Pearl & Dean, the cinema advertising heavyweight, is optimistic that upcoming blockbusters Wicked and Gladiator 2 will propel it back into profitability.
The company, based in London, recorded a pre-tax loss of £1.7 million for 2023, despite a surge in popularity for movies like Barbie, Oppenheimer, and Wonka, as reported by .
This downturn follows a profitable year in 2022 when Pearl & Dean enjoyed a pre-tax profit of £1.6 million.
According to the latest accounts filed at Companies House, the firm also saw its turnover decrease from £20.7 million to £19.3 million year-on-year.
Established in 1953, Pearl & Dean is currently under the ownership of Willowbrook Investments.
Pearl & Dean buoyed by Barbenheimer success
In a statement approved by the board, they reflected on the impact of the Covid-19 pandemic: "Following continued profitability in 2019, during 2020 and into late May 2021 the business suffered along with the rest of the world from the Covid-19 pandemic."
The statement continued: "During the rest of 2021 the business continued to recover as cinemas and advertising revenue streams opened up and in 2022 the directors restored the business to its pre-Covid-19 levels."
Highlighting the achievements of 2023, the board noted: "The success of 2022 continued into 2023 which saw record breaking audiences in the º£½ÇÊÓƵ with the overwhelming popularity and the commercial success of films such as Barbie, Oppenheimer and Wonka, which have also been hugely popular with advertising agencies and the brands they represent."
"This success has continued to build in 2024 with films such as Dune 2 proving to be highly successful in attracting large amounts of advertising revenue as well as high audience attendances."
"The cinema and advertising markets believe the success of Barbie and Oppenheimer in 2023 will be repeated in autumn 2024 with the film distributors easily marketing films such as Wicked and Gladiator 2 in the same way."
"Indeed the promotion of Wicked started in spring 2024 and is looking to be every bit as successful commercially with advertising as Barbie was."
