Blockbusters keep Pinewood buoyant
The Pinewood Group has released a report detailing very healthy figures for its latest fiscal year with blockbusters such as Star Wars: The Force Awakens contributing to a profit of £13.6m.
The operating profit figure covers the 12 months ending 31 March 2016, marking a significant rise on the previous year which stood at £5.8m. The report shows a 10.9% increase in group revenue and a 31.1% increase in normalised earnings per share.
The healthy state of affairs is seen as a positive outcome for the industry since the UK’s decision to exit the EU, as the fall of the pound proves a benefit for inward investors seeking to use UK facilities.
Chief executive Ivan Dunleavy said: “The result of the UK's referendum on membership of the EU is now known. In the context of our business, the decline in the sterling exchange rate is undoubtedly positive for our international customers. We will continue to monitor sentiment around the issue going forward.”
Pinewood is arguably the most high-profile UK studio, with an iconic film history as the home of the Bond franchise and now the juggernaut that is Star Wars and its anthology spin-offs.
The studio’s expansion is also a marker of its ongoing success, with Film Stars Don’t Die in Liverpool starring Annette Bening and Jamie Bell becoming the first feature film to use the extra space, known as Pinewood East, at Pinewood’s Borehamwood HQ.
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