Cineworld touts 2.4% annual revenue bump
UK exhibitor’s drop in admissions was offset by 5% higher ticket price.
Cineworld, the UK exhibitor which bought the Picturehouse chain last month, posted a 2.4% year-on-year revenue increase in 2012, according to the company’s end of year trading update.
Box office increased by 3.9% and retail was up 0.8% for the 52 weeks to 27 December 2012. However, admissions were down by 1.1% and Cineworld’s ‘other income’ fell by 7.3%.
The company offset the decline in admissions through a 5% higher ticket price. Spend per person for the year increased by 1.9%.
Cineworld put the decline in other income for the year down to the removal of the booking fee and comparatively lower 3D glasses sales, resulting from fewer 3D films shown in the period. The exhibitor reports that screen advertising revenues were marginally ahead of 2011.
Cineworld starts 2013 with 101 cinemas and 878 screens. The company plans to open multiplex cinemas in Wembley, Gloucester and St Neots this year.