Pinewood Shepperton Reports Loss for Extended Fiscal Year

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The U.K. studio operator posted an operating profit though when excluding special items.

U.K. studio facilities operator Pinewood Shepperton on Wednesday reported a loss for an extended fiscal year.

For the fifteen months ended March 31, the company recorded a loss before taxes, but after special items of £1.9 million ($3 million). That compared with a profit of £5.8 million ($9.1 million) for the previous fiscal year, which was calendar year 2010.

Pinewood is changing its fiscal year to start in April instead of January. When companies change their fiscal years, they typically report results for periods other than the latest quarter and the full year before settling back into regular reporting mode.

On an operating basis and excluding exceptional items, Pinewood posted a profit of £13.2 million ($20.9 million) for the 15 months period. In 2010, the company had reached £9.1 million ($14.3 million).
Revenue of £63.0 mill ($99 million) compared with £43.4 million.

“Once again the company has delivered a strong set of results with revenues substantially up," said CEO Ivan Dunleavy. "Our strategy, both at home and abroad, is delivering strong growth. Despite increasing global competition...the company won significant business from big- budget films for our facilities which resulted in the studios achieving high utilization."

He added: “The company is well placed to meet the increasing demand for content both at its U.K. studios and abroad and has embarked on a consultation for the future development of Pinewood Studios. The board looks forward to the future with confidence. The company has made a positive start to the new financial year.”