Wednesday 23 August 2017

Bond and Brexit to give shot in the arm to Pinewood Group

Daniel Craig in the James Bond movie Spectre
Daniel Craig in the James Bond movie Spectre
Pinewood Studios in Iver Heath, Buckinghamshire, where the latest Star Wars and James Bond movies were filmed
Movie: Harrison Ford and Carrie Fisher reunite in Star Wars: The Force Awakens.

Ravender Sembhy

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.

Revenues at Pinewood grew 10.9pc to £83.2m (€97.6m)last year while the company's operating profit soared 136.3pc to £13.6m.

'Star Wars: The Force Awakens', which was partly shot in Co Kerry, 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 based in the United States, Pinewood said.

Chief executive Ivan Dunleavy said yesterday: "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 in England 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".

Irish Independent

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