Pinewood Shepperton studios slumped to a £3.9m loss in 2011 after its "Hollywood" expansion project was blocked, despite reporting record full-year revenues of £50.7m for 2011.
The studio business enjoyed a 24% year-on-year increase in revenues in its film division last year, fuelled by productions including Anna Karenina, Snow White and the Huntsman, The Hobbit and the next James Bond film, Skyfall.
Film revenues were £35.9m, with £900,000 coming from its fledgling international studios businesses in Canada, the Dominican Republic and Malaysia.
However, Pinewood saw a £5.8m pre tax profit in 2010 fall to a loss of £3.9m last year as it was hit by almost £12m in exceptional charges.
In January Project Pinewood, the company's ambitious move to develop a £200m site in Buckinghamshire that aimed to rival Hollywood for the latest blockbuster films was blocked by the government, which refused to give planning permission for the development.
Pinewood took a non-cash exceptional charge of £7.1m in relation to the decision. It said the write off was not material to the company's future.
"The on-going demand from big budget films and large scale television shows for our unique facilities remains resilient. Against these record results the company is well positioned to develop its activities," said Ivan Dunleavy, chief executive of Pinewood Shepperton.
"The company believes that Pinewood forms a vital part in driving growth in the UK's well-established and world-leading creative industry and consequently is disappointed that the planning inquiry did not result in a successful outcome for Project Pinewood.
"The board, supported by its major shareholder, [is] determined to work with government and stakeholders to deliver the long-term vision for Pinewood that it needs if it is to remain a global centre for the film and creative industries. We will therefore continue to engage to ensure that the site meets the needs for growth over the next 20-30 years."
Pinewood also incurred a £3.9m charge relating to the acquisition of a majority shareholding in the company made by largest shareholder Peel Holdings, the commercial property group that leased part of Salford's MediaCityUK site to the BBC.
The company said that stripping out the impact of exceptional items the underlying pre tax profits was £7.5m, a 29% year-on-year rise.
Operating profit before exceptional items was £10.3m, a 13% rise.
Pinewood's revenues from television productions were up marginally to £8.3m thanks to shows such as Sky1's Don't Stop Me Now and The Rob Brydon Show.
"For the past two years there has been a downturn in television production; however, there is now evidence that this trend is reversing," the company said.
Revenues from its Media Park, which is home to 287 companies, grew 5% to £6.2m.
Net debt at 31 December 2011 was £50.1m, up from £42.7m at the same point in 2010.
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