20/03/2008

Multiplex chain Cineworld’s pre-tax profits climbed to £12.4 million for the 12 months ending December 2007, up from a loss of £7.7 million during 2006. The group attributes this to the strong box office legs of summer blockbusters such as the latest Harry Potter offering, The Simpsons movie and the Pirates Of The Caribbean and Shrek threequels.

Admissions were up 4.9 % to 45 million, accounting for £185.7 million in ticket sales. Amongst European cinema, The Lives Of Others [+see also:
film review
trailer
interview: Florian Henckel von Donners…
interview: Ulrich Muehe
film profile], Tell No One [+see also:
trailer
film profile] and La Vie En Rose [+see also:
trailer
film profile] contributed strongly to the box office bottom line.

The chain, which has 770 screens across the UK and Ireland, also reduced net debt to £124.4 million compared to £314.2 million in 2006. In addition, group revenue rose 2.4% to £285.3 million.

Group CEO Steve Wiener said, “It has been a transformational year for Cineworld. We listed our shares on the main market of the London Stock Exchange in May 2007 raising £120 million before expenses for the Group and selling shareholders. We remain focused on delivering our strategy, as stated at the time of the IPO, with increased revenues and profitability and continue on schedule with our investment plans for new cinema rollouts and refurbishment of our existing estate.”

“The New Year for Cineworld has started well and attendances have been strong. This has been driven by the success of a number of blockbusters and is testament to the resilient nature of our business model and the enduring appeal of film. Overall, we anticipate an increase in revenue for 2008 as a whole,” he added.