News World News

Thursday 22 August 2019

Dunkirk and Despicable Me 3 bolster Cineworld sales

Total revenues rose 10.6% for the 48 weeks ending November 19.


By Ben Woods, Press Association Chief City Correspondent

Blockbusters Dunkirk and Despicable Me 3 have boosted Cineworld’s revenues as the multiplex chain launched a string of new sites.

Total revenues rose 10.6% for the 48 weeks ending November 19, with box office takings lifting 10.4% over the period.

UK and Ireland revenues and box office sales climbed 5.9% and 5.8% respectively, as the firm opened new cinemas in South Ruislip, Bracknell and Leeds, and snapped up the 16-screen Empire cinema in Newcastle.

Europe’s second-largest cinema group, which has 2,049 screens across 221 sites, said retail revenues rose by 13.4%, bolstered by a 24.6% jump outside the UK and Ireland.

Cineworld stuck by its annual targets thanks to a strong slate of movie releases, including Paddington 2 and Justice League, and upcoming films Pitch Perfect 3, Jumanji: Welcome To The Jungle and Star Wars: The Last Jedi.

Shares were down more than 1% in morning trading on the London Stock Exchange.

Peel Hunt analyst Douglas Jack said: “Cineworld continues to invest in growing and enhancing its estate while still lowering the net debt position.

“We believe that the payback on the investment programme will cushion the bottom line from any macro weakness, as the steady premiumisation of the Cineworld experience continues to support box office growth.”

PA Media

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

Editors Choice

Also in World News