Bond movie Spectre boosts bottom line for Cineworld, as revenues up 11.9 per cent in most recent results
Cineworld Group today unveiled a 11.9 per cent increase in total revenues for its 46 weeks to 19 November 2015.
The cinema chain also reported growth of 10.8 per cent in box office takings, thanks in particular to the release of the latest Bond film Spectre.
Speaking to Morning Wire, Israel Greidinger, Cineworld’s deputy chief executive officer, remarked “What is nice about Bond is it’s also done well in other territories. Bond is not only a UK story.”
Greidinger added that, because of the later release date of the blockbuster in other territories, he expected the movie to deliver strongly in the company’s final quarter as well.
Despite the positive results, share price dipped shortly after the market opened, reaching a low of 517.1p, down 3.4 per cent on a previous close of 535.5p. However, it recovered throughout the day.
Other major releases for the end of 2015 include Hunger Games: Mockingjay Part 2, which is the final installment of the popular series, and Star Wars: The Force Awakens. On the latter, Greidinger commented: “It’s a very, very big movie and I don’t remember in my history of many years in this business such big excitement before a movie so we think it’s going to be a very good finish for us for the year.”
Cineworld, which has more than 77 multiplexes across the UK, will soon be opening cinemas in Hinkley, Stoke-on-Trent and Crouch End.