Rain

Rain

max temp: 13°C

min temp: 12°C

ESTD 1874 Search

The pigs are coming. Find out more about

Pigs Gone Wild

here.

Leisure: Cineworld hoping for better second half after impact from World Cup

09:46 14 August 2014

The Cineworld cinema in Parkway, Bury St Edmunds.

The Cineworld cinema in Parkway, Bury St Edmunds.

Archant

Cineworld is pinning its hopes on a raft of potential blockbusters movies to improve its performance this year after box office takings were dented by the World Cup.

The cinema chain today reported a 3.4% decline in UK and Ireland admissions for the first half of the year which, though offset by higher prices, saw ticket revenues fall by 0.5%.

It was also hit by signs that the popularity of 3D screenings appear to be fading, with these representing 16.3% of admissions in the first half compared to 18.7% in the same period last year.

Cineworld said the final stages of the World Cup had also hampered trading at the start of the current period.

But it said there was a strong film line-up for the second half, including Guardians of the Galaxy, and the latest instalments of the Hunger Games and Hobbit franchises.

Chief executive Moshe Greidinger said: “Overall, the strength of the film line-up in the second half, coupled with our solid first half performance, gives us confidence and we are on track with our plans for the year.”

UK and Ireland total revenues, which included better retail takings from food and drink concessions, grew 0.3% in the period.

The figures are the first half-year results since Cineworld completed a takeover of Cinema City, an Israeli-founded chain, earlier this year. It created a company with 200 outlets and nearly 2,000 screens across Europe and Israel.

Pre-tax profits fell 15.8% to £13.9million after one-off hits including takeover expenses and finance charges though on an adjusted basis they improved by 46.2%. Group revenues climbed 33.2% to £268.6m.

Mr Greidinger, who has taken over as boss after previously being chief executive of Cinema City, said the group expected to achieve annual savings of £5 million as a result of the merger within the next three years.

The chief executive’s family now controls a chunk of the business through Warsaw-listed Global City Holdings, which has a 26.1% stake in Cineworld.

Global City is majority-owned by Israel-based IT International Theatres, controlled by the Greidinger family.

Cineworld’s UK network includes multiplex cinemas in Ipswich, Bury St Edmunds, Haverhill and Braintree.

In June, it sold the Abbeygate Picturehouse in Bury, acquired as part of its takeover of City Screen in 2012, following a ruling by the Competition Commission that it must sell one of its locations in the town.

The Hatter Street site, which now operates as the Abbeygate Cinema, was acquired by a new company led by City Screen founding partner Tony Jones.

1 comment

  • simples, reduce the price, get more people in.... basic common sense if you ask me !!!!

    Report this comment

    Simon Chivers

    Thursday, August 14, 2014

The views expressed in the above comments do not necessarily reflect the views of this site

Alan Pain, UK Trade & Investment's regional director for the East of England.

An export drive will be getting into gear at the Suffolk Show tomorrow as part of a nationwide tour.

The Teapot at Mcginty's Ipswich. Junk Food cafe run by Mischa Pearson and voulnteers.
Pictured Sarah sharlott, kath gosling, mischa Pearson, Adam Ferguson, Anna engstrom

An award-winning pay-what-you-feel cafe which supports dozens of homeless and vulnerable people in Ipswich has been given just three weeks to find a new base.

Former Seven Resourcing apprentices with Ben Gummer MP, from left, Elliot Frost, Mike Wright, Jade Nunn, Jesse Miller, Ben Gummer and George Owen.

Ipswich-based specialist recruitment agency Seven Resourcing has hosted a visit from the town’s MP, Ben Gummer, to showcase the success of its apprenticeship scheme.

Spending on Eating Out remained robust during April, according to a survey carried out for Greene King.

Britons continued to enjoy eating out during April, according to a new survey, despite reports of growing concern over the strength of the UK economy and the potential impact of a vote to leave the EU in next month’s referendum.

Meeting organised by the Institute of Directors about Suffolks burgeoning film industry. Julien Mery, co-founder of Livid Films and director of Film Suffolk, discussed how the creative community in Suffolk is putting the county on the UK and worlds creative industry map. L-R Sarah Brown, Graham Kill, Julien Mery and Old Jet's Jesse Quin.

A group of executives got to see the creative side of Suffolk’s economy at one of the county’s most popular filmmaking locations.

Most read

Great Days Out

cover

Click here to view
the Great Days Out
supplement

View

Most commented

HOT JOBS

Show Job Lists

Streetlife

Newsletter Sign Up

Great British Life

Great British Life
MyDate24 MyPhotos24