11th Jul 2016 08:01
LONDON (Alliance News) - Film and television studio operator Pinewood Group PLC on Monday said its pretax profit grew in its financial year to the end of March thanks to higher revenue and said its strategic review is ongoing.
Pinewood's pretax profit for the year to March 31 rose to GBP7.8 million, up from GBP5.0 million a year earlier, as revenue increased to GBP83.2 million from GBP75.0 million.
The company declared a final dividend of 3.2 pence, up from 2.8p. Its total dividend payout will be 4.0p, up from 3.5p.
Pinewood, which operates studios in the west of London where instalments of the Star Wars and James Bond film franchises have been made, said it remained capacity constrained over the course of the year, meaning the recently opened additional capacity will boost the company's offering.
Pinewood said it it also identified further international opportunities, in addition to pre- and post-production work, which may boost revenue in the future.
Pinewood added its strategic review is ongoing. It first tabled plans for the review in February and said a range of options will be considered, including a sale of the business.
Chief Executive Ivan Dunleavy said the company was "very pleased" with the results and said the current financial year had started "strongly", with good visibility for the balance of the year.
"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," Dunleavy added.
Shares in Pinewood were up 2.2% to 554.5p Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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