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Movie chain operator Cineworld's full-year group revenue rises 8.3 percent
January 11, 2017 / 7:40 AM / 8 months ago

Movie chain operator Cineworld's full-year group revenue rises 8.3 percent

(Reuters) - British cinema operator Cineworld Group Plc (CINE.L) said on Wednesday full-year group revenue rose 8.3 percent on a constant currency basis 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.

Group box office revenue increased 7 percent in the year ended Dec. 31, while admissions rose in its key UK & Ireland market and others, including Poland, Hungary and Israel.

The company, which operates 226 sites with 2,115 screens across nine countries, said it would add 13 new sites in 2017, including six in the UK.

Cineworld’s retail revenue, which comes from sales of items such as popcorn and soft drinks, rose 12.7 percent.

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 94 million pounds in July last year, which included a nine-screen multiplex at Empire Leicester Square in London’s West End.

The operator said the film slate for 2017 was “exciting” with releases like “Justice League”, “Fast and Furious 8”, and “Dunkirk”.

Separately, the company promoted Deputy Chief Financial Officer Nisan Cohen as CFO with immediate effect.

Reporting by Rahul B in Bengaluru; Editing by Sunil Nair and Subhranshu Sahu

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