Cineworld profits up ahead of town launch
CINEWORLD is making solid financial progress, according to its half-yearly financial report, as it prepares to open its first multi-screen cinema in Haverhill.
And it's good news for the firm, which saw around 100 people attend interviews to work at the new cinema last Thursday and Friday, ahead of the October opening.
Cineworld's chairman is happy with his company's performance for the 26 weeks up to June 26, 2008.
Tony Bloom, chairman of Cineworld Group plc, said: "This is a solid set of results, particularly when viewed against a backdrop of far fewer blockbuster films in the period and an increasingly-challenging consumer environment.
"We believe these interims provide further evidence of the resilience of our business model and are a fair reflection of the strength of our business proposition in delivering real value for money for our customers combined with a quality cinematic experience."
Solid first half results have been followed up with a strong start to the second half of 2008, Mr Bloom claimed.
He said: "The second half has started very well for the group and we have some exciting new releases ahead of us in the remainder of the year and beyond.
"This, combined with the opportunity presented by our recently-formed screen advertising joint venture, Digital Cinema Media (DCM), means we can look forward to the future with confidence."
James Bond: Quantum Of Solace, High School Musical 3 and Madagascar 2 are some of the big blockbusters expected to help Cineworld improve its position and will be some of the first films Haverhill viewers will get to see at the town's new cinema.
Key financial highlights include the increase of group revenue, up 0.9 per cent to 137 million, an increase in operating profit of 19.5 per cent and the 4.2m reduction of net debt to 125.4m.
Box office receipts were up one per cent while cinema-goers are also spending more, with the average retail spend per person up 5.4 per cent to 1.73.
An open day for the new Cineworld took place on Saturday at Haverhill Arts Centre.
Paul Willden, general manager of the new Haverhill cinema (pictured), was on hand with other members of staff to talk to people about what Cineworld has to offer.
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