Yahoo Finance James Bond studio Pinewood hails ‘resilience’ to US actors’ strikes as Amazon and Netflix deals boost outlook
The group behind James Bond studio Pinewood has said it remained “largely resilient” to the US actors strike during the final three months of 2023.
In its third-quarter results, Pinewood Group posted a turnover of £37m, up from £29.4m, while its pre-tax profits fell from £9.4m to £4.6m.
In the nine months to December 31, 2023, the group’s turnover has risen from £84.7m to £105.4m and its pre-tax profits have gone from £28m to £19m.
According to the BFI, the combined amount spent on UK film and high-end television production in 2023 was £4.2bn, 40 per cent lower than the prior year because of the US writers’ and actors’ strikes.
Members of the Screen Actors’ Guild ended their strike in November 2023 after the Writers’ Guild of America stopped their industrial action two months before.
Chief executive David Conway said: “Today we announce a solid set of results, with the business remaining largely resilient to the industry strikes and EBITDA reflecting the benefit of growing studio capacity.
“I am delighted that we have substantially completed our expansion programme at Shepperton Studios, making this site the second largest film studios in the world, and with the new sound stages in the process of being handed over to Amazon and Netflix under long-term contracts.
“Also of note during the period is the new long-term contract with Amazon MGM Studios for five sound stages and ancillary accommodation at Pinewood Toronto Studios.
“This deal further underlines the strategic, long-term partnerships we have nurtured with some of the largest global producers of content.
“Finally, I am thrilled to have joined Pinewood in November 2023, with its iconic history in the film and TV industry and its respected position in the market, and am looking forward to continuing to develop the business and focus on delivery of excellence to our customers.”
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.
