Cineworld takings rise as chain opens more cinemas

Cineworld has reported box office and retail takings up this year after the chain opened and refurbished more cinemas.

Total revenue in the year to 19 November rose 10.6%, or 6.5% excluding currency changes, driven by growth outside the UK and Ireland, Cineworld said in a trading update.

At constant currency, UK and Ireland box office revenue rose 5.8% compared with 8.1% at operations in Eastern Europe and Israel. Equivalent retail revenues rose 6.5% in the UK and Ireland and 13.3% in the rest of the world.

Cineworld opened seven cinemas in the second half of the year to the end of December and has been refurbishing existing sites. It said retail revenue benefited from expansion of its offerings. There are now 28 Starbucks outlets, up from 24 at the start of the year, and 12 VIP sites at its 232 cinemas.

The top grossing films in the second half of the year were Dunkirk, Despicable Me 3 and It. Films on show in the remainder of the year to the end of December include Paddington 2, Pitch Perfect 3 and Star Wars: The Last Jedi.

“Growth continues to be driven by the expansion of our estate, the improved results from the ongoing refurbishment programme and the continuing roll-out of our premium formats. Based on the expected strength of the film slate for the final six weeks, our full year outlook remains unchanged,” Cineworld said.