Pinewood Group reports record revenues and strong growth

Thursday, July 2, 2015

Pinewood Group plc (formerly "Pinewood Shepperton plc") - Audited results for the year ended 31 March 2015

Pinewood Group plc, the world leading studio and production services operator, delivered another year of record revenues and strong growth as it continued to build on its offer to the screen-based industries. 

Today the Company publishes its audited results for the year ended 31 March 2015.

Financial highlights

  • Revenue £75.0m (year ended 31 March 2014: £64.1m).
  • Operating profit £5.8m (year ended 31 March 2014: £4.9m).
  • Operating profit from Media Services activities before exceptional items £11.0m (year ended 31 March 2014: £9.2m).
  • Basic earnings per share 16.4p (year ended 31 March 2014: 10.8p).
  • Basic earnings per share adjusted for exceptional items 13.5p (year ended 31 March 2014: 11.5p).
  • Final dividend of 2.8p per share declared (year ended 31 March 2014: 1.9p).
  • Cash generated from operations of £18.4m (year ended 31 March 2014: £14.0m).
  • Net debt of £71.9m (31 March 2014: £40.2m) with increase principally from the Shepperton Studios Property Partnership (“SSPP”) acquisition.
  • Media Services return on capital employed of 10.1% (31 March 2014: 9.6%).

Strategic progress

  • Design & Build contract signed and full construction of Phase One of the Pinewood Studios Development Framework (“PSDF”) has commenced.
  • Completed the acquisition of the 50% interest in SSPP formerly owned by clients of Aviva Investors.
  • A joint venture, Pinewood MBS Lighting Limited, established to become the provider of lighting to productions based at Pinewood Studios and Shepperton Studios.
  • International activities growing at rapid pace.

Commenting on today's results, Ivan Dunleavy, Chief Executive, said:

Pinewood is a uniquely positioned independent operator and has once again delivered strong growth.

As our core business has grown we have expanded the range of services for the screen-based industries. We are seeing encouraging results from this strategy. Our growing presence internationally continues to deliver clear benefits.

Following the successful share placing in April 2015, construction has begun on the first phase of the Pinewood expansion. This is an exciting development for the Group and we are pleased with the support and commitment given to us through the placing.

Although we have hosted the three largest film productions of the year, being Star Wars: Episode VII – The Force Awakens, Avengers: Age of Ultron and the 24th Bond film Spectre, we continue to be unable to meet all the demand from large films.  This will be partly addressed by the first phase of the Pinewood expansion.

We are encouraged that the current financial year has got off to a strong start with good visibility into the coming year.

Key developments since year end

  • Initial drawing on the newly agreed £135m term and revolving credit facilities and £30m (before expenses) raised in a share placing, through the admission of 8m new ordinary shares to trading on AIM.
  • Two new Independent Non-Executive Director appointments were made adding further complementary expertise to an already skilled Board.
  • Extended the media investment offering to video games and high-end television.

A copy of this announcement will shortly be available for inspection on the Company’s website at www.pinewoodgroup.com.  The annual report will be posted to shareholders and made available on the Company’s website on or around 7 July 2015.

Enquiries

  • Andrew M. Smith, Director of Strategy and Communications and Company Secretary, Pinewood Group plc, +44 (0)1753 656732
  • Richard Lindley / James White, +44 (0)207 496 3000

Notes to editors

  • Pinewood Group plc is Europe's largest provider of stage and studio space
  • Pinewood Studios, Shepperton Studios and Pinewood Studio Wales together accommodate 37 stages and three dedicated digital television studios
  • Pinewood Studios is home to Europe's leading studio-based underwater filming stage, as well as one of the largest exterior water tanks in Europe
  • The Group now offers financing to UK film, television and video game production as part of its growing range of services
  • Pinewood Studios and Shepperton Studios have been home to over 2,000 films in more than 80 years
  • Pinewood Studios and Shepperton Studios have hosted over 800 TV shows
  • There are approximately 250 independent, media related companies based within the Pinewood, Shepperton and Wales Media Hub’s
  • The Pinewood Group's international network of studios includes Toronto, Canada; Iskandar, Malaysia; the Dominican Republic; Atlanta, Georgia, USA and activities in China and Ireland

Forward looking statements

This announcement includes forward looking statements that are based on current expectations and assumptions.  They involve risks and uncertainties and may differ, possibly materially, from actual results, performance and achievement.  Neither the Company, nor any of its Directors, undertakes any obligation to update publicly or revise forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.

More information

Download Press Release www.pinewoodgroup.com