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The leading cinema chain Cineworld has reported 2013 half-year revenue growth of 21.9% from £165.4m to £201.6m.
Cineworld Cinemas’ revenue growth was 10.5% driven by increased Box Office receipts, up 10.5% at £131.0m (2012: £118.6m. The group’s Picturehouse arm also revenue growth was 12.9% on a pro forma basis
EBITDA growth was 22.1% on a statutory basis and 11.1% on a pro forma basis.
The Group including Picturehouse is the largest cinema operator in the UK & Ireland combined with a market share of 27.7%. Cineworld Cinemas’ increased its market share to 25.2% (2012: 24.7%) and also reported an interim dividend increased by 7.9% to 4.1p.
The group’s net debt reduced by £6.4m from £126.9m in December 2012 to £120.5m in June 2013 the number of members to over 3 million.
Commenting on the results, Stephen Wiener, Chief Executive Officer of Cineworld Group plc, argued that “Once again our results show that cinema is a resilient investment in challenging economic times with a number of growth opportunities. We have maintained our position as the leading cinema operator in both the UK and the UK and Ireland combined”.
“Since the end of the first half we also surpassed important milestones for both our Unlimited and MyCineworld schemes, with now over 350,000 Unlimited subscribers and 3.0 million MyCineworld members”, Mr Wierner said.
“The current trading performance, together with a reduction in net debt since the end of 2012, means that the Group remains in a sound financial position to fund continued growth. Against this backdrop, we have again increased the interim dividend to our shareholders.
There is a strong film line up for the second half including key titles: Despicable Me 2; Monsters University; and The Wolverine. In the third quarter there are weaker comparatives due to the impact of the London Olympics on scheduling last year. By contrast, there is a tougher fourth quarter comparative due to the phenomenal success of Skyfall.
The strength of the film line up in the second half, coupled with our solid first half performance, underpins our confidence that we are on track with our plans for the full year.”
