The boss behind iconic film studio Pinewood said it is “emerging with vigour” from its latest financial year which was dominated by industry unrest.
Chief executive David Conway said its year to March 31, 2024, had been “challenging” as a result of strikes in the US and a staggered restart in film and TV production into 2024.
However the group, which also includes Shepperton Studio, has “remained largely resilient to these market dynamics”.
Newly-filed accounts for the Pinewood group show its turnover increased in the year from £120.5m to £146.4m but that its pre-tax profits were cut from £44.2m to £25.3m.
Pinewood Group includes Pinewood Studios, Shepperton Studios, Pinewood Toronto Studios and Pinewood Dominican Republic.
The Albert R. Broccoli 007 Stage at Pinewood was built in 1976 for the Bond movie The Spy Who Loved Me.
In 2007 the new 007 Stage opened and has housed the Greek fishing village for Mamma Mia! as well as sets for the James Bond movie Spectre.
Pinewood boss ‘most proud’ of Shepperton Studio expansion
Chief executive David Conway said: “It has been a challenging year across the industry as a result of the strike action in the US and the staggered restart in film and TV production as we moved into 2024.
“Nevertheless, it is reassuring that the underlying Pinewood business has remained largely resilient to these market dynamics, and the group’s growth projects have meant that we are today announcing strong year-on-year revenue and EBITDA growth.
“Amongst our growth projects, I am most proud of what we have achieved at Shepperton Studios, expanding the site to now host 31 sound stages and, in doing so, creating the second largest film studios in the world.
“The site is now fully occupied and in operation, and will be the home to more than ten client productions simultaneously over the summer.
“This is indicative of the efficiency, leading-edge functionality and popularity of the enlarged site.
“The expansion project will further complement the rich history of Shepperton Studios which has been in operation since 1931.
“This year-end report represents my first as CEO, having joined Pinewood in November 2023.
“It has been an exciting period as we emerge with vigour out of the strike period, with the expanded studio footprint at Shepperton, and into our first full year of ownership of Pinewood Toronto Studios.”