Star Wars: The Force Awakens and Bond’s Spectre blockbusters help Pinewood profits higher
The double film bonanzas of the year, latest Bond instalment Spectre and the new Star Wars franchise The Force Awakens, have given UK film studio Pinewood a nice boost.
Profit before tax for the first half of the year was up 13 per cent to £4.3m while the group's operating profit rocketed 187 per cent to £7m. That was on revenue of £38.2m which stayed almost steady, down 0.7 per cent, on the same period last year.
Why it's interesting
The largest film studio in Europe is expanding further to fulfil demand for film production. That investment in space is paying off.
What Pinewood said
"The first six months of the year have maintained the positive momentum reported in our full year results in June 2015. Productions based at the studios during the period include the year's biggest films SPECTRE and Star Wars: Episode VII – The Force Awakens. Media Investment deal flow on behalf of third party clients remains weighted to the balance of the year.
The construction of phase one of the Pinewood expansion, designed to meet strong demand, is on schedule for completion in June 2016 and is within budget. Having taken full ownership of Shepperton Studios in the previous financial year, 100% of these earnings now accrue to the Company and we are able to review the existing masterplan for development of this facility," said chief executive Ivan Dunleavy.
Everyone loves a good blockbuster, so will Pinewood investors.