12/03/2010

Thanks to a significant outlay on 3D technology, cinema chain Cineworld has reported strong growth for the financial year 2009.

The chain, which has almost a quarter of the country’s market share, reported that ticket sales resulted in a 11.5% rise in total revenues to £333.4 m. Admissions increased by 8.9% to 49.1m, profits before tax rose to £30.8 million and box office revenues climbed 16.9 % to £230.9 m.

Anticipating the continuation of the 3D boom, the company is adding 102 more 3D screens this year, bringing it to 265, out of a total of 790 screens. The company released 13 3D films in 2009 and expects to release at least 18 3D films this year.

Company Chairman Anthony Bloom said, “Current 3D technology, which has advanced immeasurably since the much derided technology of past, was quickly accepted by cinema-goers and, I believe, has ushered in a new era for the cinema industry.”

Stephen Wiener, CEO of Cineworld Group, said, “Cineworld has delivered an outstanding set of financial results this year. Going to the cinema remains not only one of the most enjoyable forms of entertainment in the UK, but also one of the best value. The excellent film slate in 2009, combined with our early investment in 3D, has contributed to an increase in our box office market share.

“The New Year has started well for the Group with some carryover of the record breaking 3D film Avatar and we feel well positioned to take advantage of business opportunities, which may arise in the future. With an exciting film release schedule in 2010, we are confident of the prospects for the business in the forthcoming year.”