Pinewood Studios reports profits jump in first year as a floated company

25-Aug-2004 • Bond News

British film studio Pinewood Shepperton, home to James Bond and Harry Potter films, has posted a 31.6 percent gain in its maiden half-year profit report and says it is confident on prospects for the full year - reports Reuters.

Pinewood, which floated on the London stock market in May, said on Wednesday it made a pro-forma profit of 3.8 million pounds in the six months to June 30, up from 2.9 million in the same period of last year, on turnover of 20.4 million.

"This performance demonstrates the continuing strength of the television and film markets in which we operate," Michael Grade, chairman of Pinewood Shepperton, said in a statement.

Shares in Pinewood closed at 198-1/2 pence on Tuesday, valuing the company around 91 million pounds, and up from 180p when it floated in May.

Chief Executive Ivan Dunleavy said the firm had performed slightly ahead of expectations in the first half of 2004 as a result of strong sales of studio facilities.

Its studios on the outskirts of London boast 36 stages and back lots, along with digital television studio facilities, audio post production and production support services.

"In the second half to date the company is performing in line with expectations across all business lines and the directors view the company's prospects for the current financial year with confidence," Dunleavy added in the results statement.

The company was formed in 2001 from a merger of Pinewood and rival studio Shepperton. They have made more than 1,000 films since 1932 and were used in 18 James Bond films, Gandhi, Superman and Dr Strangelove.

The company's largest stage, 007, is named after the British secret agent.

As previously announced, Pinewood said its first dividend payment would be made at the full-year stage.

Thanks to `JP` for the alert.