12th Mar 2015 07:50
LONDON (Alliance News) - Cineworld Group PLC on Thursday said its pretax profit more than doubled in 2014 on the back of higher revenue, prompting the cinema chain to hike its dividend by more than 30%.
Cineworld said its pretax profit for the 53 weeks to January 1, 2015 was GBP67.3 million, compared to GBP30.9 million in the 52 weeks to December 26, 2013.
Group revenue increased to GBP619.4 million in the period from GBP406.1 million, up 53%. The group said it saw 82.9 million admissions in 2014, compared to 51.5 million in 2013, with its box office take increasing to GBP399.2 million from GBP279.9 million.
On the back of the results, the company said it would pay a final dividend of 9.7 pence per share, bringing its total dividend to 13.5 pence against 10.1 pence a year earlier, a 34% hike.
"We are pleased to announce solid results for the year and strong cash generation following the successful combination of Cineworld and Cinema City. The combination has resulted in the creation of the second largest cinema chain in Europe, with 203 sites and 1,875 screens by the end of 2014. As a group, we have outperformed the market and continued to grow revenues despite a year which saw a decline in global admissions," said Mooky Greidinger, Cineworld's chief executive officer.
By Sam Unsted; [email protected]; @SamUAtAlliance
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