Pinewood Shepperton's film revenues slip in 2009

Pinewood Shepperton’s pre-tax profits (after exceptoinals) slipped about $1.5m (£1m) in 2009 compared to 2008, according to the company’s annual report.

The UK studio group made a total profit of $11.6m (£7.7m) in 2009, compared with $12.7m (£8.4m) in 2008. Film revenues for 2009 were down from $36.6m (£24.2m) in 2008 to $34.4m (£22.7m), due to the impact of the protracted Screen Actors Guild negotiations and the economic downturn.

The overall revenue for last year was $61m (£40.3m) compared with $65m (£42.9m) in 2008, with the share price down to 9.1p as opposed to 12.3p in 2008.

In November 2009, the group entered into an agreement with Canal+ Image to digitise and preserve its library of film and television audio and picture assets at Pinewood.

Pinewood also extended its international presence in 2009 by signing a deal to build a new studio in Malaysia, as well as launching Pinewood Toronto Studios. 

The first stage of planning application for “Project Pinewood” — the studio group’s ambitious plan to create 1,400 new homes along with new permanent sets — was refused by South Buckinghamshire district council in October. Pinewood is expected to lodge its appeal by April 21. The costs incurred in 2009 for the project were £4.8m.

Productions based at Pinewood and Shepperton during 2009 included Universal’s Robin Hood, Warner Bros’ Clash Of The Titans and Fox’s Gulliver’s Travels

In a statement, the company said: “We are encouraged that contracted revenues to date are ahead of the same period in 2009. In film there is a good level of visibility for 2010 with a number of film productions contracted to use the Group’s facilities. Film producers continue to be attracted by our world-class offering, the government’s film tax credits and, for US Studios, the relatively favourable exchange rate. The Group’s international offering was further enhanced by the joint venture agreement signed with Studio Hamburg GmbH on 17 February 2010 creating Pinewood Studio Berlin Film Services.’”

Pinewood Shepperton recommended a final dividend of 2.40p, up from 2.30p, for a total dividend of 3.45p against 3.35p — as a measure of continued confidence in the company’s future prospects.

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