max temp: 7°C

min temp: 4°C

ESTD 1874 Search

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.


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

The Buttermarket Centre will become a £35m entertainment complex

Cinema giant Empire has signed up for a new £35m leisure complex being created in the Buttermarket Shopping Centre, Ipswich.

Households with children led an increase in leisure spending during October, according to Greene King.

Greene King has reported a boost to leisure spending during October from the Rugby World Cup and the release of the new James Bond film, Spectre.

Thomas Cook has reported its first annual profit for five years.

The boss of holiday firm Thomas Cook said yesterday that disruption experience since the deadly terrorist attacks in Tunisia, Egypt and Paris was “unprecedented” in his 30-year career.

Hopkins Homes' Bure Place development.

Suffolk-based housebuilder Hopkins Homes has now achieved a hat-trick of national awards for its restoration and conversion of a Victorian listed building in Norfolk.

Fork Rent is one of three Suffolk firms in the new Investec Mid-Market 100 listing.

Three Suffolk firms have broken into a bi-annual listing of the UK’s 100 fastest-growing mid-market private companies.

Andy Fisk and Ian Tooke are the new  joint managing directors at JR Executive Travel.

Suffolk-based JR Executive Travel has been acquired in a buy-out deal valuing the business at £1.8million.

Jonathan Agar of Birketts. left, with Ian Thoroughgood of Grant Thornton.

Suffolk’s leading companies have together recorded solid growth in sales and profits over the past year, according to the new Suffolk Limited report from Grant Thornton.

R3 Eastern chairman Frank Brumby.

Businesses in the East of England are the least likely in the UK to be victims of late payment, research by insolvency trade body R3 shows.

Samantha Ellis of Essex law firm Birkett Long.

Solicitor Samantha Ellis has joined the family team at Essex law firm Birkett Long.

Ice Watch chairman Paul Bowling.

Suffolk-based winter maintenance specialist Ice Watch has won a contract worth £500,000 to carry out gritting and snow clearing services for Yorkshire Water.

Most read

Most commented

Topic pages

Local business directory

Our trusted business finder

Property search

e.g. Oxford or NW3
Powered by Zoopla

Digital Edition

Read the East Anglian Daily Times e-edition today E-edition

Great British Life

Great British Life
MyDate24 MyPhotos24