Pinewood Studios posted €15.8m profit before Irish purchase

Pinewood Studios, which earlier this year signed a deal with Limerick’s Troy Studios, more than doubled its annual profits in the year to March 2016 with the help of new Star Wars and James Bond releases.

The UK-based film studio saw its operating profits surge 136.3% to £13.6m (€15.86m) on the back of a 10.9% jump in revenue to £83.2m. 

Pinewood Studios chief executive Ivan Dunleavy said the company is expecting a further boost from the UK’s decision to leave the European Union and subsequent fall in sterling.

“The company is very pleased to report another set of strong results showing a 10.9% increase in group revenue and a 31.1% increase in normalised earnings per share.

"The result of the UK’s referendum on membership of the EU is now known.

"In the context of our business, the decline in the sterling exchange rate is undoubtedly positive for our international customers. 

"We will continue to monitor sentiment around the issue going forward,” Mr Dunleavy said.

Pinewood’s largest film project of the year was Star Wars: Episode VIII which was part shot on the Dingle Peninsula following the success of filming Star Wars: Episode VII - The Force Awakens on Sceilig Mhichíl the previous year.

Other major productions based at Pinewood and Shepperton Studios - both part of the Pinewood Group - included the 24th Bond film, Spectre and The Huntsman starring Charlize Theron.

The group’s film division revenue totalled £53m last year - a 20.6% increase on 2015. 

Pinewood Group’s net debt rose 1.2% to £72.8m while Mr Dunleavy said 2016 has started strongly with “good visibility” for the rest of the year.

Earlier this year, Pinewood agreed a worldwide marketing deal with Troy Studios in Limerick.

The deal will see Troy handle Pinewood’s international bookings once it opens its doors in the coming months.

The studio is being established in the former Dell factory site in Castletroy which Limerick and City Council purchased before leasing it to Troy.

It is expected the 6,500 sq m studio will employ 500 or so workers once operational.


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