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Cineworld profits swell as moviegoers flock to blockbuster hits

Cineworld first-half profits more than doubled as moviegoers flocked to watch blockbuster hits such Black Panther and Avengers: Infinity War.

For the six months to 30 June, profit before tax rose 164.8% to $160.2m and revenue rose 252.4% to $1.86bn.

'The film slate in the US performed particularly well in the period, largely driven by the success of 'Black Panther' and 'Avengers: Infinity War'. The latter exceeded the previous opening weekend box office record in the US,' the company said. The interim dividend came in at 4.85 cents per share.

During the period, the company opened six sites, taking the total to 792 and 9,542 screens Admissions grew 142.6% to 123.0m, box office revenue grew 240.8% to £1.15bn and retail revenue grew 298.4% to £517.5m.

'The second half of 2018 has started well with the release in July of "Mission Impossible: Fallout", "Mamma Mia! Here We Go Again" and "Equalizer 2" and in the UK and CEE & I release of "Incredibles 2". Still to come in 2018 are "Fantastic Beasts: The Crimes of Grindelwald", "Venom", "Aquaman", "Mary Poppins Returns" and many more,' the company said.

'Based on the film slate in the second half and our first half results, we remain confident of delivering a performance for the year as a whole in line with management's expectations.' At 9:07am: (LON:CINE) Cineworld Group PLC share price was +16.6p at 293p

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