Home Business News Cineworld posts profits of £262m

Cineworld posts profits of £262m

by LLB Reporter
14th Mar 19 10:49 am

Cineworld profits more than doubled in 2018 due to film goers in large numbers went to see Black Panther and the new Avengers film, Infinity War.

The company reported pre-tax profit of £262.2m in 2018 compared with £116.5m the previous year.

Revenue soared to £3.1bn in 2018, compared to £864m the previous year, due to the £2.7bn acquisition of the rival Regal entertainment and box office results.

Box office sales increased to $2.5bn in 2018, compared to $712.7m the previous year.

Mooky Greidinger, chief executive said, “We are pleased to announce strong full-year results following the successful acquisition of Regal.

“We are well on our way to achieving the successful business integration following a strong performance and record box office results in the US.

“The combination with Regal has exceeded our expectations – we have incorporated the best of both companies by bringing together world-class talent, integrating best practice from both sides of the Atlantic, and deepened our understanding of the US market.

“Whilst the group has expanded significantly, our strategy and vision remain the same, to be ‘the best place to watch a movie’ by continually focusing on providing the best customer experience, maintaining technological leadership, expanding and upgrading the estate, and training and retaining highly motivated, experienced and loyal staff.”

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