15 Nov 2011 07:00
15 NOVEMBER 2011
INTERIM MANAGEMENT STATEMENT
Pinewood Shepperton plc
Pinewood Shepperton plc (the "Company"), a leading provider of services to the global film and television industry, today issues its Interim Management Statement for the period 1 July 2011 to 14 November 2011.
Revenue Performance
In line with the statement made on 24 August 2011 in the announcement of the Company's Interim Results for the six months ended 30 June 2011, trading and overall revenues for the period 1 July 2011 to 14 November 2011 have continued to perform strongly.
Film
Film revenues for the period 1 July 2011 to 14 November 2011 were in line with the same period in 2010. Productions which used the Company's facilities and services during the period included Prometheus (Fox), Dark Shadows (Warner Bros), Snow White and the Huntsman (Universal), Anna Karenina (Working Title Films) and the commencement of the 23rd James Bond film Skyfall (Eon Productions/MGM/Sony Pictures).
Television
Competition from providers of smaller television studio space remains intense. The demand for the Company's large scale facilities for popular television production remains attractive to producers. As a result television revenues for the period 1 July 2011 to 14 November 2011 are significantly ahead of the same period in 2010.
During the period, the Company hosted prime time light entertainment television shows, Don't Stop Me Now (Sky One), Lee Mack's All Star Cast (Zepperton) and The Rob Brydon Show (talkbackTHAMES).
Media Park
Media Park revenues for the period 1 July 2011 to 14 November 2011 are slightly ahead of the same period in 2010.
Project Pinewood
The Planning Inspectorate has confirmed that the Inspector's report was delivered to the Secretary of State for Communities and Local Government on 17 October 2011. The Company awaits a decision on its planning appeal in due course.
Financial Services Authority(FSA)
The Company was advised on 26 August 2011 that the FSA is contemplating what actions are warranted in connection with the future status of the Company's listing on the London Stock Exchange. One option would be for the FSA to undertake a unilateral listing cancellation procedure in recognition of the fact that the Company cannot meet the eligibility requirements for listing.
Financial Calendar
As a result of the change in the accounting reference date, announced on 24 August 2011, the next financial reports to be issued by the Company will be unaudited second interim accounts for the six months to 31 December 2011 and results for the 15 month period ending on 31 March 2012.
Outlook
The construction of a new 30,000 sq ft stage at Pinewood Studios remains on schedule and within budget.
Film stage revenues for the extended financial year ending 31 March 2012 are now largely contracted.
Overall revenues are expected to continue to perform well for the 15 month period as a whole.
Enquiries:
Pinewood Shepperton plc
Ivan Dunleavy/Andrew M. Smith Tel: +44 (0) 1753 656732
Brunswick Group LLP
James Olley/Oliver Hughes Tel: +44 (0) 20 7404 5959
For Further information:
www.pinewoodshepperton.com
Neither the content of the Company's website nor the content of any website accessible from hyperlinks on the Company's website, nor any other website, is incorporated into, or forms part of this announcement nor, unless previously published by means of a recognised information service, should any such content be relied upon in reaching a decision as to whether or not to acquire, continue to hold, or dispose of, securities in the Company.