US blockbusters boost Cineworld revenues

(Sharecast News) - Cineworld on Wednesday said 2018 revenues would increase by 7.2%, driven by a strong US film slate with films such as Black Panther attracting record numbers of filmgoers.Group admissions increased by 2.6% compared with the prior year to reach a record 308m. In addition to the strong US slate, growth was driven by the positive impact of an ongoing refurbishment programme and the continued roll-out of premium formats.The strength in the US market was also driven by the success of 'Avengers: Infinity War' and 'Incredibles 2'.UK & Ireland revenue grew by 3.0%, down 0.6% on a constant currency basis as revenue growth was impacted by the strength of the comparable film slate in 2017, particularly "Star Wars".Rest of the world revenue grew by 3.1%, flat on a constant currency basis. Locally produced films performed well, especially in Poland where 'Kler' and 'Kobiety mafii' were the top grossing films for the year.The company opened 13 new sites with 108 screens, six in the US, six in the UK and one in Romania.During 2018, the group also announced new agreements with IMAX, 4DX and ScreenX and plan to install a total of 55 new IMAX Laser projectors, 80 new 4DX screens in the US and 100 new ScreenX auditoriums.Cineworld said it was "well positioned" for another year of growth with a strong slate including, 'The LEGO Movie 2', 'Captain Marvel', 'Dumbo', and 'Godzilla: King of the Monsters.