Money: Cineworld posts blockbuster profits after Regal deal - PressFrom - United Kingdom
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MoneyCineworld posts blockbuster profits after Regal deal

17:35  14 march  2019
17:35  14 march  2019 Source:   news.sky.com

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The deal for Regal Entertainment Group, one of the biggest cinema operators in the United States “ Regal is a great business and provides Cineworld with the optimal platform on which we can continue our growth strategy,” Mooky Greidinger, the Cineworld chief executive, said in a news release .

The deal gives Cineworld access to North America, which has the largest Cineworld chief executive Mooky Greidinger said he expected to bring Regal 's profit margins to nearer Cineworld . Cineworld has agreed to pay a share for Regal , and is funding the deal mainly by asking investors to stump

Cineworld posts blockbuster profits after Regal deal © N/A Cineworld says the most popular movies among its UK audiences last year included Mamma Mia: Here We Go Again

Cineworld has reported a surge in annual profits - the first covering its takeover of US-based Regal Entertainment which enjoyed record box office results.

Cineworld became the second-largest cinema chain in the world when it completed the £2.7bn deal in February last year.

The group made a pre-tax profit of 349 million US dollars (£262.2 million) in 2018 compared with 155.1 million dollars (£116.5 million) a year earlier.

Shares in the FTSE 250 firm rose more than 6% after it revealed pre-tax profits of £262.2m - up 125% on 2017 and a 17.6% increase in its dividend.

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The deal gives Cineworld access to North America, which has the largest Cineworld chief executive Mooky Greidinger said he expected to bring Regal 's profit margins to nearer Cineworld . Cineworld has agreed to pay a share for Regal , and is funding the deal mainly by asking investors to stump

" Regal is a great business and provides Cineworld with the optimal platform on which we can continue our growth strategy," said Cineworld CEO Mooky Greidinger. Greidinger's family has been in the movie theater business for decades. He joined Cineworld when it bought his family theater chain in 2014.

Cineworld said revenue benefited particularly from record box office receipts in the US - hitting £3.1bn from £864m in the previous 12 months.

Cineworld posts blockbuster profits after Regal deal © Getty Chadwick Boseman and the Black Panther cast on stage at the SAG awards

It credited strong performances across the pond from Black Panther, Avengers: Infinity War and Incredibles 2 which together grossed £1.4bn.

UK admissions were down almost 3% but that was offset by rising retail revenue of 3.5% - spending on things such as popcorn and drinks.

The company said integration with Regal was progressing ahead of schedule - with over £100m of savings expected this year.

It was running 790 sites across 10 countries at the start of the year - with a refurbishment programme continuing to complement its expansion.

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Cineworld would pay a share in cash for Regal . (Above) Regal ’s Palladium Cinemas in High Point, N.C. LONDON — The two largest movie theater chains in The deal would greatly expand the scale and geographic footprint of Cineworld , which primarily operates in Europe, and create the world’s

Cinema group Cineworld has reported a 10.8% rise in revenue in the first six months of the year on a constant currency basis. The results include the results of Regal Entertainment Group, which Cineworld That acquisition saw pre-tax profits rise 164.8% on a like-for-like basis to 0.2m.

Cineworld chief executive Mooky Greidinger said: "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.

Cineworld posts blockbuster profits after Regal deal © Getty

"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, Toy Story 4, Frozen 2 and Star Wars: Episode IX.

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