Barbenheimer fails to drag Showcase Cinemas owner out of the red
The popularity of films such as Barbie and Oppenheimer failed to drag the company behind Showcase Cinemas out of the red despite boosting its sales, it has been revealed.
The UK arm of National Amusements has reported a pre-tax loss of £13m for the year to 4 January, 2024, according to newly-filed accounts with Companies House.
The latest loss comes after the business also posted a deficit of £3m in the prior 12 months.
The last time National Amusements reported a pre-tax profit was the £3.2m it achieved in the year to 3 January, 2019. Since then it has lost more than £60m.
When it was last in the black, National Amusements’ turnover stood at £109m.
Its latest accounts also show its turnover for its latest financial year rose from £83.8m to £92.5m.
The turnover the business generated from admissions increased from £50.4m to £54.6m in the year while concessions rose from £26.6m to £29.8m.
The company said its attendance in the year was seven per cent higher than the prior 12 months which it said was because of “long awaited” new films.
Showcase Cinemas owner ‘continues to face challenges’
A statement signed off by the board said: “The strategic plan is to maximise operating efficiencies by focusing on the fundamentals of the business.
“The company is committed to providing the customer with the ultimate film going experience.
“The company has invested in digital and technological innovation such as Plus, a giant immersive wall-to-wall screen, 3D and recliner seating to enhance the customer experience.
“The company maintains the quality of its cinemas by upgrades to luxury seating concepts and expansion of food and drink offerings.
“In addition, the company offers an inter loyalty program that rewards customers as purchases are made.”
On its future, the owner of Showcase Cinemas said: “The company continues to face ongoing challenges with fewer blockbuster film releases, competition from streaming platforms and the simultaneous launching of films on those streaming services as well as changes in consumer movie going behaviour.”
The UK division is part of the wider National Amusements group which is headquartered in the USA.