Cineplex chain UCI records €1.1m in profits

Blockbuster movies including X Men: Days of Future Past and Mrs Brown’s Boys last year contributed to the Irish arm of international cineplex chain, UCI, recording €1.1m in pre-tax profits.

However, new accounts for United Cinemas International (Ireland) Ltd show that the business saw revenue slip marginally from €10.9m to €10.8m in 2014.

According to the directors’ report element of the accounts, the company’s management are satisfied with the performance for the last 12 months, and expect the level of activity to continue for the foreseeable future.

The business operates under the re-branded Odeon banner and the group’s portfolio of outlets include cinemas at Blanchardstown, Cavan, Charlestown, Coolock, Limerick, Naas, Newbridge, the Point Village, Portlaoise, and Stillorgan.

The accounts actually show that last year’s pre-tax profits decreased by 13%, from €1.3m to €1.16m. The chief factor behind the drop in profits was €122,000 incurred through organisational and strategic changes.

Administrative expenses of €5.9m also reduced the firm’s profits, while the accounts also show that interest payable and other finance costs, totalling €90,000, had an effect on the slightly lower earnings total.

Big contributors during the year to the cinema firm’s actual earnings were Mrs Brown’s Boys D’Movie (€3.8m), The Lego Movie (€3.4m) and Dawn of the Planet of the Apes (€2.5m) while Gone Girl took in €2.59m at the box office here.

Other movies to perform well at the box office last year included Guardians of the Galaxy (€2.27m); The Hobbit: Battle of the Five Armies (€2.25m); The Hunger Games: Mockingjay Part 1 (€2.23m); 22 Jump Street (€2.08m) and The Inbetweeners (€1.9m).

Last year, cinemas across the country generated revenues of €99.95m — which represents a 20% drop since 2009 when takings by cinemas totalled €124m. Revenues across Irish cinemas had declined last year declined by 2% on the €102.29m generated in 2013.

The firm paid a dividend of €2.3m, last year, and this followed a dividend payout of €1.9m in 2013.

Numbers employed UCI Ireland last year reduced by one to 139, with staff costs increasing marginally from €1.697m to €1.7m. The accounts show that the firm recorded a gross profit of €7.2m after cost of sales totalled €3.5m.

On a post-tax basis, UCI Ireland last year recorded a profit of €1.18m. The company is owned by UK tax exile, Guy Hands through his Terra Firma Holdings vehicle.