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Interim Results for the six months ended 30 September 2015

Interim Results for the six months ended 30 September 2015

Pinewood Group plc ("the Company"), the world leading studio and production services operator, maintained the positive momentum reported at full year and is operating its studios at near capacity as demand continues for its offer to the screen-based industries. 

Strategic progress

  • Raised £30m through the issue of 8,000,000 new ordinary shares
  • New banking facilities of up to £135m
  • Phase one of the Pinewood Studios Development Framework ("PSDF") to be completed by June 2016 within budget
  • Pinewood Atlanta Studios Phase 2 development completed
  • Full ownership of Shepperton Studios with review of existing masterplan underway
  • Development of full service production company in the Republic of Ireland
  • Completion of Phase One consultancy to Shanghai Film Group
  • M T Rainey appointed to the Board
  • Search process underway for additional independent Non-Executive Director

Financial highlights

 

Six months ended

30 September

2015

Six months ended

30 September

2014

Year On Year

comparison

Group Revenue

£38.2m

£38.5m

-0.7%

Media Services Revenue

£32.5m

£27.0m

+20.4%

Group Operating Profit

£7.0m

£2.5m

+186.9%

Media Services
Operating Profit

£8.3m

£6.1m

+36.6%

Profit after tax

£4.3m

£3.8m

+13.2%

Basic EPS*

7.6p

7.7p

-1.3%

Normalised EPS*

9.0p

7.7p

+16.9%

Dividend per share

0.8p

0.7p

+14.3%

Net debt

£55.8m

£31.8m

+75.8%

Media Services
ROCE

10.2%

9.3%

+9.7%

 

*Basic and Normalised EPS based on weighted average number of shares of 56.7m for the six month period ended 30 September 2015 (six months ended 30 September 2014: 49.4m)

Commenting on today's results, Ivan Dunleavy, Chief Executive, said:

"The first six months of the year have maintained the positive momentum reported in our full year results in June 2015. Productions based at the studios during the period include the year's biggest films SPECTRE and Star Wars: Episode VII - The Force Awakens. Media Investment deal flow on behalf of third party clients remains weighted to the balance of the year.

The construction of phase one of the Pinewood expansion, designed to meet strong demand, is on schedule for completion in June 2016 and is within budget.  Having taken full ownership of Shepperton Studios in the previous financial year, 100% of these earnings now accrue to the Company and we are able to review the existing masterplan for development of this facility.

The positive results reported today have continued into the second half and we are encouraged by the visibility we have for the remainder of the year and into 2016".

For more detail visit the Investor Relations section