Wednesday 28 September 2016

James Bond and Star Wars helps Pinewood Studios double profits

Ravender Sembhy

Published 11/07/2016 | 09:27

Daniel Craig has played James Bond in four films
Daniel Craig has played James Bond in four films

James Bond and Star Wars have helped Pinewood Group more than double its annual profits, with the film studio saying the plunge in sterling following the EU referendum would also give it a boost.

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Revenues at Pinewood grew 10.9pc to £83.2m last year while operating profit soared 136.3pc to £13.6m.

Star Wars: The Force Awakens and James Bond's latest incarnation in Spectre, filmed at its studios, saw the firm cash in on two of the largest grossing movies of last year.

Britain's exit from the European Union will be "largely mitigated" as its most significant customers are US based, Pinewood said.

Chief executive Ivan Dunleavy said: "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."

Mr Dunleavy also said that five new sound stages are now operational, meaning its Buckinghamshire site now has capacity to take on two more blockbusters a year.

In February, Pinewood hired Rothschild to conduct a strategic review, which could conclude with the firm's sale for more than £250m. Pinewood said the review is "ongoing".

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