3rd Apr 2014 11:53
LONDON (Alliance News) - Cineworld Group PLC Thursday said that it has expanded its partnership with IMAX Corporations, for an additional 11 IMAX theatres.
The cinema chain, which operates under the brands Cineworld, Picturehouse, Cinema City, and Yes Planet, said that it will now install eight new IMAX theatres in its existing and new Cineworld multiplexes in the UK, as well as three IMAX theatres to its Cinema City circuit in Central Europe and Israel.
The enlarged cinema group, which was formed by the combination of Cineworld and Cinema City earlier this year, is now the second-largest cinema chain in Europe, operating in nine countries.
"With a total of 35 IMAX theatres following this agreement, it will also become IMAX's largest partner in Europe," the firm said in a statement.
Last month the cinema group said its pretax profit dropped 19.3% to GBP30.8 million in the year ended December 29, 2013, after it was hit by increasing costs, and acquisition-related expenses. Group revenues on the other hand came in 13.2% higher than 2012 at GBP406.1 million for the year.
Cineworld shares were trading 0.6% higher Thursday afternoon at 301.75 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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