Film Stars Don’t Die In Liver­pool, pro­duced by Bar­bara Broc­coli, who has a long as­so­ci­a­tion with the Pinewood Group through the Bond fran­chise.” the

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