Regal boost for Cineworld

Shares in cinema group Cineworld jumped yesterday after half-year trading figures proved a ratings winner with investors.

The results included revenues which flowed after the “transformative” $5.8 billion acquisition in February of Regal Entertainment Group in the US. In total, the group logged 123 million admissions in the six months to June 30, up from 50.7m in the prior year.

Revenues jumped from $528.7m to £1.86 billion in the period, while pre-tax profits were 164% higher at $160.2m.

Chief executive Mooky Greidinger said he had spent a lot of time in the US since the takeover and was pleased with how the integration of Regal into the Cineworld family had gone.

He said he was also confident in the second half prospects for the group, whose Scottish cinemas include a Dundee outlet, as a number of blockbuster films are due for release.

He said: “Based on the film slate in the second half and our first half results, we remain confident of delivering a performance for the year as a whole in line with management’s expectations.”

Shares closed up 10.71% at 306p.

Blockbuster film releases are to give Cineworld audiences a thrill this year.