Pinewood Group reaps profits
by Naman Ramachandran
- Spectre, Star Wars, Avengers contribute to strong financial year for studio giant
Leading studio business Pinewood Group has delivered strong results for the financial year ending March 31, 2015. Revenues are up to £75 million, compared to £64.1 million in 2014. Operating profit from media services activities are up to £11 million, up from £9.2 million in 2014. The company’s net debt has increased from £40.2 million to £71.9 million because of the acquisition of the Shepperton Studios Property Partnership.
Other strategic progress for the company includes commencement of phase one of the Pinewood Studios Development Framework; the establishment of a joint venture Pinewood MBS Lighting Limited, to provide of lighting to productions based at Pinewood Studios and Shepperton Studios; and a rapid escalation of international activities.
Pinewood Chief Executive Ivan Dunleavy said, “Pinewood is a uniquely positioned 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. Our growing presence internationally continues to deliver clear benefits.”
“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 be partly 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,” Dunleavy added.