Cineworld confident in bright future for the silver screen
Cineworld has welcomed a good start to the financial year, with some carryover of the success of Avatar boosting profits and has predicted that 2010 will be another good year for the company.
In the 53 weeks ended December 31st, the company saw group revenue rise 11.5% to £333.4 million, with operating profit rising to £39.6 million from £38.3 million.
This was boosted by box office sales rising 16.9% and an 8.9% increase in admissions.
Commenting on these results, Stephen Wiener, CEO, said: "Cineworld has delivered an outstanding set of financial results this year. Going to the cinema remains not only one of the most enjoyable forms of entertainment in the UK, but also one of the best value.
“The excellent film slate in 2009, combined with our early investment in 3D, has contributed to an increase in our box office market share, enabling us to grow adjusted EPS by 11% and propose the first full year increase in our dividend since IPO.
“The New Year has started well for the group with some carryover of the record breaking 3D film "Avatar" and we feel well positioned to take advantage of business opportunities which may arise in the future. With an exciting film release schedule in 2010, we are confident of the prospects for the business in the forthcoming year”.
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