U.K.'s Pinewood Shepperton Reports $8.3 Million Annual Operating Profit
LONDON -- U.K. studio facilities operator Pinewood Shepperton on Thursday reported a profit for its latest fiscal year, which once again saw high-profile Hollywood productions take over its stages, and said it has seen a "positive start" to the new fiscal year.
For the 12 months ended March 31, the company recorded an operating profit of $8.3 million (£5.4 million), compared with $4.1 million (£2.7 million) for the previous period, which was extended to 15 months as the company changed the start of its fiscal year from January to April.
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Operating profit excluding exceptional items for Pinewood's latest year amounted to $12.9 million (£8.4 million), compared with $20.2 million (£13.2 million) for the 15-months period. Gross profit of $27.3 million (£17.8 million) compared to $38.2 million (£24.9 million).
Revenue of $85 million (£55.6 million) for the fiscal year compared with $96.6 million (£63 million) for the previous 15-months period. Film revenue amounted to $54.0 million (£35.2 million).
"The largest film production based at Pinewood Studios during the year was Maleficent (Disney) and at Shepperton Studios was Thor: The Dark World (Marvel)," the company said. Other productions that used the company's facilities and services during the year included Fast and Furious 6 (Universal), Jack Ryan (Paramount), The Muppets Again (Disney) and Kick-Ass 2 (Universal). Pinewood Shepperton also hosted additional filming for 47 Ronin (Universal), Gravity (Warner Bros.) and World War Z (Plan B Entertainment).
"2012-13 saw another year of strong growth in a globally competitive market," said CEO Ivan Dunleavy. "The trend for rising demand for the studios' facilities, especially in film, has continued. The company has made a positive start to the new financial year."
He added that since the start of the new fiscal year on April 1, the company "has been experiencing high levels of utilization in television, playing host to a number of productions, and several film productions have contracted stages."
Pinewood's studios and stages are located just outside of London. The company's $300 million-plus expansion plans were turned down by a district council earlier this year. The company has appealed the decision.
“Our customers are concerned that the company has sufficient capacity to meet their needs," Dunleavy said. "The need for further, effective infrastructure to meet demand for the U.K. is a priority." But he also emphasized, “The board looks forward to the future with confidence.”