Irish Odeon cinemas firm makes profit of €1.2m

Sales at the Irish arm of the Odeon cinema chain fell last year, despite movie draws that included Bridget Jones’s Baby, Finding Dory, and The Secret Life of Pets.

Irish Odeon cinemas firm makes profit of €1.2m

However, United Cinemas International (Ireland) Ltd said its market share of the 15.9m cinema attendances increased by 1.2 percentage points to 18.4%.

Cinema attendances in Ireland last year increased by 4.6% to 15.9m, according to the company directors.

Pre-tax profits at the company were unchanged at €1.2m, as revenues fell 3% from €11.73m to €11.38m.

The profit takes account of lease costs of €1.2m and non-cash depreciation costs of €425,000

It describes itself as a market leader, operating 11 cinemas and 77 screens.

The Odeon and UCI Cinemas, late last year, were acquired by AMC Entertainment, creating the largest cinema group in the world, with 636 cinemas and 7,623 screens in eight countries.

The directors said the increase in market share has been driven by organisational changes.

Its increase in market share was “clear evidence that the strategy for the group is continuing to deliver,” they said.

However, the company noted that “pirated films, changes to customer film-viewing habits, or the level of competition from other exhibitors may also have an impact on attendance”.

But, despite the potential challenges of the internet, the Odeon directors said that cinema would still win out in attracting customers.

It employs 147 people. Staff costs increased from €1.7m to €1.92m.

Its cost of sales reduced from €4.23m to €4.2m last year, while administration costs increased marginally to €6.12m.

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