Cineworld has reported a 13.2% rise in group revenue to £406.1m in the year to 26 December despite total box office revenues falling 0.3%, and said it plans to open three new Cineworld Cinemas and two new Picturehouse sites in 2014.
The company, which last week completed its acquisition of the 99-strong Poland-based Cinema City International, said 2013 “was a year characterised by the absence of any blockbuster films, in contrast to the previous year when there were three”.
Group admissions were up 1.4% on a pro-forma basis as its market share grew from 26.4% to 27.4%.
Revenue growth was 3.7% for Cineworld and 7.6% for its Picturehouse business. EBITDA increased by 8.1% to £72.3m and adjusted pre-tax profit grew 10.4% to £44.7m. It proposed a full-year dividend of 10.1p.
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The group opened a nine screen cinema in Wembley, a new 10 screen cinema in Gloucester Quay and reopened the Glasgow Science Centre IMAX as a Cineworld Cinema;
Cineworld reported a rise in average ticket price per admission (up 2.8% to £5.43) and average retail spend per person (up from £1.73 to £1.83).
Anthony Bloom, chairman, said: “I am pleased with the overall progress made in 2013, with revenues up despite a small national decline in box office revenues, and adjusted pro-forma diluted EPS up 7.1% from 2012. As a result, we are proposing a full year dividend of 10.1p.
“Picturehouse has now been part of the Cineworld Group for a year and has delivered in line with expectation. Unfortunately, the Competition Commission has determined that we need to dispose of three sites, however the Group have reacted positively and we are excited to be expanding the both Cineworld and Picturehouse brands further in 2014 with the planned opening of three new Cineworld Cinemas and two new Picturehouse sites.
“The new year has started in line with our expectations. On 10 January 2014 we were pleased to announce the combination with the cinema business of Cinema City International NV, which completed last week.
“The combined group is now the second largest cinema exhibitor in Europe (by number of screens) with 201 sites and 1,852 screens. The combination spells an exciting new chapter for the group and I look forward to delivering continued growth and further value to shareholders in the forthcoming year.”