Record year for finances at Pinewood Studios
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