Blockbuster titles boost Irish cinema firm’s profits

Blockbuster films, including the latest installments from the X-Men, Spiderman, and Transformer franchises, last year contributed to profits at Irish Multiplex Cinemas more than doubling to €850,379.

New figures lodged with the Companies Office by the Ward-owned Irish Multiplex Cinemas Ltd show the firm recorded the sharp jump in operating profits after the company’s gross profits rose from €2.54m to €2.6m.

According to the directors’ report, the profitability of the company increased during the year as a result of management implementing cost savings.

The directors stated: “It is expected that trading in 2015 will not be significantly different to 2014.” The directors also disclose that they have paid a dividend of €207,000 in April 2015 in relation to the year ended October 2013 and that they have deferred the decision on the payment of a dividend in relation to the year ended October 2014 until a later date.

The profit takes account of non-cash depreciation costs of €410,804. The firm is one of a number of Irish cinema firms operated by the Ward family who own Dublin’s Savoy and Screen cinemas, with the Savoy playing host to many movie premieres.

Ward also has cinemas in Dún Laoghaire, Tallaght, Athlone, Dundalk, Killarney and Ballymena.

Numbers employed by the firm last year reduced from 57 to 44 with staff costs reducing by 24.5% from €1.19m to €903,573.

The firm reduced its administrative costs from €853,723 to €705,117.