Cineworld record 10pc revenue boost after strong box office figures

Cineworld record 10pc revenue boost after strong box office figures

cineworld

Cineworld (LON:CINE) shares sunk slightly on Wednesday morning, despite recording a 10 percent revenue boost for the full year.

The group confirmed that it expects performance to be in line with expectations, with the group seeing admissions rising by 1.1 percent for the period from 1 Jan to 13 May. Black Panther and Avengers: Infinity War were the biggest drivers of sales throughout the period, with box office revenue growing 9.6 percent on a pro-forma basis.

The group also announced a deal with Casual Dining Group on Wednesday, the leading UK-based mid-market restaurant company that includes the Bella Italia, Café Rouge, Las Iguanas, Belgo and La Tasca restaurant chains. The partnership deal will last for three years.

This follows on from another strategic move by Cineworld earlier this year, the $3.6 billion reverse takeover of US rival Regal Entertainments. The deal created one of the world’s largest cinema chains with hundreds of movie theatres across the United States, Europe and Israel.

Shares in Cineworld (LON:CINE) are currently trading up 0.29 percent at 271.40 (0935GMT).