Big name films boost Cineworld

UK's second largest cinema chain says Indiana Jones and Sex and the City films helped it to grow revenues by one per cent.
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The UK's second largest cinema chain, Cineworld has reported a "solid" set of results for the 26 weeks ending June 26th.

Box office revenues were up by one per cent for the period to £89.6 million, while group revenue was up 0.9 per cent to £137.0 million. Operating profit grew by 19.5 per cent to £14.1 million, while net debt was reduced to £125.4 million from £129.6 million in June 2007.

Average ticket price per admission was up 6.1 per cent to £4.34, while average retail spend per person was up 5.4 per cent to £1.73.

However, admissions were down 4.8 per cent at 20.6 million, reflecting a lower number of blockbuster films than the previous year, said the firm.

Movies named as good performers during the period included Indiana Jones and the Crystal Skull and Sex and the City, for which box office takings are approaching £40 million and £26 million respectively. I Am Legend, Iron Man, The Spiderwick Chronicles, Cloverfield, National Treasure: Book of Secrets, Jumper, Sweeny Todd and The Incredible Hulk also drew big audiences.

Batman The Dark Knight is also likely to have a significant impact on the results for the second half of the year, along with James Bond Quantum of Solace, Madagascar 2 and High School Musical 3.

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