Monday 23 July 2018

Cineworld profits up as blockbusters boost sales

Last month the company completed a deal to buy Regal, creating the second-biggest cinema group in the world.

Star Wars: The Last Jedi helped boost Cineworld last year (PA)
Star Wars: The Last Jedi helped boost Cineworld last year (PA)

By Ravender Sembhy, Press Association City Editor

Cineworld has reported rising annual sales and profits following a year in which it splashed out £2.7 billion to acquire US chain Regal.

The group reported an 11.6% rise in revenue to £890.7 million in the year to December 31, with pre-tax profit growing 22.7% to £120.5 million.

Blockbuster films Beauty And The Beast, Star Wars: The Last Jedi, and Dunkirk together grossed a £197.4 million, helping drive Cineworld’s performance.

Box office sales were up 6.4% to £553.7 million and retail sales jumped 11.1% to £220.4 million as the chain was boosted by the opening of a further five Starbucks.

Looking ahead, Cineworld said it is encouraged by the film slate in 2018, which includes Solo: A Star Wars Story, Deadpool 2 and Fifty Shades Freed.

Last month the company 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.

Boss Mooky Greidinger said: “The US is the biggest cinema market in the world and we are confident that this transformative acquisition will be a great success.”

Press Association

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