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Cineworld sees profits soar following Regal acquisition

Cineworld Group plc has announced its interim results for the 6 month period ended 30 June 2018. The interim financial statements include the results of Regal Entertainment Group following the completion of its acquisition on the 28 February 2018.

Revenue stood at £1,449.35m, up 252.4% to £411.21m. Profit after tax was Profit after tax £99.89m, up from £39.36m, a rise of 153.8%.

Following the acquisition of Regal, Cineworld is now the second largest cinema chain in the world (by number of screens).

Six new sites (56 screens) were opened during the period, taking the Group to 9,542 screens at 30 June 2018.

There are 12 further sites, 111 screens, openings are planned for the second half of 2018. Significant new agreements were signed with IMAX (55 screens), 4DX (80 screens) and ScreenX (100 screens)

The fefurbishment programme is progressing well across the estate, creating high quality, next generation cinemas with the latest audio and visual technology.

Anthony Bloom, Chairman of Cineworld Group plc, said, 'The first half of the current financial year was a successful and exciting time for the Group. It completed the transformative $5.8 billion [£4.51m] acquisition of the Regal Entertainment Group in the US, a successful $2.3 billion [£1.79m] Rights Issue, and the renegotiation of the Group's debt facilities on advantageous terms.

'At the same time, the existing operations in the Group were expanded, refurbished where necessary in accordance with our strategic policy and performed successfully in line with our expectations.

'This was not a trivial challenge and on behalf of the Board, I would like to convey appreciation for the exceptional amount of hard work that this entailed on the part of the Group's executive management, very competently led by our CEO and Deputy CEO.

'I look forward to the second six months with confidence and to once again being able to demonstrate the ability of the Group to enhance shareholder value.'

Mooky Greidinger, Chief Executive Officer of Cineworld Group plc, said, 'We are pleased to announce strong first half results following the successful acquisition of the Regal Entertainment Group.

'Following the completion of the transaction, I have spent a lot a time in the United States getting to know our US business and implementing our strategy. I am very pleased with the Regal acquisition, we have already identified a significant number of opportunities. We are focused on delivering on the full potential of the combination through the strengths of our brands, focus on customer experience and investment in technology.

'The second half of 2018 has started well with the release in July of Mission Impossible: Fallout, Mamma Mia! Here We Go Again and Equalizer 2, as well as the UK and CEE & I release of Incredibles 2.

'Still to come in 2018 there is Fantastic Beasts: The Crimes of Grindelwald, Venom, Aquaman, and Mary Poppins Returns'and many more. Based on the film slate in the second half and our first half results, we remain confident of delivering a performance for the year as a whole in line with management's expectations.'