London, April 8, 2019 - Vue International, one of the world’s leading cinema operators, today announces results for the 13 weeks ended 28 February 2019. Despite tough comparables and a challenging broader market the group has delivered market share gains driven by new sites in the UK, Germany and Poland, large scale refurbishments and a combination of organic growth initiatives.
Performance Highlights:
- LTM EBITDA of £110.4m and Net Leverage 5.7x
- Vue admissions market share increased by 1.0ppt despite overall market reduction of 7.2%
- Strong market share performance driven by success of growth initiatives
- Group Turnover of £220.9m (10.6% lower that Q1 2018) and market admissions of 24.8m (2.4% lower than Q1 2018) reflect extremely strong Q1 2018 slate which included Star Wars: The Last Jedi
- SPP up 1p (0.02%) driven by new products, initiative and merchandise income
- Ongoing strong performance in growth markets of the Netherlands and Poland
- Well positioned for future growth with strong 2019 slate and the integration of European acquisitions - Cinema 3D and Cinestar
Tim Richards, Vue’s Founder and CEO, commented:
“Vue delivered a resilient performance in the first quarter of 2019 against the backdrop of a strong prior year comparable.
We are confident in the year ahead and our organic growth initiatives and look forward to integrating the Cinema3D and CineStar acquisitions into the Group during this time. We also have an exciting and diverse slate of highly anticipated titles, including: Avengers: Endgame, Toy Story 4 and The Lion King, alongside original high-performing local content in our international markets. Overall we are well positioned to optimise the diversity of the slate and our overall content offering and look forward to delivering a robust 2019.”
Ends.
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