Cineworld tips its us regal cinemas buy to be a smash hit

Two weeks into its ownership of the American Regal Cinemas chain, Cineworld said it was very confident it could make its expansion into the biggest cinemas market in the world work.

The £4.2 billion reverse takeover, completed in February, sees UK and Israeli company Cineworld become the world’s number two cinemas owner, with 9500 screens in the US.

The deal was backed by the management’s personal commitment, with £500 million of the Greidinger family’s wealth invested. Nisan Cohen, Cineworld’s chief financial officer, said: “The US market had a great February. It’s a good sign for the future.”

Black Panther (pictured) has been one of the big hits for the US group’s new owners and Cineworld has high expectations for the new Avengers movie, out in April.

Pre-tax profits climbed by 22.7% to £120 million, on revenue up 11.6% at £890.7 million. Blockbusters including Dunkirk boosted takings.