Pinewood profit drops, raises divi

Film studio operator Pinewood Shepperton posted a 24% decline in 2009 pre-tax profit but said it was encouraged by growth opportunities in TV and its film studios.Underlining its confidence in future trading, the group raised its final dividend to 2.40p from 2.30p last year.Profit before tax fell to £4.5m for the year ended 31 December 2009 from £5.9m the year before. Revenue slipped to £40.3m from £42.9m.Commenting on today's results chief executive Ivan Dunleavy said, "We are well positioned to cater for the growing demand for creative content and have made substantial progress in all areas of our UK business."Pinewood Shepperton's Film revenues fell to £22.7m from £24.2m in 2008 but recovered towards the end of 2009.Television revenues were down on last year at £11.3m from £12.7m due to reduced television advertising revenues and pressure on broadcasters production budgets."We are encouraged by the growth opportunity in television, our leading position in film and television studios in the UK, the performance of our Media Park revenues and the long term potential of our international branding partnerships, Pinewood added."