Pinewood Group, renowned for hosting iconic productions like James Bond, is riding a wave of revenue growth, thanks to the recent expansion of Shepperton Studios. For the first half of its financial year, ending September 30, 2024, Pinewood reported revenue of approximately $108 million (up from $73 million in 2023). This growth underscores the group’s commitment to scaling its facilities to meet rising demand for premium production space.
However, while revenue surged, Pinewood’s pre-tax profit experienced a slight decline, falling from $15.4 million to $14.3 million over the same period. This trend held true for the first quarter, where turnover climbed to $53 million (from $38 million in 2023), while pre-tax profit declined from $10.5 million to $7.2 million.
This year’s success reflects Pinewood’s expansive growth strategy, driven by the acquisition of Pinewood Toronto Studios and the major Shepperton Studios development. With these expansions, the group achieved full-year revenue of approximately $157 million and an adjusted EBITDA of $92 million in its last financial year.
Still, the production landscape is shifting. As global production rebounds from the 2023 strikes, Pinewood anticipates a more tempered growth rate in content spending. In its half-year results, Pinewood highlighted industry observations pointing to a “return on investment” focus among streamers, leading to a moderated growth profile compared to the boom seen during the streaming wars of recent years.
Reflecting this shift, Pinewood announced in October the planned closure of its TV department by 2025, choosing instead to focus on establishing a new Independent Film Hub on its Pinewood site. This new hub is already drawing strong interest from industry players, aiming to serve independent filmmakers looking for state-of-the-art facilities with access to world-class production services.
David Conway, CEO of Pinewood, emphasized that despite market adjustments, the group remains positioned for success. “Our first-half results showcase the strength of our growth strategy, led by the Shepperton expansion and acquisition of Pinewood Toronto Studios. As production ramps up post-strikes, it’s clear we’re adjusting from the explosive growth driven by the ‘streamer wars.’ With the new Independent Film Hub, we’re positioning ourselves to meet the industry’s evolving demands and support a broader client base.”
The Pinewood Group’s impressive portfolio includes Pinewood Studios, Shepperton Studios, Pinewood Toronto Studios, and Pinewood Dominican Republic. These world-class facilities have been the setting for numerous blockbuster productions, from the historic Albert R. Broccoli 007 Stage, built in 1976, to iconic scenes from Spectre and Mamma Mia!.
By investing in expansions and introducing a dedicated Independent Film Hub, Pinewood is adapting to industry shifts while reinforcing its place at the heart of global film and TV production.
