Jan 17, 2018

Cineworld revenues swell; rights issue launched for Regal purchase

Cinema chain Cineworld pumped out a near-12 per cent rise in revenues in 2017, thanks in part to an apparent fondness among film fans for coffee with their popcorn. In a trading statement, the company said revenues rose by 11.6 per cent over the year, or 7.9 per cent on a constant currency basis, with particularly rapid growth outside the UK and Ireland. It also confirmed that its deal to buy US chain Regal will involve a £1.7bn rights issue, to wrap up in the coming weeks. "Within last year's sales, 'retail revenue' rose 15.6 per cent, or just under 12 per cent without the currency boost. This, the company said,"was positively impacted by the expansion of the group's retail offerings. The group opened five Starbucks sites and three VIP sites in 2017″.

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