Cineworld posts strong results

Cineworld posts strong results

Cinema chain Cineworld (LON:CINE) announced strong half yearly results this morning, with UK revenue at £219 million, up 8.4 percent on the year before.

Group revenue climbed 11.3pc to £329.1m and pre-tax profits for the six months to July more than tripled, up from £13.9m to £46.8m.

In a statement, the company said:”The strongest titles released during the period were “Fifty Shades of Grey”, “Fast and Furious 7”, and “Jurassic World”, all of which broke box office records…alongside other titles such as “Avengers: The Age of Ultron” resulted in overall pro forma revenue growth of 11.3%.”

In February last year the cinema chain moved international, acquiring Polish chain Cinema City for £272m in cash with a 24.9pc stake in the combined company.

The company said its interim dividend would rise by a third to 5p a share. Cineworld is currently trading up 2% at 559 pence per share.