Cineworld revenue jumps as it hits record admissions levels

11th Jan 2017 07:51

(ShareCast News) - Cineworld reported a jump in total revenue for the year to the end of December 2016 as it reached record admissions levels and said its performance overall is expected to be in line with current market views.Total revenues in the period were up 12.6%, or 8.3% at constant currency, with Box Office revenues up 7% and Retail revenues 12.7% higher.Other income, which consists mostly of advertising and distribution revenues, increased 7%.Cineworld said it passed the milestone of over 100m people coming through its doors, thanks to top performing films such as 'Star Wars: Rogue One', 'Fantastic Beasts' and 'Bridget Jones's Baby'.Admissions were up in the UK and Ireland and the Rest of World, where growth was in the double digits.Cineworld said it continues to invest in and offer the latest technology, ending 2016 with 27 4DX screens, 33 IMAX screens and 6 Superscreens.The first 4DX screen in London was opened at the Wandsworth site in December 2016 and has proved to be a format which is increasingly popular with our customers.The group will continue with its strategic expansion and renovation plans during 2017 with 13 new sites scheduled to open, six in the UK and seven in the ROW, and several major refurbishments."With a strong balance sheet the group continues to look at potential investment and expansion opportunities, and expects to deliver further value to shareholders during the forthcoming year."