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Pinewood Group, which manages Pinewood and Shepperton Studios, home to blockbusters such as “No Time to Die”, “Black Widow” and “Cruella”, posted profits of £102. 9 million ($125 million) for the fiscal year ending 31 March 2022.
That’s a £6 million increase from last year despite the fact that for much of 2021, the COVID-19 pandemic still had an impact through social distancing, mandatory self-isolation and lockdowns. Despite this, the UK has experienced a production boom since filming resumed in July 2020 following the implementation of COVID-19 protocols.
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The 60-page financial report, presented to the UK Chamber of Business earlier this week, says “the organisation operated at full capacity during the year”, which ran from March 2021 to 2022.
In terms of profits, those cash inflows resulted in gross profit of £63. 6 million, up from £3. 1 million last year, and net profit of £31. 3 million, up from £33. 7 million last year. The report attributes this to the peak of production that has resulted in a “reduced opportunity to generate resale cash and increased use of ancillary studio services, which are basically sold at a charge price. “
The organisation also repaid £0. 5 million to the coronavirus task retention programme, which it was involved in during the pandemic and noted that “revenue from foreign deals has decreased slightly compared to last year”. This was due, according to the report, until the “launch” of the Group’s October 2020 sales and marketing agreement with Trilith Studios in Atlanta, Georgia (formerly known as Pinewood Atlanta Studios).
However, the report notes that businesses with studies in Toronto and the Dominican Republic generate revenue.
Directors asked that no dividends be paid this fiscal year.
Pinewood Group supplies sound stages and “other production facilities,” such as offices and changing rooms. It also provides post-production and other studio facilities, as well as “international sales, marketing and visitors on behalf of third-party studios,” according to the report. .
To meet demand, the Group is embarking on ambitious breakthroughs at Pinewood and Shepperton, covering 502 acres of land combined. In Pittsburgh, between London and Windsor, the Group is building five more soundstages, which are expected to become operational this summer. , already purchased through Disney under a long-term lease. The organization has also implemented to make plans the permit to build a center that adds production facilities, housing for skills and education and a tourist attraction.
Meanwhile, in Shepperton, the structure of an expansion that will double the length of curhire’s production facilities has begun. The studio has already signed long-term contracts with Netflix and Amazon to lease the space.
“This implies that one hundred percent of the Group’s existing and under construction production units are leased under long-term indexed contracts,” the report says.
The Pinewood Group reports that in the past year, a whopping £84. 1 million of the company’s turnover came from just two consumers (who are named), and last year, £80 million in turnover came from just 3 (also unnamed) consumers.
The factor of emphyteutical rentals taken through giant studios is thorny in the UK, with small productions suffering in the area to film due to the production boom.
However, from Pinewood’s perspective, emphyteutical rentals are a form of threat management. “We are facing a festival of existing studies and new market entrants, whether in the UK and abroad,” the report says under a title titled “Key Risks and Uncertainties. “”.
“With long-term contracts in position for one hundred per cent of the existing production area at our UK sites, where rent is paid upfront, the threat of low occupancy or downward stress on our price lists virtually disappears in the medium term. “,the report continues.
Other dangers known in the report come with Brexit, the ongoing COVID-19 pandemic, a shortage of professional labour, which the Group says can be exacerbated through “significant construction in the number of study spaces in the south-east [of the UK]”, and injuries “when production and structure groups use and move around our sites, taking into account the nature of its operations and activities. “
To mitigate some of those risks, the Group is working with the BFI and the UK government to address capacity shortages and has also put in place a “disaster recovery plan” in the event of a “major incident”, such as a fire or explosion. .
“A major incident, such as a chimney or explosion, may endanger other people and/or the site, resulting in a loss of profits and damaging the Group’s operations and reputation,” the report acknowledges, adding that the Group employs a home health, protective and chimney equipment that “performs normal threat assessments. “
In March, a set of Disney’s upcoming live-action set “Snow White” got stuck in the fireplace while in 2006, a fireplace exploded during the filming of the Bond film “Casino Royale. “No injuries were reported in any of the incidents.
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