December 10 2013 Latest news:
Thursday, August 15, 2013
The increasing popularity of 3D films helped Cineworld to lift first-half profits by nearly a quarter.
Nearly a third of its box-office takings are now accounted for by film releases in the format, despite the number of such productions falling back.
Cineworld operates 80 cinemas and describes itself as one of the market leaders in 3D, which attracts a higher ticket price and also enables the business to sell 3D glasses. Ticket sales in the format helped the average admission rise by 4.7pc to £5.39 in the first half of 2013 compared to the same period last year.
Profit before tax at the group, which last year acquired the Picturehouse chain, which owns Norwich-based Cinema City, was up 24.1pc to £16.5m. Total revenues rose 21.9pc to £201.6m.
Admissions also increased by 5.7pc to 24.3 million, helping box office takings to climb 10.5pc to £131m, while screen advertising revenue was up by 12.7pc.
Chief executive Stephen Wiener said: “Once again our results show that cinema is a resilient investment in challenging economic times.”
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