London, 18 February 2020 - Vue International, one of the world’s leading cinema operators, today announces its full year 2019 and Q4 2019 financial results, reporting its highest ever full year revenues of £854m, 5.4% ahead of 2018.
- Consolidated EBITDA of £139.6m
- Net leverage of 2.9x, lowest point in over three years and down from 3.2x at Q3 FY19
- Robust market performance in FY19 for Germany, Italy and The Netherlands driving significant admissions and EBITDA growth following a challenging FY18
- Germany achieved 11% year on year market admissions growth
- Italy reported a 3rd consecutive quarter of double-digit market growth, achieving over 12% year on year market growth
- In the Netherlands, market growth continued throughout FY19 with the highest number of admissions since 1964 and the highest ever admissions for Vue Netherlands
- Lower ATP from continued admission growth at price reset sites offset by increases from price optimisation
- SPP higher with growth in all Territories
- Major refurbishments completed at 11 sites in the UK, Netherlands and Germany
Strong performance across several territories resulted in the Group reporting a 1.1% increase in market share in FY19 driven by:
- Growth from price reset strategy
- Large-scale refurbishments at sites 11 sites in the UK, Germany, Netherlands and Poland, and 6 new sites in Poland, UK and Germany;
- Enhancements in Digital & CVM activity in Vue UK/IR, with other territory roll outs underway and;
- Automated scheduling software improvements in UK/IR and roll out of similar software in Germany
Tim Richards, Founder and CEO, commented:
“2019 was a record-breaking year for Vue. With continued hard work and the implementation of a robust strategy, we have achieved our highest ever full year revenues. In 2019, cinema markets were strong across all our major territories with a rebound in Germany and Italy and record year in Poland and the Netherlands – the biggest year for admissions since 1964.
For Vue, delivering an immersive, big screen experience for our customers underpins a large part of our initiatives and investments, including the major refurbishment and recliner investments in 2019. The launch of our Get Lost campaign this year highlights the immeasurable value of being able to really ‘get lost’ in the big screen experience.
We are well positioned for the box office momentum to continue into 2020, in particular the first half, with a phenomenal slate of films, including family favourites Mulan and Peter Rabbit 2, Fast & Furious 9 and James Bond No Time to Die.”
Brunswick Group LLP
+44 207 404 5959
Laura Buchanan / Dan Roberts