1st Dec 2015 09:32
LONDON (Alliance News) - Film studios provider Pinewood Group PLC Tuesday reported a rise in pretax profit for its first half, boosted by strong demand from film productions.
For the half year to end-September the company reported a pretax profit of GBP4.4 million, up from GBP1.8 million a year before, as a slight decline in revenue to GBP38.2 million from GBP38.5 million was offset by lower cost of sales. The fall in revenue came primarily from Pinewood's film production companies segment, although this was offset by strong growth in its film segment.
Film revenue was up 19% to GBP26.8 million from GBP22.5 million as demand for the company's facilities continued to be strong. The largest production at the company's Pinewood Studios site during the half-year was the latest James Bond title 'Spectre', whilst the largest production at the Shepperton Studios site was Disney's 'Beauty and the Beast.'
The company opened its new Pinewood Studio Wales in January, and has hosted three production to date, as well as housing 14 tenant companies. It is targeting film and high-end television drama productions to utilise this studio.
Television revenue rose to GBP1.9 million from GBP1.7 million during the year; the company said its Pinewood and Shepperton sites did not host any high-end television productions during the period as they were focussed on film activity.
The company said that construction of the first phase of the expansion of its Pinewood site is on schedule to be completed in June 2016 and within budget.
"The positive results reported today have continued into the second half and we are encouraged by the visibility we have for the remainder of the year and into 2016," said Chief Executive Ivan Dunleavy in a statement.
Pinewood proposed an interim dividend of 0.8 pence, up from 0.7 pence a year before.
Shares in Pinewood were untraded Tuesday morning. It last traded at 420.05 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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