Cineworld says box office reciepts and profits grew in 2011

Cinema chain Cineworld has revealed a 1.5% rise in group revenue for 2011, with pre-tax profits growing by 9.9%, as box office receipts grew by 2.7%.

Cineworld has revealed group revenue of £348.0m for last year, alongside pre-tax profits of £33.4m, while claiming a box office market share of just under a quarter (24.6%).

Meanwhile, the average price of admission rose by 0.4% to £5.01, with the average retail spend per person falling by 4p to £1.69.

Stephen Wiener, CEO of Cineworld Group, said : "In 2011 we once more increased revenues and profits, showing the continuing appeal of cinema even in difficult economic times, and claimed the title of number one operator in the combined UK and Irish market for the first time. I'm delighted that we are able to report an increase in EPS of 6.1% and a proposed full year dividend of 11p. In the year we continued our expansion with a new cinema in Leigh, invested in options for future growth including a new premium concept cinema in Cheltenham, and installed our first IMAX screen in Edinburgh in late 2011."

"This year's strong release schedule features many high profile sequels and takes into account the timing of the Olympics. We expect to complete our digital roll-out by the end of the summer, expand further with a new seven screen cinema in Aldershot in the fourth quarter and continue our investment in innovation to improve the customer experience. We will shortly be opening two additional IMAX screens, in Sheffield and Crawley, as well as trialing our first interactive D-Box seats, in Glasgow. These measures will help maintain our market-leading position and underpin growth in 2012 and beyond,” he added.

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