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Blockbusters boost Cineworld's profits

Published: 10:11 13 Aug 2015 BST

Blockbusters boost Cineworld's profits
Spectre, Daniel Craig's 007 swansong, is to be released in the second half

A host of blockbuster releases sent cinema chain Cineworld’s (LON:CINE) sales and profits climbing in its latest half-year.

Record-breakers such as Fifty Shades of Grey, Jurassic World and Fast and Furious 7 helped revenue rise to £329.1mln in the 26 weeks to July from £268.6mln a year earlier. 

Cineworld's Eastern European business Cinema City, acquired in February last year, also boosted the numbers.

Pre-tax profit rocketed 237% to £46.8mln with underlying earnings 41% higher to £64.7mln.

Mooky Greidinger, chief executive, said admissions, box office revenue and retail sales were all ahead.

“The strongest titles released during the period, "Fifty Shades of Grey", "Fast and Furious 7", and "Jurassic World", alongside other titles such as "Avengers: The Age of Ultron" resulted in overall pro forma revenue growth of 11.3%.”

A rise in ticket price also accounted for a chunk of the cinema's success. In the UK the ticket price grew by 44p to an average of £6.02.

The second half has another slew of potential blockbusters scheduled for release, including Star Wars Episode VII and the new James Bond film Spectre.

Combined with the continued success of kids favourite Minions and superhero franchise Marvel, Cineworld should produce results  “marginally ahead” of expectations at the yearend.

Shares rose 1.7% to 558p today.

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