Pinewood Reports Pre-Tax Loss

Pinewood Studios have reported a loss of £3.9m in 2011 despite recording a 24% rise in revenues.
Indeed Pinewood Shepperton have claimed a loss before tax of £3.9 million for 2011 compared to a profit of £5.8 million the year before. This comes even though revenue for the studio was up a record 17% to £50.7 million with film revenue up 24%.
Demand for big budget blockbusters and large-scale television programmes provided Pinewood Shepperton with the record revenue but exceptional charges pushed the film studios into a pre-tax loss last year.
According to The Financial Times charges relating to a project for a new £200m film set that was forcibly shelved last month after the government refused planning permission, and the acquisition of Peel Holding’s 71.1% stake in the business last year meant the studio finished up with a loss in 2011.
Commenting on the results, Ivan Dunleavy, Chief Executive of the Pinewood Group, said:
"The Company has delivered a strong performance for the full year with overall revenues significantly up. Our strategy has delivered robust growth. The on-going demand from big budget films and large scale television shows for our unique facilities remains resilient.
"The Company believes that Pinewood forms a vital part in driving growth in the UK's well-established and world-leading creative industry and consequently is disappointed that the Planning Inquiry did not result in a successful outcome for Project Pinewood. We will therefore continue to engage to ensure that the site meets the needs for growth over the next 20-30 years."
The Studios are currently being used by big budget flicks like Anna Karenina, Snow White and the Huntsman, The Hobbit and the next James Bond film, Skyfall.
(LB/GK)