Pinewood posts increase in profit and revenue, Ruth Prior joins board
Former EMI executive Prior will chair Pinewood’s audit committee.
Pinewood Studios’ interim results for the six months ended 30 September 2012 (the company recently changed its accounting reference date from 31 December to 31 March) indicate a revenue of £27.1m, up from £24.6m for the six months ended 31 December 2011, and an operating profit before exceptional items of £6.1m, up from £3.7m for the six months ended 31 December 2011.
Basic earnings per share were 4.2p (six months ended 31 December 2011: 11.4p loss) with an interim dividend of 0.5p per share (six months ended 31 December 2011: nil). The company’s television revenues in the period were £2.5m (six months ended 31 December 2011: £3.6m).
The studios also announced that Ruth Prior has joined the board as an independent non-executive director and will chair the audit committee.
Prior was formerly group chief operating officer and group chief financial officer of the EMI group of companies and finance director of portfolio business at Terra Firma Capital Partners Limited.
In the past six months the studio has begun work on a new £6.9m 45,000 sq ft facility, firmed up an agreement with the Isle of Man Treasury to advise on investment for its £25m film fund and carried out a digital TV upgrade programme. Recently backed UK productions include Belle and Dom Hemingway.
Pinewood secured most of its revenue from US productions, while international film revenues for the period remained at £0.5m. The studio has further studio development projects in Malaysia and Dominican Republic.
Ivan Dunleavy, chief executive, said: “Current trading is positive with a high level of contracted revenues for the remainder of the current financial year. The number of film productions contracted so far for next year is encouraging and the Board looks forward to the future with confidence.”