10th Mar 2016 08:03
LONDON (Alliance News) - Multiplex cinema operator Cineworld Group PLC on Thursday said its pretax profit and revenue both increased in 2015, driven by operational efficiencies and cost savings, along with a strong film slate.
Cineworld's pretax profit increased to GBP99.7 million in the 52 weeks to the end of December from GBP67.3 million in the 53 weeks to January 1, 2015. The growth in profit was driven by the inclusion of, and the synergies extracted from, the acquisition of Cinema City, the central and eastern Europe-based business that Cineworld acquired in February 2014. Cineworld said the synergies achieved had significantly outpaced previous expectations.
Total revenue rose to GBP705.8 million from GBP619.4 million, with good growth in the UK & Ireland and in central and eastern Europe and Israel. Cineworld opened 18 sites in the year and was boosted by a strong film slate over the course of the year, including the new Jurassic Park, Star Wars and James Bond films.
Cineworld will pay a final dividend of 12.5 pence per share, taking its total dividend to 17.5p, up 30% from 13.5p a year earlier.
"We are pleased to announce 2015 was another record year for the Cineworld Group and its shareholders. Revenues continued to grow as more than 93 million customers came through our doors and enjoyed the movies we showed," said Chief Executive Mooky Greidinger.
By Sam Unsted; [email protected]; @SamUAtAlliance
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