London, October 19, 2018 - Vue International, one of the world’s leading cinema operators, today announces results for the three months to 31 August 2018.
Significant volume market share gains were seen in this quarter, particularly in the UK, and LTM EBITDA increased to £118.5m. Volume driving initiatives together with a strong slate in Q3 led to UK market admissions growth in Q3 2018 6.8% higher than Q3 2017 and GBOR 4.8% higher.
Vue’s international expansion strategy continues apace, the newly acquired Showtime Cinemas in Ireland were fully integrated during the quarter and the acquisition of Cinema3D in Poland is progressing and due for completion in Q1 2019.
- LTM EBITDA increased to £118.5m with net leverage maintained at 5.5x
- Gross margins up 1.2%
- Pricing strategies together with enhancements in our Digital & CVM initiatives and improvements in automated scheduling drove strong double-digit admissions growth at over 10%.
- UK Market Admissions and GBOR in Q3 2018 6.8% higher compared to Q3 2017
- Sales per person up 2.7% YTD across the international estate
- Sites at Ashbourne and Limerick now fully integrated following acquisition of Showtime Cinemas in the Republic of Ireland on 3 July, with the deal signed on 30 June to acquire 11 sites at Cinema3D in Poland expected to close in [January 2019]
- Market admissions for major territories is lower by 5.4% vs. Q3 2017 reflecting prolonged spells of warm weather across Europe
- New organisational structure supports growth and international plans with three new functions: Group Commercial function; Group Property and Investment function and Director of Strategic Planning and Development.
Tim Richards, Vue’s Founder and CEO, commented:
“Vue’s third quarter was in-line with market expectations, we are pleased to see the ongoing results of our volume driving initiatives combined with a strong slate in Q3 leading to our UK market admissions and GBOR growing. Our ongoing investment into the international estate alongside large scale refurbishments has also delivered positive results delivering growth in sales per person.
The outlook remains positive with a strong slate, including highly anticipated original content like The Nutcracker, The Four Realms and Fantastic Beasts: The Crimes Of Grindelwald.
We remain well positioned to continue developing and growing the business and execute on our ambitious plans.”
Brunswick Group LLP
+44 207 404 5959
Laura Buchanan / Rosheeka Field
Lucy Northmore, Group PR Manager, Vue
+44 7921 887 296