Cineworld Box Office Takings Surge

Posted on 14 March, 2013 by MOVEHUT

Specialists at Investec expect Cineworld’s pre-tax profits to jump 9 per cent to £39.5 million. The leap in profits was assisted  by  the world’s most famous fictional spy as the latest Bond film helped Cineworld shrug off a summer sales fall as movie goers stayed at home to enjoy one-off events such as the Jubilee, Euro 2012 and London Olympics.

The cinema chain has already announced that sales were up 2.4 per cent in the year to December 27 and Investec expects profits of £358.3 million.

The City will also be keen to find out if the triumph of hit musical Les Miserables and the Oscar-winning performance of Daniel Day Lewis in Lincoln managed to entice audiences.

Analyst at Canaccord Genuity, Wayne Brown, said all eyes would be on current trading. He added: “Industry data leads us to believe that UK box office is about 20% to 25% ahead of last year due to a strong film slate including Les Miserables, Django Unchained, Wreck it Ralph, to name a few.”

The British cinema group has signed agreements on 14 new multiplexes, including one at Wembley which will open at the end of 2013, with plans to open 25 new cinema complexes by the end of 2017.

The group already has 80 multiplex cinemas around the country, as well as 21 so-called “arthouse” cinemas following the purchase of the Picturehouse group last year.

 




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