Pinewood loses £3.9m in 2011 despite record revenue due to cancelled project

Bond News - 01-03-12

Home of most James Bond films, Pinewood Studios parent company Pinewood Shepperton slumped to a £3.9m loss in 2011 after it failed in an attempt to build replicas of Paris, New York and Amsterdam on green belt land - reports the Independent

Although the studios raked in record revenues of £50.7m in 2011 (an increase of 17% thanks to big movies like "The Hobbit" and "Skyfall"), it took an exceptional charge of £7.1m reflecting five years of costs for its "Project Pinewood" application, which officials turned down in January.

The result was a drop to £3.9m into the red, after profits of £5.8m the previous year.

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