Big Films Boost Pinewood Profits
| 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. £500 FREE. For YOU to play with. NO deposit required. WON'T cost you a thing. Sounds TOO good to be true? DECIDE FOR YOURSELF |
