Cineworld Group celebrates 11.6% revenue rise

Cineworld Group plc has today reported another record 12 months with preliminary results for year ended 31 December 2017.

Group revenue grew by 11.6% on a statutory basis and 8% on a constant currency basis, with solid UK and Ireland revenue growth of 6.2%.

During the period, the company saw admissions growth of 3.5% to 103.8m.

There were nine new site openings, four in the UK and five in the ROW, adding 109 screens, bringing the total number of screens to 2,217 at 31 December 2017.

Also, there were six major refurbishments completed in 2017, four in the UK and two in the ROW.

The company invested in leading technological innovation with two new IMAX screens and 11 new 4DX screens.

Cineworld's acquisition of the 16-screen Empire Newcastle site completed, and the firm announced in December the acquisition of Regal Entertainment Group. This last deal completed on 28 February 2018, making Cineworld the second largest cinema chain in the world (by number of screens).

CEO Mooky Greidinger said, 'For the UK and ROW we have a further 381 screens scheduled to open in the next four years, 75 of which are scheduled to open in 2018.'