Pinewood’s revenue, net debt increase

Pinewood Studio’s unaudited interim results for the six months ended Sept 30 reveal an increase in revenue and net debt as facilities growth increases.

Revenue increased to £36.6m in 2013 from £27.1m for the six months ending September 30 2012.

Basic earnings per share rose from 4.2p to 6.8p.

However, net debt stands at £55.1m compared to £41.9m for the same period last year. This is largely a result of facilities investments.

The company’s television revenues in the period were £3.2m, up from £2.5m. 

In the results document, the studio also confirmed its exit from Teddington Studios on 24 December 2014.

Key developments at Pinewood in the last six months include the completion of the 45,000 sq ft Q Stage as well as the opening of Pinewood Indomina in the Dominican Republic and the arrival of Camelot in TV3 from last month.

Construction is underway on Pinewood Atlanta Studios.

However, in May, the studio had its most ambitious planning application for growth quashed by the local planning authority. The company subsquently lodged an appeal against the decision.

The Pinewood Studios Development Framework Public Inquiry started on Nov 19 and the Planning Inspectorate is expected to submit its report to the secretary of state for communities and local government on or before April 7, 2014.

Total costs incurred since the inception of the application are £2.5m.

As a result of high demand for UK studio space Pinewood says it has had to turn down film productions and high-end TV productions in the period.

Pinewood’s chief executive Ivan Dunleavy today once again lamented the space drain in the UK: “The UK, and Pinewood Shepperton in particular, continue to be in great demand from international content producers. However, in order to continue growing the UK’s market share, we will need more studios and related facilities.”

‘Film revenues’ for the six months to 30 September 2013 were £19.6m, up from £18.9m.

Pinewood has invested in four features in the period: Powder Room, Our Robot Overlords, Posh and Pressure.

The largest film production at Pinewood has been Cinderella, the largest at Shepperton has been Guardians of the Galaxy.

International film revenues for the period remained at £0.5m