News World News

Sunday 20 May 2018

Cineworld buoyed by blockbusters

The FTSE 250 firm said it saw a particularly strong showing in the US.

Cineworld had a solid first quarter (Matt Crossick/PA)
Cineworld had a solid first quarter (Matt Crossick/PA)

By Ravender Sembhy, Press Association City Editor

Cineworld sales were boosted by blockbusters such as Black Panther and Avengers: Infinity War in the first four months of the year.

The cinemas group, which recently splashed out £2.7 billion to acquire US chain Regal, reported a 10.1% rise in revenue in the year to May 13.

On a constant currency basis, sales were up 6.7%.

The FTSE 250 firm said it saw a particularly strong showing in the US, where box office sales grew 9.8%.

In the UK and Ireland, meanwhile, total sales fell 2.1% and box office revenue dipped 2% in constant currency.

But the firm pointed to a strong slate of films due for release in the remainder of the first half, including Deadpool 2, Solo: A Star Wars Story and Jurassic World: Fallen Kingdom.

The results come after Cineworld in February completed a deal to buy Regal, creating the second-biggest cinema group in the world.

The combined group will have more than 9,500 screens across 10 countries and will see Cineworld enter the lucrative US market.

It will give Cineworld access to the US market, which has the largest box office market in the world, worth more than 10 billion dollars (£7.5 billion) a year.

Press Association

Today's news headlines, directly to your inbox every morning.

Editors Choice

Also in World News