`Quantum of Solace` boosts Pinewood profits

Blockbuster film shoots such as the new James Bond film "Quantum of Solace" have helped boost half-year profits at film studios Pinewood Shepperton.

Other new movies using the historic studios included the 1960s pirate radio station movie "The Boat That Rocked", scripted by Notting Hill author Richard Curtis, and werewolf feature "The Wolfman".

The movies lifted film revenues - the group's core business - to £13 million during the half year to June 30, up from £10.8 million the previous year. Pinewood's overall revenues were up 19% to £21.7 million, with pre-tax profits 31% ahead at £3.8 million.

The group suffered a £3 million revenues hit last year after a big movie shoot was cancelled because of the US writers strike.

Buckinghamshire-based Pinewood warned there could be more trouble ahead from a new dispute between the Screen Actors Guild in the US and studios.

The parties are in negotiations over pay and conditions and although there are hopes of an upcoming settlement, Pinewood said its film revenues could be affected next year if the dispute is not resolved.

Pinewood's TV income also improved 23% to £5.8 million during the first half thanks to hosting shows such as Sky TV's big budget Gladiators, The Lily Allen Show and The Weakest Link. The company operates TV studios and production facilities in Shepperton, Surrey, and Teddington, London.

Chief executive Ivan Dunleavy said the results were proof of the group's ability to deliver "consistent revenue streams even in times of wider economic uncertainty."

He said "visibility on prospective revenues" meant he was confident about the year as a whole.

Pinewood is trying to diversify away from the film industry into more TV production and property ventures.

Discuss this news here...