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Cineworld’s group revenue increases by 8.3%

Cineworld’s group revenue increases by 8.3%

DUBLIN: Cinema operator Cineworld Group said today that its full-year group revenue rose 8.3% on a constant currency basis. The increase came as movies such as “Star Wars: Rogue One”, “Fantastic Beasts and Where To Find Them”, and “The Jungle Book” drew record number of viewers to its screens.

Cineworld said group box office revenue for the year ended December 31 grew 7% while admissions rose in its key UK & Ireland market. Admissions were also higher in its other markets, including Poland, Hungary, Israel, Romania, the Czech Republic, Bulgaria and Slovakia.

The company, which operates 226 sites with 2,115 screens, said it would add 13 new sites in 2017 with six opening in the UK and seven in other markets. Cineworld said its retail revenue, which comes from sales of items such as popcorn and soft drinks, rose 12.7%.

The company, founded in 1995, has grown through a string of acquisitions like the bolt-on purchase of five UK cinema units from Empire Cinema Ltd for £94m in July last year. The operator said the film slate for 2017 was “exciting” with releases like “Justice League”, “Fast and Furious 8”, and “Dunkirk”.

Separately, the company said it had promoted deputy chief financial officer Nisan Cohen to CFO with immediate effect.