Pinewood Studios, home to the Star Wars and James Bond films, expects to benefit from the pound’s fall since Britain voted to leave the EU.
Posting strong annual results, the Buckinghamshire-based film studio and production company said its international customers would gain from sterling’s fall.
Pre-tax profit rose 57% to £7.8m for the year to the end of March, when Pinewood was the base for the Bond film Spectre and Star Wars: Episode VII – the Force Awakens. Normalised earnings, stripping out one-off items and fluctuations, rose 31% on revenue rising 10.9% to a record £83.2m.
The pound has dropped more than 10% against the dollar since the referendum result was announced on 24 June, reflecting concerns about the economy. Several companies that rely on UK consumer spending have predicted difficult trading but the services of companies that sell overseas have become cheaper because of sterling’s fall.
Ivan Dunleavy, Pinewood’s chief executive, said: “The result of the UK’s referendum on membership of the EU is now known. In the context of our business, the decline in the sterling exchange rate is undoubtedly positive for our international customers. We will continue to monitor sentiment around the issue going forward.”
Star Wars: Episode VIII started filming at Pinewood in February and the company, which also owns Shepperton Studios, said the current financial year had started well. Pinewood shares rose 2.2% to 554.5p.
