An annual audit report covering the period through March 31 issued by the London-based Pinewood Group showed that the company’s overall profit has increased, with Pinewood Atlanta Studios after its first full year of operation contributing significantly to the bottom line.
Pinewood Atlanta Studios for year ending March 31, 2015, its first full audit year of operations, showed on-site revenues of approximately $9 million and profits of nearly $2 million. Pinewood’s Fayetteville operation officially opened its doors in January 2014.
The audit said international revenue increases were, in part, driven by the newly operational Pinewood Atlanta Studios plus consultancy services provided in China.
Encompassing the entire operation of the far-reaching Pinewood Group, the year-ending March 31 audit showed the revenues of more than $117 million and an operating profit of more than $9 million. That compares to the previous reporting year where revenues were approximately $100 million and operating profit was approximately $7.5 million.
“As our core business has grown we have expanded the range of services for the screen-based industries. We are seeing encouraging results from this strategy. Our growing presence internationally continues to deliver clear benefits,”said Pinewood Group CEO Ivan Dunleavy.
It was also during the past audit year that Pinewood Atlanta Studios took over sales and management of the Pinewood Production Centre located on the site of the former Rivers Elementary School, formerly managed by Rivers Rock LLC.
During the year ended March 31, 2014, Pinewood USA Inc. entered into a 40 percent/60 percent joint venture with River’s Rock LLC to develop land in Fayetteville into world class studio facilities, known as Pinewood Atlanta Studios, the audit said.
“The (Pinewood) Group also provides sales and marketing services. Pinewood Atlanta Studios are strategic to the Group’s business given the similarity in nature to the Group’s core Media Services operations,” according to the audit.
Phase 1 of the development, comprising 118,000 sq. ft. of film soundstages (totaling six stages), 90,000 sq. ft. of workshops and 200,000 sq. ft. of offices, was completed in June 2014, according to the audit.
Phase 2 of the large development on 288 acres is now complete. That phase included five soundstages, one 50,000 sq. ft. workshop and and a 20,000 sq. ft. office building. The soundstages include two at 40,000 sq. ft., one at 30,000 sq. ft and two at 15,000 sq. ft.
Rick Halbert of Halbert Development said multiple phases are expected in the future.
Headquartered in Britain, the Pinewood Group also operates in, Wales, China, Canada, Malaysia, the Dominican Republic and Germany.
Pinewood Atlanta Studios was the Pinewood Group’s only remaining joint venture as of March 31, 2015.