Despite Record Revenue, U.k. Studio Posts A Loss
The stages at Britain's Pinewood Shepperton studios may have been humming last year, with productions such as Anna Karenina, Snow White and the Huntsman, The Hobbit and the next James Bond film, Skyfall, being shot there. And while all those productions pushed revenue to $81 million for the year -- up 24 percent from 2010 -- the studio reported a $6.2-million overall loss, which it blamed largely on its failed effort to expand its business with a huge $300-million campus in Buckinghamshire -- a project that was rejected by a government planning commission. Although it had spent $11 million on that project, the company maintained in a filing on Wednesday that the write-off did not affect its overall condition. In a statement, Ivan Dunleavy, Pinewood-Shepperton's CEO, said, "The ongoing demand from big-budget films and large-scale television shows for our unique facilities remains resilient. Against these record results the company is well-positioned to develop its activities."