iNVEZZ.COM Thursday, August 15th: Cineworld Group Plc. (LON:CINE) today reported a 24.1 percent increase in profits before tax for the first half of 2013.
Group revenues have grown 21.9 percent to £201.6 million, the company said in a statement. Increased Box Office receipts have driven Cineworld Cinemas’ revenue up 10.5 percent, while Picturehouse has achieved a 12.9 percent revenue growth on a pro forma basis.
The UK’s biggest cinema chain estimates that the top 10 highest grossing films accounted for 40% of Cineworld Cinemas’ total box office. These include “Les Miserables” in the top spot, as well as “Iron Man 3”, “The Croods” and “Star Trek Into Darkness”. Cineworld Cinemas reported a 4.7 percent average rise in ticket prices, while weekend attendance also increased compared with last year, boosting the financial results of Cineworld Cinemas, which remain the largest operator in the
**UK and Ireland with a market share of 25.2 percent.**
!m[Picturehouse Acquisition Strenghtens Cineworld’s Leading Position ](/uploads/story/4847/thumbs/title-pic_inline.jpg)
Picturehouse, which was acquired by Cineworld on December 6 last year, saw a 9.1 percent increase in box office revenues to £9.9 million in the first half of 2013 backed by the three main hits for the year – “Les Miserables”, “The Great Gatsby” and “Django Unchained”.
“We have maintained our position as the leading cinema operator in both the UK and the UK and Ireland combined,” Stephen Wiener, Chief Executive Officer of Cineworld commented in the statement. The group’s combined market share in the UK and Ireland is 27.7 percent.
Cineworld’s shareholders will receive 4.1p interim dividend, up by 7.9 percent.
The successful performance is also the result of Cineworld’s diversified catalogue. The Box Office market for Bollywood films in the UK is dominated by the group with its market share of more than 50 percent.
The cinema chain commented that third-quarter comparatives were lower because of last year Olympic Games in London. However, Wiener said that a tougher fourth quarter than last year was foreseen due to the huge success of the latest James Bond film “Skyfall”, which has earned around £103 million in the UK alone.
**Cineworld’s share price was at 392.38p as of 15.08.2013, 10.43 BST.**