Harry Potter and Up weave magic as Cineworld sees box office takings rise

Last updated at 10:35 AM on 27th October 2009

Cineworld today said blockbusters including Harry Potter and the Half Blood Prince helped it post a 6.5 per cent improvement in revenues.But the cinema operator saw box office revenues growth in the 43 weeks to October 22 slow sharply to 10.9 per cent, from 24.3 per cent for the half year, as takings paled into comparison with last year when Mamma Mia stormed to success in an ‘exceptional’ third quarter.Cineworld has also seen a 26.9 per cent slump in other income, which mainly reflects further weakness in screen advertising, although the firm said this was offset by retail and box office revenues.

Rising profits: Pixar’s latest animation ‘Up’ helped the boom

The firm said new releases such as Sherlock Holmes, St Trinian’s 2
and A Christmas Carol gave it confidence that it will deliver continued
growth for the full 12 months in line with market expectations.
Cineworld saw profits rise by 33 per cent in the first half of the year, to £11.6million, and it has anticipated further growth.

The latest batch of movie hits - including the penultimate J K
Rowling wizard adventure and the animation Ice Age 3 - were more family
friendly productions and helped to drive sales of sweets, resulting in
5 per cent growth in retail revenues in the period to October.
Cineworld said the increase in retail revenues was a ‘good
performance given the challenging consumer environment, and reflects
the appeal of Cineworld’s retail offer and value propositions’.
It said the number of films being released in 3D, including Ice Age
3, had helped boost its market share in the UK and Ireland to 23.8 per
cent as it utilised its expanding digital capabilities.
The firm is set to open a 10-screen cinema in Aberdeen and a
five-screen site in Witney, which will be the first in its stable to
have digital projectors in every auditorium. This will increase its
estate to 77 cinemas and 790 screens.

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