Cineworld hits its mark

7th Jan 2010 07:58

Cinema chain operator Cineworld is rubbing its hands with glee at the prospect of more 3D films after box office returns rose well above the rate of inflation in 2009.After adjusting 2009 figures to take into account it was a 53-week year versus the 52 weeks covered by the 2008 figures, total revenues grew 9.3% in 2009.Box office takings were up 14.6% from a year earlier while revenues from overpriced junk food and sweets grew 7.6%. Other income, principally advertising revenue, declined 28.7%.‘The number and success of films released in 3D has raised the profile of this format, which in turn has had a favourable effect on cinema admissions,’ the company said.Cineworld said expansion of its digital facilities has enabled it to show more 3D films, which has led to a growth of its market share in the UK and Ireland to 23.9%, according to figures from market research firm EDI Neilsen.Despite increased cost pressure, the company said 2009’s profit performance is expected to be in line with market expectations.