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Cineworld profits hit by currency fluctuations

Published 11/08/2016

Cineworld said pre-tax profits fell 34.6% to £30.6 million after currency fluctuations cost it £6.1 million
Cineworld said pre-tax profits fell 34.6% to £30.6 million after currency fluctuations cost it £6.1 million

Captain America was not enough to save profits at Cineworld from taking a dive in the first half of the year after the firm took a hit from adverse currency movements.

The company said pre-tax profits fell 34.6% to £30.6 million after currency fluctuations cost it £6.1 million.

However, a slate that included The Jungle Book, Deadpool and Captain America: Civil War helped revenue rise 8.4% to £356.7 million.

Chief executive Mooky Greidinger said: "The results for the first half of the year are in line with our expectations. We have achieved growth in admissions, box office revenue, and retail sales, with a particularly strong performance in our Rest of the World segment, achieving double digit growth in admissions."

Mr Greidinger added that a strong roster of films in the second half of the year, including The BFG, Star Trek Beyond and Bridget Jones's Baby, are expected to help it hit full year expectations.

Admissions at Europe's second-biggest cinema chain grew 2.7% to 46.1 million. Last month the Chiswick-based firm acquired five venues, including the Empire in Leicester Square.

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