'Bond effect' helps Cineworld push profits up by 15 per cent
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'Bond effect' helps Cineworld push profits up by 15 per cent

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Cinema operator Cineworld has reported pre-tax profits of £38.5m for 2012 - a 15 per cent increase on the £33.4m it made in 2011.

Announcing its full-year results, the group said the latest instalment of the James Bond franchise - Skyfall - was the "outstanding film of 2012".

During the year, Cineworld acquired fellow operator Picturehouse and opened a seven-screen multiplex in Aldershot - as well as expanded its IMAX offerings to eight cinemas.

Stephen Wiener, CEO of Cineworld, said: "The culmination of the year's activity was the acquisition of Picturehouse.

"Picturehouse is an exciting, complementary brand which operates in a separate market to Cineworld's Cinemas and brings further growth opportunities to the Group."

Wiener added that the group remains on target with its expansion plans.

"We remain on track to open four new cinemas: a nine-screen cinema in Wembley, a six-screen cinema in St Neots, a new 10-screen cinema replacing our existing cinema in Gloucester and we have reached an agreement to take over the IMAX cinema at the Glasgow Science Centre," he said.

"Together with the strong film schedule these will help maintain our strong market position and underpin growth in 2013."

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Cinema operator Cineworld has reported pre-tax profits of £38.5m for 2012 - a 15 per cent increase on the £33.4m it made in 2011.
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