Virgin Cinemas has just announced record results for the year ending December 1996. The cinema chain’s net operating profits have increased by over 90% in its first full year of trading under Virgin’s ownership; they rose from £7 million in 1995 to £13.5 million in 1996. This rise has been solely generated from the 26 multiplex sites retained by Virgin Cinemas following the sale of 90 traditional cinemas to the ABC chain in May 1996.
Today’s announcement is accompanied by news that Virgin Cinemas plan to increase capital investment by 194% to £34.5 million in 1997. This increased investment will be used to fund Virgin Cinemas’ on-going expansion programme, as well as to refurbish existing cinemas. The group are committed to opening 20 new cinemas over the next three years. In the last twelve months Virgin Cinemas has signed ten new multiplex sites in the UK, with a further three acquisitions to be announced shortly.
New Virgin Cinema multiplexes will have many unique features including retail outlets, café-bars and The Premier Screen – an upper class auditorium and lounge that offers guests a unique personal service.
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