Pinewood profits boosted by Bond filming

Blockbuster film shoots such as the new James Bond film “Quantum of Solace” helped boost half-year profits at film studios Pinewood Shepperton today.

Other new movies using the historic studios included the 1960s pirate radio station movie “The Boat That Rocked”, scripted by Notting Hill author Richard Curtis, and werewolf feature “The Wolfman”.

The movies lifted film revenues – the group’s core business – to £13m (€16m) during the half year to June 30, up from £10.8m (€13.4m) the previous year. Pinewood’s overall revenues were up 19% to £21.7 million, with pre-tax profits 31% ahead at £3.8m (€4.7m).

The group suffered a £3m (€3.72m) revenues hit last year after a big movie shoot was cancelled because of the US writers strike.

Buckinghamshire-based Pinewood warned there could be more trouble ahead from a new dispute between the Screen Actors Guild in the US and studios.

The parties are in negotiations over pay and conditions and although there are hopes of an upcoming settlement, Pinewood said its film revenues could be affected next year if the dispute is not resolved.

Pinewood’s TV income also improved 23% to £5.8m (€7.2m) during the first half thanks to hosting shows such as Sky TV’s big budget 'Gladiators', 'The Lily Allen Show' and 'The Weakest Link'. The company operates TV studios and production facilities in Shepperton, Surrey, and Teddington, London.

Chief executive Ivan Dunleavy said the results were proof of the group’s ability to deliver “consistent revenue streams even in times of wider economic uncertainty.”

He said “visibility on prospective revenues” meant he was confident about the year as a whole.

Pinewood is trying to diversify away from the film industry into more TV production and property ventures.

Its premises host 290 businesses in a media park which drew in £2.9m (€3.6m) of revenues during the first half, up from £2.8m (€3.5m) the year before.

As part of the diversification strategy, the group also is pushing ahead with its “Project Pinewood” development.

This would see around 105 acres of land next to the film studio site turned into a “live-work” community featuring residential units as well as film and TV sets – creating hundreds of jobs. Around £3m (€3.8m) has been earmarked for the planning application process, with £1.3m (€1.6m) spent to June 30.