Rising revenues mean exhibitor’s board are positive about future prospects despite Brexit turmoil.
Europe’s second largest exhibitor Cineworld Group has reported a 34.6% drop in pre-tax profits for the first six months of 2016, largely due to currency movements.
However, the group’s revenues were up 8.4% to £356.7m across the same period, with the opening of four new sites contributing to an overall 2.7% rise in admissions across its markets.
The fall in profits can largely be attributed to the steep decline of the British Pound against the Euro in the wake of June’s Brexit referendum, in which the British public voted to leave the European Union.
Currency movements have cost the company £6.1m over the last six months, the company said. The year-on-year comparative figure was compounded by an £8.9m exchange rate gain in the same period in 2015.
Around 20% of Cineworld’s debt (in total £250.3m) is comprised of Euros, meaning the value...
Europe’s second largest exhibitor Cineworld Group has reported a 34.6% drop in pre-tax profits for the first six months of 2016, largely due to currency movements.
However, the group’s revenues were up 8.4% to £356.7m across the same period, with the opening of four new sites contributing to an overall 2.7% rise in admissions across its markets.
The fall in profits can largely be attributed to the steep decline of the British Pound against the Euro in the wake of June’s Brexit referendum, in which the British public voted to leave the European Union.
Currency movements have cost the company £6.1m over the last six months, the company said. The year-on-year comparative figure was compounded by an £8.9m exchange rate gain in the same period in 2015.
Around 20% of Cineworld’s debt (in total £250.3m) is comprised of Euros, meaning the value...
- 8/11/2016
- by tom.grater@screendaily.com (Tom Grater)
- ScreenDaily
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