3D movie boom adds new dimension to Cineworld profits

Cineworld today celebrated a blockbuster 2009 thanks to Britons flocking to see films in 3D detail, and predicted 2010 would be even more lucrative as the big movie-makers line up to release more films in the format.

Chief executive Steve Wiener said Alice in Wonderland had already kicked off this year's 3D success story.

"Only 13 films were released in 3D last year, but we're expecting at least 18 in 2010. Demand is growing hugely, and we now have 35% of the 3D film market. Our investment is paying off handsomely," he said.

The success of 3D last year helped Cineworld's box offices rake in 17% more than the previous year, at £230.9 million. Pre-tax profit rose 12% to £30.8 million.

Although advertising revenue fell, the popcorn index of discretionary spend suggested evidence of growing confidence. Cineworld sold 711 tonnes of the stuff last year, 11% more than in 2008.

But this year, cinema-goers will have to pay more to get in. "Our cost of doing business keeps going up and we will be raising prices in line with that," Wiener said.

Cineworld said it wants to get punters through its doors to watch more than just films, and plans to screen live events like sports, music and opera at its 790 screens this year. That estate could increase, as Wiener hinted the group was looking for shopping opportunities.

"We come from a private-equity background and are always looking for good opportunities," he said.