Thursday 22 February 2018

Bond boosts Pinewood profits

Production on the 24th James Bond film Spectre, starring Daniel Craig as 007, helped increase Pinewood Group's revenue
Production on the 24th James Bond film Spectre, starring Daniel Craig as 007, helped increase Pinewood Group's revenue

James Bond's latest adventure Spectre has helped boost Pinewood Studios' profits to a record high over the last year.

Production on the 24th film, starring Daniel Craig as 007, as well as b lockbusters such as the forthcoming Star Wars: Episode VII - The Force Awakens and Avengers: Age Of Ultron increased the Pinewood Group's revenue by 17% from £64.1 million to £75 million over the year to March 31.

Operating profit increased from £4.9 million to £5.8 million due to the growth in the studio's film business, with its studios in the UK, Toronto, Atlanta, Dominican Republic and Malaysia.

TV revenues for the year were down from £6.2 million to £5.8 million.

Ivan Dunleavy, Pinewood Group CEO, said: "Pinewood is a uniquely positioned independent operator and has once again delivered strong growth.

"As our core business has grown we have expanded the range of services for the screen-based industries. We are seeing encouraging results from this strategy. Our growing presence internationally continues to deliver clear benefits."

A major expansion programme is under way to add new facilities, including 10 large stages with supporting workshops, production offices and infrastructure.

"Although we have hosted the three largest film productions of the year, being Star Wars: Episode VII - The Force Awakens, Avengers: Age Of Ultron and the 24th Bond film Spectre, we continue to be unable to meet all the demand from large films. This will be partly addressed by the first phase of the Pinewood expansion," Mr Dunleavy said.

Spectre, once again directed by Skyfall film-maker Sam Mendes, also stars Andrew Scott, Christoph Waltz and Lea Seydoux alongside returning cast members Naomie Harris, Ben Whishaw and Rory Kinnear, and will be released in the UK on October 23.

The new Star Wars movie is directed by JJ Abrams and features a host of British talent such as John Boyega, Andy Serkis, Gwendoline Christie and Daisy Ridley. It will open in UK cinemas on December 18.

Marvel's Avengers: Age Of Ultron conquered the UK and global box offices when it was released in April.

Joss Whedon's sequel to 2012′s Avengers Assemble, starring Robert Downey Jr, Scarlett Johansson, Chris Hemsworth, Mark Ruffalo, Chris Evans and Jeremy Renner, recorded the biggest opening weekend of 2015 until it was toppled by Jurassic World.

Press Association

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