Cineworld profits, revenue rise
Box office receipts climb 7.7%
Figures are the maiden preliminary results for Cineworld as a public company. The circuit of 74 sites with 770 screens across the U.K. and Ireland was listed on the London Stock Exchange in May.
“It has been a transformational year for Cineworld,” CEO Stephen Wiener commented. “We are very encouraged by the performance of the group over the year. We remain focused on delivering our strategy, as stated at the time of the IPO, with increased revenues and profitability and continue on schedule with our investment plans for new cinema rollouts and refurbishment of our existing estate.”
Cineworld’s share of the U.K. market rose fractionally last year to 23.7% from 23.5% in 2006, according to EDI Nielsen data. Total Cineworld admissions rose 4.9% to 45 million. Box office receipts climbed 7.7% to $374.6 million, as ticket prices rose by 20 cents.
Cineworld is bullish about the growth opportunities presented by 3-D cinema and signed a deal with Real D for 30 systems in October 2007. The rollout will coincide with the U.K. release of Robert Zemeckis' "Beowulf."
Cineworld has opened two new English cinemas so far this year, in Didcot and High Wycombe.
“Looking forward, the ongoing initiatives to improve and expand our estate, coupled with an exciting film release schedule of proven franchises, mean we are confident we can deliver ongoing value for our shareholders,” Wiener said.
