Pinewood Studios Posts Records Revenues
It’s a busy week for results. Just as ITV was announcing increased revenues for the year ending December 31, so too was Pinewood Studios.
According to Pinewood Studios, revenue was up 17% to an all-time high of £50.7m. Within this total, film revenue was up 24% - helping fuel a 14% rise in operating profits to £10.3m.
Commenting, Ivan Dunleavy, Chief Executive, said: "The Company has delivered a strong performance for the full year with overall revenues significantly up. 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 brand overseas.”
Dunleavy expressed his disappointment that Pinewood’s expansion plans have been vetoed in the past year: “The Company believes 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, is 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.