Pinewood Studios’ turnover increases almost 40%

Pinewood Studios has reported a nearly 40% surge in turnover.

The group behind the film studio announced a turnover of £49.3m for the three months leading up to June 30, 2024, a large rise from the previous £35.6m.

Currently, Pinewood is hosting 18 productions across its various sites and anticipates an uptick in activity as the year progresses. However, the group’s pre-tax profit dipped from £9.8m to £6.7m during the same period.

The cost of sales for Pinewood escalated from £15.8m to £26.6m in the quarter due to increased depreciation resulting from growth projects and indirect costs linked to studio expansion.

Chief executive David Conway commented: “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 follow statements from the head of Pinewood asserting the company is “emerging with vigour” from a challenging full financial year marked by industry unrest.

Conway described the year ending March 31, 2024, as “challenging” due to strikes in the US and a staggered resumption of film and TV production into 2024.

Despite these challenges, the group, which includes Shepperton Studio, has “remained largely resilient to these market dynamics”.

Pinewood reported an increase in turnover for the year from £120.5m to £146.4m, although its pre-tax profits decreased from £44.2m to £25.3m.