Pinewood chief puts positive spin on Brexit as profits rise
by Naman Ramachandran
- The studio group’s revenues are up 10.9% to £83.2 million
Leading studio group Pinewood, which has bases in the UK, USA, Canada, Ireland, the Dominican Republic, Germany, China and Malaysia, has announced its results for the financial year ending 31 March 2016. Revenues are up 10.9% from 2016 at £83.2 million. The group operating profits have registered a dramatic 136.3% increase to £13.6 million.
Commenting on the UK referendum that resulted in a vote to leave the European Union, Pinewood chief executive Ivan Dunleavy said, “The result of the 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.”
During the financial period, Pinewood hosted seven of the 25 top-grossing films of the year, including the James Bond film Spectre [+see also:
film profile] and Star Wars: The Force Awakens. Expansion plans continue apace, and Phase One of the Pinewood Studios Development Framework (PSDF) is now complete and part occupied. Five new sound stages are now available. Ultimately, a total of one million square feet of new facilities will be added.
“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. We have, as expected, already signed a contract for an additional major film production, which will fully utilise these new facilities from August 2016,” Dunleavy added.