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Pinewood group back in the black with busy film calendar

27-Nov-2012 • Bond News

Press Release
Pinewood Shepperton, a leading provider of services to the global film and television industry, today announces its unaudited interim consolidated results for the six months ended 30 September 2012.

The Company is delivering its first unaudited interim results following a change in its accounting reference date from 31 December to 31 March. Comparative information is therefore for the six months ended 31 December 2011.

Key developments:
- Commenced site clearance at Pinewood for a new 45,000 sq ft studio facility.
- An agreement with the Isle of Man Treasury to source and advise on film investment opportunities for its £25m fund was signed on 25 October 2012.
- Digital television upgrade programme completed and operational.

Financial highlights for the six months ended 30 September 2012:
- Revenue £27.1m (six months ended 31 December 2011: £24.6m).
- Operating profit before exceptional items £6.1m (six months ended 31 December 2011: £3.7m).
- Profit before tax £3.0m after exceptional items (six months ended 31 December 2011: £5.4m loss).
- Basic earnings per share 4.2p (six months ended 31 December 2011: 11.4p loss)
- Interim dividend of 0.5p per share declared (six months ended 31 December 2011: nil).

Commenting on today's results, Ivan Dunleavy, Chief Executive, said: “Current trading is positive with a high level of contracted revenues for the remainder of the current financial year.The number of film productions contracted so far for next year is encouraging and the Board looks forward to the future with confidence. The Company is delighted to welcome Ruth Prior who has joins the Board on 27 November as an Independent Non-Executive Director.”

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