Pinewood Studios Group Posts Over $30 Million Profit
variety.comK.J. Yossman Pinewood Studios Group (PSG) has posted profits of over £23.5 million ($30.6 million) in its most recent accounts.The accounts, which cover the 12-month period up to March 31, 2021, show a post-taxation profit of £23,517,000 ($30,651,565).That’s an almost £25 million ($32.5 million) increase on the previous year’s accounts, which showed a loss of £1.6 million ($2 million).The company, which is registered at U.K.
registrar Companies House under the name Pinewood-Shepperton Studios Limited, is a subsidiary of Pinewood Group Limited. According to the financial report, which was filed at Companies House on April 4, PSG “acts as a holding company and an agent to issue and receive invoices and accept and make payments on behalf of the trading subsidiaries of Pinewood Group Limited.” These include the world-renowned Pinewood Studios in Iver Heath, where films including “No Time to Die” and “Black Widow” have been shot, and Shepperton Studios in Surrey, which has provided the backdrop to films such as “Cruella” and “Belfast.”The 12-month period leading up to March 31, 2021 also included a number of restructures for PSG, including the dissolution of two companies – Pinewood Wales Limited, a wholly owned subsidiary, and Pinewood Malaysia Limited, a collaboration with Iskandar Malaysia Studios – which saw PSG’s net assets increase from £31.8 to £55.4 million ($41.4 to $72.2 million).The winding up of the Wales subsidiary in October 2020 saw PSG incur losses of £1.57 million ($2 million) relating to balances owed by Pinewood Wales Limited.
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