Pinewood Shepperton has posted “record” results with revenue up 17% to £50.7m last year.
After one-off costs – including £7.1m spent on Project Pinewood and costs attributed to last year’s takeover by Peel - the group recorded a pre-tax loss of £3.9m in 2011 compared to a 2010 profit of £5.8m.
In 2011 there was a slight increase in revenue from TV productions, but the biggest growth was in film where income grew by 24%.
Chief executive Ivan Dunleavy said demand from big budget films and large scale television shows continued to be resilient and that the facilities group had delivered “a strong performance”.
He said: “Overall revenues are significantly up and our strategy has delivered robust growth…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.”
Dunleavy expressed his disappointment that the facilities group’s Project Pinewood proposal to build standing sets and houses was rejected by a recent planning inquiry.
He said: “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.”
The Project Pinewood application cost the company £7.1m. Pinewood described the non-cash write off on the project as “not material to the company’s future”.
At a glance
Pinewood said there was evidence that a two-year downturn in television production is reversing.
For the last six months of the year, Pinewood Shepperton’s television revenues increased by £500,000 year-on-year to £3.6m. Revenue in the 12 month period was £8.3m, compared to £8.2m in 2010.
The facilities group said it would expand its digital offering and television facilities, purchasing additional digital cameras and equipment .
Media Park revenue stood at £3.2m, up slightly on 2010 when the figure was £3.1m.
The number of companies based at the Group’s studios in 2011 “remains stable” at 287. Occupancy for the twelve month period increased to 97% from 90% in 2010.
Film revenues for the six months to 31 December 2011 were £17.8m. In 2010 the figure was £18.2m.
For the 12 months of 2011 film revenues were £35.9m – up 24% on 2010, when the group recorded income of £29.1m.
International film revenue for the period was £500,000, up £200,000 on last year. Over the twelve month period, the figure was £900,000. In 2010 it stood at £600,000.
Pinewood said it “continues to actively explore international opportunities in other strategic regions of the world”.
Over the last 12 months, operating profit before exceptional items stood at £10.3m - compared to £9.1m last year. Loss before tax was £3.9m, compared to profit after exceptional items of £5.8m in 2010.
For the six months to the end of December 2011, revenue stood at £24.6m compared to £24.4m in 2010. Operating profit before exceptional items was £3.7m. In 2010 it was £6.2m.