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Cineworld Group 2018 Pretax Profit Rises; Pro-forma Revenue Up 7.2%

Cineworld Group plc (CINE.L) reported profit on ordinary activities before tax of $349.0 million for the year ended 31 December 2018 compared to $155.1 million, prior year. Earnings per share was 22.4 cents compared to 21.0 cents. Adjusted profit before tax was up 150.5% to $417.0 million. Adjusted diluted EPS was 27.2 cents compared to 22.6 cents. Pro-forma adjusted EBITDA was up 9.4% to $1.07 billion.

Fiscal 2018 total revenue on a pro-forma basis rose 7.2% to $4.71 billion, or an increase of 6.3% on constant currency basis. On a statutory basis, revenue was $4.12 billion, an increase of 259.1% compared with the prior year, as a result of including Regal for the first time. Total admissions increased by 2.6% to 308.4 million on a pro-forma basis.

The Board has proposed a final dividend of 10.15 cents per share. The interim dividend of 4.85 cents per share was paid in October 2018. The record date for the final dividend is 14 June 2019 and the payment date will be 5 July 2019.

The Board stated that, going forward, it is proposing to pay four interim dividends for each financial year. Payments in relation to the first three quarters of the year will be equal to 25% of the full year dividend of the prior year, with the final interim payment reflective of the Group's full year earnings performance and resulting in a full year dividend payment aligned with the Group's pay-out ratio.

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