Pinewood’s financials grow in 2011
by Naman Ramachandran
01/03/2012 - Iconic British studio Pinewood Shepperton has released its financial results for 2011 and the news is good. The company posted revenues of £50.7 million, a figure that’s 17% higher than 2010.
Operating profits were £10.3 million, up 14% from the previous financial year. The company also announced that construction of their new 30,000 sq ft soundstage is on time and within budget.
Ivan Dunleavy, Chief Executive, said, “The Company has delivered a strong performance for the full year with overall revenues significantly up. Our strategy has delivered robust growth. The on-going demand from big budget films and large-scale television shows for our unique facilities remains resilient. Our international strategy continues to deliver growth and further opportunity to extend the Pinewood brand overseas. Against these record results the Company is well positioned to develop its activities.”
“The Company believes that Pinewood forms a vital part in driving growth in the UK’s well-established and world-leading creative industry and consequently is disappointed that the Planning Inquiry did not result in a successful outcome for Project Pinewood. The Board supported by its major shareholder are determined to work with government and stakeholders to deliver the long-term vision for Pinewood that it needs if it is to remain a global centre for the film and creative industries. We will therefore continue to engage to ensure that the site meets the needs for growth over the next 20-30 years,” he added.
In January, the company was forced to scrap plans for the ambitious Project Pinewood, a 100-acre set in Buckinghamshire costing £200 million, after the UK government refused planning permission.