Pinewood profits drop 8.3%

Company plans Project Pinewood appeal

LONDON — Pinewood Shepperton, the U.K. film and TV studios, posted an operating profit of £7.7 million, ($11.7 million), down 8.3% on 2008, in its annual results for last year.

Company also said it would appeal against the refusal by South Bucks District Council to grant planning permission for Project Pinewood, which claims to be “the world’s first living and working community for the creative industries.”

Revenues overall were £40.3 million ($61.2 million) compared with £42.9 million ($65 million) in 2008.

Film revenues for 2009 were £22.7 million ($34.4 million), down on 2008’s £24.2 million ($36.7 million).

Similarly, TV revenues dropped from £12.7 million ($19.2 million) to £11.3 million ($17.1 million). However, revenues from Pinewood Shepperton’s Media Park activities, which include Shepperton Studios Property Partnership, increased from £6 million ($9 million) to £6.3 million ($9.5 million).

The firm’s CEO Ivan Dunleavy described the results as “a solid performance” and said the studios were well positioned to cater for the growing demand for creative content, despite the challenging economic environment.