Tax incentives are bringing major Hollywood producers back to the UK and boosting profits at Pinewood Shepperton studios, the company said yesterday.
Scenes from Casino Royale, Atonement and United 93 were produced at Pinewood studios, which posted a 22 per cent increase in turnover yesterday to £40.7m. Pre-tax profits rose to £7.16m during the year to 31 December, up from £600,000 the year before.
The studio's chief executive Ivan Dunleavy said the improved performance was mainly due to the recovery in the UK film industry after changes in the tax policy. From this year, the Treasury is offering up to 20 per cent tax relief for small budget films and 16 per cent for films costing over £20m.
Pinewood is continuing to diversify into television to offset the volatility in the film-making industry. "Our strategy to diversify has resulted in significant growth, Mr Dunleavy said. Television revenues rose 32 per cent over the year to £11.8m.