Pinewood Shepperton has made a strong start to the year with revenues “substantially up”, according to the company’s chief executive.
Total revenue for the 15 month period to the end of March stood at £63m, with £12.3m generated during the first three months of the year. Revenue for the year to 31 December 2010 stood at £43.4m.
Pinewood made a loss before tax and after exceptional items of £1.9m, compared with a profit of £5.8m for the year to December 2010.
The company has changed its accounting period from December to March to align itself with Peel, the property developer which acquired Pinewood last year.
Pinewood Shepperton chief executive Ivan Dunleavy said: “The company has delivered a strong set of results with revenues substantially up and our strategy, both at home and abroad, is delivering strong growth.”
Dunleavy said there was a continuing trend for large audience television shows and that in the face of increasing international competition the company had won “significant” business from big budget films, which resulted in high utilisation of the studios.
“The Company is well placed to meet the increasing demand for content both at its UK studios and abroad and has embarked on a consultation for the future development of Pinewood Studios,” Dunleavy added.
Revenue from television productions using the group’s facilities were £10.1m during the last 15 months, with £1.8m generated during the first three months of 2012. That compares with with £8.2m to the end of December 2010.
Pinewood said that after a “sustained” period of contraction, some TV genres were showing signs of growth.
Pinewood and Teddington studios hosted shows such as Would I Lie To You, Keith Lemon’s Lemonaid, Got To Danceand The Magicians.
At the end of April, Pinewood’s newest stage, the £5.6m 30,000 sq ft Richard Attenborough stage, officially opened.
Other infrastructure projects at Pinewood include a £3.3m capital project for an electricity supply upgrade, a £500,000 new workshop facility and an investment programme to expand its digital offering and HD television facilities.
Film revenue over the past 15 months stood at £44.9m, compared to £29.1m to 31 December 2010. £9m was generated during the first quarter of 2012.