Box office boost for Cineworld as chain opens string of sites

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 per cent for the 48 weeks ending November 19, with box office takings lifting 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 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 per cent, bolstered by a 24.6 per cent 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.

The statement added: “Investment in technology also continued. In the second half of the year the group has opened six new 4DX screens, two IMAX screens and two Superscreens bringing the total to 34 4DX screens, 35 IMAX screens and 11 Superscreens.”

Shares were down more than 1 per cent in 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.”