UK’s Cineworld H1 revenue rises 17.8 pc

LONDON: British cinema operator Cineworld Group Plc said half-year revenue rose 17.8 per cent, boosted by strong box office performance of movie titles such as “Beauty and the Beast”, “Guardians of the Galaxy Vol. 2” and “The Fate of the Furious”.

Cineworld, which operates 2,136 movie screens, said group box office revenue grew 17.7 per cent to £267.2 million ($346.7 million) for the half year ended June 30, while admissions rose 10 per cent to 50.7 million.

Group revenue rose to £420.2 million for the period, from £356.7 million a year ago.

The company’s retail revenue from selling items such as popcorn and soft drinks rose 22 per cent to £103.3 million.

A 2.4 per cent increase in average ticket prices to £5.27 also helped grow revenue, the company said.

Cineworld, founded in 1995, has grown through a string of acquisitions, coupled with an uptick in the number of movie-goers over the years.

Shares in the company have risen more than four fold since their London market debut in 2007.

The operator said it was confident of delivering full-year performance in line with current market expectations, with significant releases in the second half such as “Justice League”, “Thor: Ragnarok”, “Kingsman: The Golden Circle” and “Star Wars: Episode VIII”. — Reuters