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Cineworld reports transformative year after Regal acquisition

Cineworld Group plc has announced its preliminary results for the year ended 31 December 2018. These figures include the results of Regal Entertainment Group following the completion of its acquisition on the 28 February 2018.

Admissions came to 272.6m, up 162.6% from 103.8m in the previous year. Revenue stood at £3,102.07m, up 259.1% from £863.68m in like-for-likes, and profit before tax was £262.79m, up 125% from £116.79m.

Anthony Bloom, Chairman, said, '2018 was a transformative year for Cineworld Group. The acquisition of Regal on 28 February made us into a global operator and the second largest cinema chain in the world.

'By the end of 2018, the Group was operating 9,518 screens in 790 sites across 10 countries. This significant achievement would have been difficult to imagine when we began operations in 1996. It is particularly pleasing to report that over the past 10 years the Company's shares on the London Stock Exchange have generated +847% total shareholder return.

'Looking to 2019 and beyond, it is clear to me that it will be another exciting time for the Group. Our well diversified cinema estate, along with continued investment in the UK and ROW circuits and our development plans for the US leave us well placed to take advantage of multiple opportunities to generate cashflow and grow earnings.'

CEO Mooky Greidinger said, 'We are pleased to announce strong full year results following the successful acquisition of Regal. We are well on our way to achieving the successful business integration following a strong performance and record box office results in the US.

'The combination with Regal has exceeded our expectations - we have incorporated the best of both companies by bringing together world-class talent, integrating best practice from both sides of the Atlantic and deepened our understanding of the US market.

'Whilst the Group has expanded significantly, our strategy and vision remain the same, to be 'The Best Place to Watch a Movie' by continually focusing on providing the best customer experience, maintaining technological leadership, expanding and upgrading the estate, and training and retaining highly motivated, experienced and loyal staff.

'We look forward to the strong film slate for the remainder of the year. Upcoming movies include Captain Marvel, Dumbo, Shazam!, Avengers: Endgame, Aladdin, Godzilla: King of the Monsters, Toy Story 4, Spider-Man: Far from Home, The Lion King, Fast & Furious Presents: Hobbs & Shaw, It: Chapter 2, Frozen 2, Jumanji 2, and Star Wars: Episode IX and many more. Trading for the current full year remains in line with our expectations.'

Cineworld is the world’s second largest cinema chain and currently operates 9,538 screens across 793 sites in 10 countries.