Profits up but Pinewood Studios appeals for expansion

Pinewood Shepperton Studios, which is majority owned by Peel’s Goodweather Investment Management operation, has seen profits and turnover rise in the last 6 months. The Peel Group owns and operates MediaCityUK.

However, the Group is continuing to push to get its £200m expansion plans approved. It’s appealed a decision by the local council decision to block planning permission and a public inquiry should report back by the 7th April next year.

Should it be successful, it will add 100,000sq m of new facilities, including 10 additional studios and stages, workshops, production offices and streetscapes. To date, it’s spent £2.5m on the project.

“We are very pleased with the overall earnings during the period which reflects a strong performance from media services, complemented by our strategic entry into media investment,” stated Ivan Dunleavy, chief executive.

“The UK, and Pinewood Shepperton in particular, continue to be in great demand from international content producers.  However, in order to continue growing the UK’s market share, we will need more studios and related facilities.”

The interim results revealed that revenue grew from £27.1m in the 6 months ended September 2012 to £36.6m. Profit after tax rase to £3.4m (2012: £2.0m).

Peel holds almost 60% of Pinewood Studios shares through Goodweather Investment Management, with the other majority shareholders also based in the North West – Warren James Holdings in Cheshire, which owns 26.69%; and the Isle of Man’s Treasury Department which holds just less than 10%.

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