Written By
Pinewood Group
11 July 2016
| Pinewood Group plc, a world leading studio and production services operator, delivers another year of strong growth.
Today the Company publishes its audited results for the year ended 31 March 2016. Strategic progress: Strategic review announced on 10 February 2016 in progress Year ended 31 March 2016 Year ended 31 March 2015 Year On Year comparison Group Revenue £83.2m £75.0m +10.9% Media Services Revenue £66.6m £57.2m +16.4% Group Operating Profit £13.6m £5.8m +136.3% Media Services Operating Profit £16.9m £11.0m +52.6% Media Investment Profit after Tax £0.4m (£0.1m) +457.9% Normalised Profit after Tax £10.1m £6.7m +51.6% Normalised EPS (i) 17.7p 13.5p +31.1% Final dividend per share 3.2p 2.8p +14.3% Net debt £72.8m £71.9m +1.2% Adjusted Media Services ROCE (ii) 12.8% 11.2% +14.3% (i) Normalised EPS – EPS adjusted for exceptional items and fair value movements on financial derivatives and the taxation on both of these (See Note 9). (ii) Adjusted Media Services ROCE – annualised operating profit for Media Services before exceptional items including inter-segment revenue and share of results for joint ventures as a percentage of average capital employed, being total equity plus net debt, excluding capital employed in assets under the course of construction (See page 15) Commenting on today’s results, Ivan Dunleavy, Chief Executive, said: “The Company is very pleased to report today another set of strong results showing a 10.9% increase in group revenue and a 31.1% increase in normalised earnings per share. 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. The Company is also pleased to confirm that the PSDF Phase One became fully operational on 30 June 2016 adding five stages and significant capacity to our existing world class offer. The Company is delighted that the first production to utilise the new facilities is ‘Film Stars Don’t Die In Liverpool’ produced by Barbara Broccoli who has a long association with the Pinewood Group through the Bond franchise. We have, as expected, already signed a contract for an additional major film production which will fully utilise these new facilities from August 2016. This financial year has started strongly with good visibility for the balance of 2016”. For the full release visit Investor Relations For more information visit Investor Relations. |