Hollywood pix boost Pinewood fortunes

LONDON -- A boom within the quantity of large-budget Hollywood movies shooting in Blighty throughout 2011 has driven revenues at U.K. studio group Pinewood Shepperton to have an all-time high. Sales hit accurate documentation 50.7 million ($80.millions of) inside the 12 several days to December 31, up 17%. Film revenues alone were up 24% to $56.7 million, due to projects for instance "Snow White-colored as well as the Huntsman," "Anna Karenina," "Prometheus," "Skyfall," "The Hobbit" and "Dark Shadows." The crowd, which has Pinewood and Shepperton Art galleries near London, the U.K.'s two greatest film and tv plants, also reported a 14% rise in operating profits to $16.3 million. Nonetheless, the business fell in to a pre-tax insufficient $6.2 million after exceptional items, lower in the profit of $9.2 million this season. That developed because of needing to discount the $11.2 million five-year development cost of their recommended $320 million extension for the Pinewood site, named Project Pinewood, following its failure to get planning permission. The crowd has furthermore embarked around the way of worldwide expansion, through partners in Toronto, Berlin, Malaysia and tobago. Up to now this signifies basically a modest part of its business, with worldwide revenues up 50% this season to $1.4 million. "The business has shipped a effective performance for your twelve month, with overall revenues substantially up," stated chief professional Ivan Dunleavy. "The ongoing demand from large-budget films and huge-scale Tv shows for that unique facilities remains resilient. Our worldwide strategy is constantly deliver growth and extra opportunity to boost the Pinewood brand overseas." Dunleavy noted his disappointment that Project Pinewood did not have the greenlight within the U.K. government. "The board according to its major investor are going to utilize the us government and stakeholders to supply the extended-term vision for Pinewood it requires whether it's to remain an international center for your film and artistic industries," he mentioned. "We'll therefore still engage, to make certain the website meets the needs for growth over the following 20-thirty years.In . The crowd was already developing a significant acquisition of developing the current Pinewood site, having a completely new 30,000 sq. feet. soundstage presently being built. It is also buying and selling within the digital TV services. Projects shooting at Pinewood Toronto Art galleries this season incorporated Universal's "Mama" and Legendary/Warner's "Off-shoreline Rim." Pinewood Studio Berlin attracted its first project, "Planet B Boy" from Sony's Screen Gems label. Pinewood Iskandar Malaysia, the greatest purpose-built facility in the region, will open for business in 2013, because the Pinewood Indomina studio in tobago will complete its first phase of construction this season. The crowd mentioned it's ongoing to find fresh options to develop its brand worldwide. Pinewood Shepperton reported its 2011 figures as unaudited interim results, because it has changed its accounting year-finish to March 2012. Contact the number newsroom at news@variety.com