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Gloucestershire Business News

Cineworld profits soar

Profits at cinema chain, Cineworld, are up 125 per cent, thanks to its takeover of Regal Entertainment.

Cineworld, which has cinemas in Gloucester and Cheltenham, became the second biggest cinema chain in the world following the £2.7bn takeover in February last year, as reported by Sky.

The group made a pre-tax profit of £262.2 million in 2018, compared with £116.5 million a year earlier - an increase of 125 per cent. Shares in the firm rose more than six per cent following news of the results.

Cineworld said revenue benefited particularly from record box office takings in the US - up to £3.1bn from £864m in the previous 12 months. Black Panther, Avengers: Infinity War and Incredibles 2 together grossed £1.4bn in the US.

While UK admissions were down by almost three per cent, that was offset by spending on things such as popcorn and drinks rising by 3.5 per cent.

Cineworld has 790 cinemas across 10 countries. It has an ongoing refurbishment programme to complement its expansion, including in Cheltenham. The Screening Rooms is currently closed, while work is underway to update both Cineworld and The Screening Rooms.

Cineworld expects big things this year from new films including Captain Marvel, Toy Story 4, Frozen 2 and Star Wars: Episode IX.

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