Vue International (“Vue”), one of the world’s leading cinema operators, today announces its half year results for the 26 weeks ended 26 May 2016. Record half year with EBITDA up 5.7% to £77.8m*
- Turnover up 4.4% to £381.8m (2015: £365.7m)
- EBITDA up 5.7% to £77.8m (2015: £73.6m)
- LTM EBITDA now stands at £130.2m, the sixth straight quarter where it has exceeded £100m
Vue International has delivered a record performance in the first half of 2016 with EBITDA of £77.8m and a continuation of EBITDA margin growth year-on-year. LTM EBITDA, a key benchmark, was at £130.2m at the end of a strong Q2 and has now exceeded £100m in each of the past six quarters. Turnover was up 4.4% (to £381.8m) compared to the same period the year before and the group’s net leverage remains at 4.2x, having been significantly deleveraged from 6.1x in Q4, 2014.
*The record half year results do not include JT Bioscopen which will be transferred into Vue’s bond group during Q3 2016.
Tim Richards, Vue’s Founder and CEO, commented:
“We’re delighted with another strong performance in H1 2016 as we continue to build our leading global entertainment group. Our customer experience remains a core focus as we continue investing across our international estate, improving operational efficiencies and introducing new EBITDA enhancing initiatives as we develop and grow the business further”.
Initiatives and Developments:
Vue was the first to launch VIP seats in every site across the circuit some years ago and furthered this successful strategy with the introduction of recliner seating in the UK and Ireland market 12 months ago. With the company now realising the benefits of both VIP and recliner seating strategies Vue is continuing to roll this strategy out across the international estate.
The Vue Nederland brand roll out is underway, which started with the launch of the award winning state-of-the-art Alkmaar multiplex in February 2016. Vue Alkmaar won the New Build Screen of the Year award at the International Cinema Technology Association (ICTA) awards presented at the ICTA Seminar Series in Barcelona. The new cinema has seven screens and 1,530 seats, including 223 VIP and 105 recliners. It features three Dolby Atmos screens, a Barco 4k cinema projector and one laser projector. The Dolby Atmos sound technology, which has 47 audio channels, provides a cutting edge, fully immersive and unbeatable surround sound experience.
In June 2016, a new state-of-the-art multiplex also opened in Darlington, UK – marking Vue’s 85th cinema in the UK, and 211th site globally. The new venue has nine screens, three of which are 3D, stadium seating with VIP seats and Sony 4k projection.
Vue remains committed to a clear growth strategy with a strong management team focussed on launching a number of cross-territory initiatives that will have a significant impact on the business, ranging from the CVM and digital strategy launch due to roll out in the coming months to the Next Generation Retail Strategy launch coming later in 2016.
Notes to Editors
Brian Buckley / Quintilla Wikeley
Brunswick Group LLP
Telephone: 0207 404 5959
Lucy Northmore, Group PR Manager, Vue