cineworld

Shares in cinema chain Cineworld (LON:CINE) rose over 2 percent on Thursday morning, after an increase in demand had a positive effect on revenue.

Revenues rose 11.6 percent over 2017 to hit £890.7 million, with admissions growing by 3.5 percent to £103.8 million.

Pre-tax profit also rose 22.7 percent on a statutory basis to £120.5 million, while adjusted pre-tax profits rose by 14.5 percent to £127.5 million.

Anthony Bloom, Chairman of Cineworld called 2017 an “exciting year” for the group – “the most momentous since its formation in 1995”.

“For the financial year ended 31 December 2017, the Group’s operations in the UK and ROW once again posted record results and then in December we announced the proposed acquisition of Regal Entertainment Group for $3.4 billion which has successfully completed on 28 February 2018.”

The group added that it was “confident” that the acquisition would be a success.

Adjusted diluted EPS increased by 12.3 percent to 17.3p and the group declared a final dividend of 15.4p per share.

Shares in Cineworld rose 2.41 percent at market open to 246.00 (0823GMT).