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Cineworld buoyant despite fall in admissions
By Tom Walker
The UK's second-largest cinema chain, Cineworld, has reported first-half pre-tax profits of £8.7m, up from a loss of £1.1m last year.
Reporting its six-month figures to 26 June 2008, the company said group revenue was up 1 per cent at £137m – thanks largely to a 6.1 per cent increase in average ticket prices which saw box office receipts climb to £89.6m.
Admissions, however, fell by 4.8 per cent, reflecting the difficult economic climate and rising prices.
Announcing the results, Cineworld chief executive Stephen Wiener said the company was operating in an "increasingly challenging consumer environment".
Cineworld currently operates 74 cinemas and plans to open a new five-screen cinema in Haverhill, Cambridgeshire later this year.
The UK's second-largest cinema chain, Cineworld, has reported first-half pre-tax profits of £8.7m, up from a loss of £1.1m last year.
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