Production facilities company Pinewood Group has reported a 10.9% increase in revenue to £83.2 million ($108 million) for the year ended March 31, boosted by Hollywood blockbusters like “Spectre” and “Star Wars: The Force Awakens.” Operating profit rose 136% to £13.6 million ($17.6 million).
Following the U.K.’s decision to leave the European Union, and the consequent fall in the value of the pound, the group’s U.K. facilities — Pinewood Studios, Shepperton Studios and Pinewood Studio Wales — are likely to become even busier. “In the context of our business, the decline in the sterling exchange rate is undoubtedly positive for our international customers,” Ivan Dunleavy, Pinewood chief executive, said.
The E.U. exit may have “a limited impact on demand for the group’s facilities,” Pinewood said, but its exposure is “largely mitigated as its most significant customers are U.S. based,” and it has “a significant presence in a number of overseas markets.”
The first phase of the massive expansion of Pinewood Studios, known as Pinewood East, became fully operational on June 30, the company said, adding five stages. The first production to use the new facilities is “Film Stars Don’t Die In Liverpool,” produced by James Bond producer Barbara Broccoli. Pinewood said it had already signed a contract for “an additional major film production,” which will occupy the new facilities from August.
Pinewood Studios and Shepperton Studios hosted seven of the top 25 grossing movies of last year, including the highest grossing film, “Star Wars: The Force Awakens.” Other major pics that were based at the group’s U.K. facilities during the year included Eon’s “Spectre,” Disney’s “Beauty and the Beast,” Lucasfilm’s “Rogue One: A Star Wars Story,” New Regency’s “Assassin’s Creed,” Working Title/Universal’s “Bridget Jones’s Baby” and Universal’s “The Huntsman.”
Pinewood also has investments in several production facilities outside the U.K., including Atlanta, Toronto, Malaysia and Dominican Republic. Revenues for its international operations were £3.5 million ($4.51 million).