Pinewood: Strong start for iconic studio ahead of Marvel’s The Fantastic Four boost
Pinewood saw its turnover jump by almost 40 per cent in the months ahead of filming of Marvel’s The Fantastic Four: First Steps starting at the iconic film studio.
The group behind the studio has reported a turnover of £49.3m for the three months to June 30, 2024, up from £35.6m.
Pinewood said that it currently has 18 productions on site across its sites and that it expects activity to pick up throughout the year.
However, the group’s pre-tax profit fell from £9.8m to £6.7m over the same period.
Pinewood said that the cost of sales had surged from £15.8m to £26.6m in the quarter because of increased deprecation as a result of its growth projects and indirect costs associated with studio expansion.
Pinewood Group includes Pinewood Studios, Shepperton Studios, Pinewood Toronto Studios and Pinewood Dominican Republic.
The Albert R. Broccoli 007 Stage at Pinewood was built in 1976 for the Bond movie The Spy Who Loved Me.
In 2007 the new 007 Stage opened and has housed the Greek fishing village for Mamma Mia! as well as sets for the James Bond movie Spectre.
‘Industry is starting to rebuild after tough 2023’ – Pinewood boss
Chief executive David Conway said: “Following completion of our growth programme, it is of note that we have started this financial year with significantly more stage and other production space than at the same point last year, and I am delighted that our customers are settling into our newly expanded Shepperton Studios and Pinewood Toronto Studios sites.
“Our UK and Toronto studios are increasingly busy, with 18 productions at various stages of production currently on site.
“This is just one illustration of the industry starting to rebuild after a tough 2023 for the sector due to strike action in the US.”
The first quarter results come after the boss Pinewood said it was “emerging with vigour” from its most recent full financial year which was dominated by industry unrest.
Chief executive David Conway said its year to March 31, 2024, had been “challenging” as a result of strikes in the US and a staggered restart in film and TV production into 2024.
However the group, which also includes Shepperton Studio, has “remained largely resilient to these market dynamics”.
Pinewood’s turnover increased in the year from £120.5m to £146.4m but that its pre-tax profits were cut from £44.2m to £25.3m.