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The share price of Cineworld (LON:CINE) rose 7.13% to 309.60p (as of 13:10 GMT) after its profits before tax climbed 125% during the year ended 31st December. Revenues from admissions improved by 162.6% and overall statutory revenues for the year was up by 259.1% following the acquisition of Regal, which was completed in February 2018.
Chairman Anthony Bloom commented: “2018 was a transformative year for Cineworld Group. The acquisition of Regal on 28 February made us into a global operator and the second largest cinema chain in the world. By the end of 2018, the Group was operating 9,518 screens in 790 sites across 10 countries. This significant achievement would have been difficult to imagine when we began operations in 1996. It is particularly pleasing to report that over the past 10 years the Company’s shares on the London Stock Exchange have generated +847% total shareholder return.
On behalf of the Board I would like to express sincere thanks to our highly professional Executive Management team and all of our employees for their dedication and hard work both in ensuring the successful completion of the Regal acquisition and in achieving the gratifying results now presented; their efforts are a credit to the Group.
Looking to 2019 and beyond, it is clear to me that it will be another exciting time for the Group. Our well diversified cinema estate, along with continued investment in the UK and ROW circuits and our development plans for the US leave us well placed to take advantage of multiple opportunities to generate cashflow and grow earnings“.
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