Cineworld continues to reel in punters with blockbuster hits
Blockbuster movies Dunkirk and Despicable Me 3 have boosted revenues at Cineworld with the cinema chain also launching a string of additional sites.
New figures reveal that total revenues jumped 10.6 per cent for the 48 weeks ending 19 November, with box office takings rising 10.4 per cent over the period.
UK and Ireland revenues and box office sales climbed 5.9 per cent and 5.8 per cent respectively, as the firm opened new operations in South Ruislip, Bracknell and Leeds, and acquired the 16-screen Empire cinema in Newcastle.
The group also yesterday stuck by its annual targets thanks to a strong line-up 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.
Cineworld ranks as Europe’s second-largest cinema operator, with in excess of 2,000 screens across 221 sites. It said retail revenues rose by 13.4 per cent, boosted by a 24.6 per cent increase outside the UK and Ireland. Douglas Jack, an analyst at Peel Hunt, said: “Cineworld continues to invest in growing and enhancing its estate.
“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.”