Production facilities company generates half-year revenue totaling $59.1 million
LONDON – Production facilities company Pinewood Shepperton, which is Europe’s largest provider of stage and studio space, has reported a 35% spike in revenue for the six months that ended Sept. 30.
The company generated revenue totaling £36.6 million ($59.1 million), compared with £27.1 million ($43.8 million) for the same period last year.
Profit after tax was £3.4 million ($5.49 million) for the half year compared with £2 million ($3.23 million) last year.
Key developments during the period included the completion of Q Stage, a 45,000-sq-ft studio facility, the opening of Pinewood Indomina Studios in the Dominican Republic, and the start of construction on Pinewood Atlanta Studios. The company also inked a joint-venture pact with Seven Stars Media in China, and provided coin to four British indie film projects.
The largest film production based at Pinewood Studios during the period was Disney’s “Cinderella,” and the largest at Shepperton Studios was Marvel’s “Guardians of the Galaxy.” Other productions to use the company’s facilities included “Into the Woods” (Disney), “Exodus” (Fox), and “ExMachina” (DNA Films).
Pics set to shoot at the studios in the next six months include “Star Wars” and “The Avengers: Age of Ultron.”
Ivan Dunleavy, chief executive of Pinewood Shepperton, said the company would need to expand its studio space and other production facilities in order to meet growing demand. The company’s request for permission from the local authority to create additional capacity at Pinewood Studios was rejected in May, and its appeal against the decision is now being considered.
The company’s film financing arm, Pinewood Prods., has invested in nine U.K. independent pics so far. The latest to receive backing were “Powder Room,” “Our Robot Overlords,” “Posh” and “Pressure.”