Pinewood rues lack of studio capacity

Pinewood’s total revenue for the six months to September stood at £36.6m, up 35% from £27.1m during the same period last year.

Revenue from film increased by 4% to £19.6m, while TV income was up by 28% to £3.2m.

Income from Pinewood’s investment in media services, including film production companies, rose from £2.7m to £11m.

Profit after tax for the group stood at £3.4m, compared to £2m for the six months to September last year.

Pinewood Shepperton chief executive Ivan Dunleavy said: “We are very pleased with the overall earnings during the period which reflects a strong performance from media services, complemented by our strategic entry into media investment.

“The UK, and Pinewood Shepperton in particular, continue to be in great demand from international content producers. 

“However, in order to continue growing the UK’s market share, we will need more studios and related facilities,” he said.

In a statement, Pinewood said it had not been able to house several film productions this year, and that it had received a number of enquiries from high-end TV productions seeking to take advantage of Government tax incentives that it was unable to accommodate due to capacity constraints. 

Pinewood Shepperton has been trying to expand its Buckinghamshire site for years, but its proposals have always been met with stern opposition from locals.

The public inquiry into Pinewood’s latest expansion plans began last week.

It follows South Bucks District Council’s refusal to grant planning permission for Pinewood’s proposed £200m development that includes adding a total of 100,000 sq m of new facilities, including 10 studios and stages, workshops, production offices and streetscapes for filming.

The result of the inquiry is expected to be delivered by April next year.

Meanwhile, Pinewood has confirmed that it will exit Teddington Studios in December 2014, as tipped by Broadcast last year.