21/09/2007

Cineworld, the UK and Ireland’s second cinema chain, has reported a 4.1% rise in revenue to £135.7m for the 26 weeks ending June 28, compared to £130.4m for the corresponding period in 2006. This follows the group’s successful IPO offering that raised £120m on the London Stock Exchange.

The interim results also show that the chain’s operating profit increased to £18.0m, compared to £3.7m in 2006. Market share increased to 23.9% from 23.4%; box office rose 12% at £88.7m from £79.2%; admissions are up 8%; and average retail spend per person was up 3.1%.

Commenting on the results Cineworld CEO Stephen Wiener said: “It has been a strong first half performance for the group and we’re making good progress in growing sales and profitability across all fronts. This is a reflection of the strength of our business proposition in delivering real value for money for our customers combined with a quality cinematic experience. We are successfully delivering the strategy outlined at IPO and remain on schedule with our investment plans to update our existing estate and roll out new cinemas across the United Kingdom. The second half has started well for the group and we have some exciting new releases ahead of us in the remainder of the year and beyond.”

The group currently operates 73 sites totalling 758 screens across UK and Ireland. These include five of the eight highest grossing cinemas in the region, including the number one and two (Glasgow and Dublin). In 2006, Cineworld accounted for 42.9m admissions, or approximately 26.3% of the total admissions.