Potter and Bond studios back in profit

The studio home of Harry Potter and James Bond said today it hopes to lure even more big budget movies as tax breaks entice filmmakers back to the UK.

Pinewood Shepperton turned in a £2.1m (€3.1m) pre-tax profit in the six months to June 30 compared with a £108,000 (€159,600) loss during the same period last year.

It was boosted by the filming of new Bond blockbuster Casino Royale as well as the next series of Ricky Gervais’ Extras, due to be screened tomorrow.

The firm, whose operations include Pinewood Studios in Buckinghamshire as well as Teddington and Shepperton studios in Middlesex, saw turnover increase 41% to £18.7m (€27.6m).

It was in stark contrast to last year when the studio admitted it was “adversely affected” by confusion over the Government’s tax policy on movie making.

Filmmakers began looking elsewhere for studio space, but the introduction in April of the film production tax credit has started to lure back customers.

Pinewood chief executive Ivan Dunleavy said the company had benefited from an upturn in major film production during the first half of 2006.

He said: “The UK’s continuing reputation for efficiency and the uniqueness of its filming assets should ensure that, with the uncertainty removed, there has been no resulting long-term structural erosion of the UK’s popularity as a destination for international film production.”