Cinema goers absorbed by movies like Star Wars: The Last Jedi and Beauty and the Beast — while munching on popcorn and swilling fizzy pop — has led to a strong boost in revenues and profits at UK-based Cineworld. Last month, the group completed a $3.6bn acquisition of US rival Regal Entertainment in a deal that has created the world’s second largest cinema chain by number of screens. The group will move into that merger on the back of strong trading, which it said was due to increases in ticket sales as well as patrons buying food and drink before the movies.
Reporting results for 2017, the company said revenues increased 8 per cent on a constant currency basis to £890.7m, while pre-tax profits increased 22.7 per cent to £120.5m. It said that box-office sales were up 6.4 per cent on a constant currency basis to £553.7m, while retail sales increased 11.1 per cent to £220.4m. The group said it was boosted by hits like Star Wars, Beauty and the Beast and Dunkirk which outperformed the top grossing movies released in 2016.