Cineworld shows superhero growth with profits more than doubling as it makes its mark in the USBy City & Finance Reporter for the
Cineworld shows superhero growth with profits more than doubling as it makes its mark in the US
City & Finance Reporter for the Daily Mail
superhero films Black Panther, pictured, and Avengers: Infinity War boosted Cineworld
Cineworld’s profits more than doubled as it made its mark in the US following the £2.6billion purchase of rival Regal Entertainment.
The cinema chain posted profits of £262.2million for 2018 compared with £117.2million a year earlier.
Screenings of superhero films Black Panther and Avengers: Infinity War boosted box office sales, taking revenues to £3.1billion from £864million.
Cineworld’s shares jumped 3.8pc, or 11p, to 300p as investors were buoyed by the success of the company’s US venture.
Some shareholders had expressed concerns that Cineworld was biting off more than it could chew with its reverse takeover of Regal, which has created the second-largest cinema group in the world.
But Mooky Greidinger, chief executive, hailed the tie-up, saying: ‘The combination with Regal has exceeded our expectations.’