Blockbusters help boost profits at Irish-owned multiplex cinema chain
Published 27/08/2015 | 02:30
Blockbuster movies, including the latest instalments from the 'X-Men', above, 'Spider-man' and 'Transformer' franchises contributed to pre-tax profits at Irish Multiplex Cinemas more than doubling to €850,379 last year.
New figures lodged with the Companies Office by the Ward-owned Irish Multiplex Cinemas show a sharp jump in operating profits after the firm's gross profits increased from €2.54m to €2.6m.
According to the directors' report, profitability increased as a result of cost savings. The directors state: "It is expected that trading in 2015 will not be significantly different to 2014."
The directors disclose that they have paid a dividend of €207,000 in April 2015 in relation to the year ended October 2013 and they have deferred the decision on the payment of a dividend in relation to the year ended October 2014 until a later date.
The profit last year takes account of non-cash depreciation costs of €410,804. The firm is one of a number of Irish cinema firms operated by the Ward family who own the Savoy and Screen cinemas in Dublin with the Savoy playing host to many movie premieres here.
The firm has multiplex cinemas in Dun Laoghaire, Tallaght, Athlone, Dundalk, Killarney and Ballymena.
Big contributors during the year to the cinema firm's earnings here were 'Mrs Brown's Boys - D'Movie', which took in €3.8m nationally, the 'Dawn of the Planet of the Apes', which generated €2.5m at the box office, along with the money-spinning instalments of the latest 'X-Men', 'Spider-man' and Transformer movies.
Accumulated profits jumped to €7.23m while the firm's cash more than doubled from €777,872 to €1.954m. Numbers employed fell from 57 to 44 with staff costs reducing by 24.5pc to €903,573. The firm also reduced administrative costs from €853,723 to €705,117.