Pinewood revenue rises 19%
Studio group continues to diversify
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Company’s first-half 2008 pre-tax profits rose 31% to £3.8 million ($7 million) from $5.3 million for the same period last year. Revs also climbed, rising 19% to $39.9 million this year 2008 from $33.6 million in 2007.
Last year was a tough for Pinewood Shepperton as the writers' strike led to cancellations and the new tax system in the U.K. caused uncertainties. This year, the presence of “Quantum of Solace” at the studios has helped boost biz as has other major productions Working Title's “The Boat that Rocked” and Universal's “The Wolfman.” Those productions helped film revs climb 20% to $23.9 million this year from $19.9 million last. Upbeat interim film results will make welcome reading for shareholders but Ivan Dunleavy, Pinewood Shepperton's chief exec, does warn that if the Screen Actors Guild dispute is not resolved it “may impact film revenues in 2009.”
The big features deliver the big bucks for Pinewood Shepperton but the drive is on to build other biz and diversify.
“The past six months have continued to demonstrate Pinewood Shepperton’s ability to diversify and deliver consistent revenue streams even in times of wider economic uncertainty,” commented Dunleavy.
Pinewood Shepperton's TV biz has been bullish, rising 24% to $10.7 million in the first half of this year from $8.6 million in the first half of last year. So far this year, the group has welcomed productions including “Gladiators,” “The Lily Allen Show,” “New Tricks,” “Little Dorrit” and “King Lear,” and saw repeat biz from longstanding productions such as “Dragons’ Den” and “The Weakest Link.”
The studios report than the ambitious Project Pinewood expansion plans are on track. A planning application for the 105 acre living and working hub for the creative industries will be made in the last quarter of this year, according to Dunleavy.
