Pinewood Shepperton back in the black and reinstates divi

27th Jun 2013 16:11

Film and TV studios group Pinewood Shepperton returned to the dividend list as it broke back into the black thanks to a recovering global film industry. The studios, location of almost all James Bond films and many others besides, have been undergoing a significant investment programme to remain a relevant destination for Hollywood and other film producers. Chief Executive Ivan Dunleavy said the year to March 31st saw another year of strong growth in what remained a globally competitive market. "The trend for rising demand for the Studios' facilities, especially in film, has continued," he said. Revenues of £55.6m compared to £63m in the previous 15 months, representing a pro-rata increase on a monthly basis, with operating profits up from £2.7m to £5.4m.With cash generated from operations, adjusted for movements in working capital, of £13.5m (2012: £16.1m), the board reinstated the dividend with a final payment of 1.5p per share.Pinewood completed a successful refinancing of its main banking facilities in May 2012, raised £5.4m from institutional investors and moved its shares from the London main market to Aim to cut costs. Film revenues for the year ended March 31st were up slightly, pro rata, to £35.2m, from £43.4m in the previous 15-month period, but television revenues fell to £5.2m from £10.2m due in part to a four-month period where the studios were closed for a £1.8m refurbishment.Media investment revenue for the year was up sixfold to £8.9m, after signing an agreement with the Isle of Man Treasury to source and advise on film investment opportunities for its £25m Media Development Fund.Dunleavy added: "The company has made a positive start to the new financial year. Since April 1st 2013, the company has been experiencing high levels of utilisation in television, playing host to a number of productions and several film productions have contracted stages."Since the year end, Pinewood has set up a joint ventures to create studio facilities in Georgia, USA, and push through several new business developments in China with a local partner.However an attempt to get planning permission for the £200m expansion to its Buckinghamshire studios was blocked by the local council. The company has submitted an appeal for which a public inquiry is due to start on November 19th. Shares in Pinewood Shepperton closed flat at 278.5p on Thursday.OH