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27 March 2007
 Big
Films Boost Pinewood Profits
A return of big
productions like James Bond film Casino Royale and growth in
televison revenues have boosted profits at Pinewood
Shepperton Studios.
Pre-tax profit was
£7.16m in the year to 31 December, from £571,000
in 2005.
Film revenues increased
22% to £22.6m and other blockbuster films that used the
Pinewood studios included Eragon and His Dark Materials, the
firm said.
Pinewood added that its
decision to push further into TV had paid off, with revenues
at the unit up 32% to £11.8m.
"As we anticipated, a
number of significant film customers returned to Pinewood
Shepperton during 2006," said chief executive Ivan
Dunleavy.
The group said that the
government's new film tax credit was a key factor in the
improvement, adding that it led to a 48% increase in overall
film spending in the UK.
In previous years,
uncertainty over tax breaks had led to at least one
Hollywood production delaying filming at the
studios.
This uncertainty was one
reason that the company looked to branch out into TV
production.
"Our strategy to diversify
further into television has resulted in significant revenue
growth from this activity, which increasingly will help to
mitigate the effects of more volatile film revenues," Mr
Dunleavy added.
Looking ahead, the group
added it expected to benefit from increased investment in
programme production from major broadcasters and independent
firms.
"As UK consumers enjoy
more available channels, we expect to continue to build our
television studio market share as well as hosting a number
of channels, particularly at our Teddington Studios," the
company added.
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