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| Author | Zoe Aresti |
Cineworld has announced that its pre-tax profits more than doubled in 2014, growing to £67.3m for the year - an increase of 118 percent on the previous year.
The cinema chain had revenue up by 52.5 per cent to £619.4m, up from £406.1m, in the 53-week period ending 1 January 2015.
Chief executive of Cineworld, Mooky Greidinger, said: “I believe we can be optimistic about our industry, which is more than 100 years old and will probably be around for another hundred. We don’t see ourselves as competing with home cinema entertainment.
He added: "Overall, the strength of the film line up in the current year, coupled with our good pipeline of new sites across our international estate, gives us confidence that we are on track with our plans for 2015."
Last month’s release of Fifty Shades of Grey surpassed all expectations and enjoyed record levels of weekend admissions. Confidence remains high that this success will continue throughout the year with the release of a number of sequels, including the new James Bond film, Spectre, the fourth and final Hunger Games movie The Hunger Games: Mockingjay Part 2 and the latest Star Wars film Star Wars Episode VII: The Force Awakens.
This article was first published on City A.M.