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Cineworld revenue up 7.2% on strong US film slate

Wednesday, 16th January 2019
Cineworld said Wednesday it expected annual revenues to climb 7.2% as a strong US film slate attracted moviegoers to the big screen in record numbers.

For the 12 months to 31 December 2018, the company expected to report total revenue grew 7.2% with its US, UK, and Rest of World (ROW) revenue segments growing 8.6%, 3.0%, and 3.1%, respectively.

Group admissions increased by 2.6% to a record 308m driven by strong film slate in the US, the positive impact of the ongoing refurbishment programme and the continued roll-out of the company's premium formats.

Action movies such as 'Black Panther' and 'Avengers: Infinity War' and 'Incredibles 2' boosted revenues in the US.

During 2018, the group announced new agreements with IMAX, 4DX and ScreenX amid plans to install a total of 55 new IMAX Laser projectors, 80 new 4DX screens in the US and 100 new ScreenX auditoriums. In 2018, 19 ScreenX and 9 4DX were opened across the estate.

Cineworld opened 13 new sites during the year; six in the US, six in the UK and one in Romania.

The integration and development plans for Regal were 'progressing well,' while the refurbishment programme in the US remained on track with several strategic sites planned to be refurbished in 2019, the company said.

The company also said it was 'well positioned,' for another year of growth in 2019, touting a strong film slate for 2019, including 'Avengers: Endgame', 'Aladdin', 'Godzilla: King of the Monsters', and 'Toy Story 4'.

Story provided by StockMarketWire.com

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