Cineworld thrives on the urge to escape uncertainty

Inflation IS soaring, house prices stagnating and sterling losing out against the rising dollar – but at least the Great British Public is still going to the cinema. Bucking the trend for gloomy results, Cineworld, the second-largest UK chain, reported revenue and profit rises in the first six months of 2008, on the back of a 1 per cent rise in box office receipts to £89.6m. Mamma Mia! and Batman: The Dark Knight are doing a roaring trade, the company says, and the summer blockbusters Indiana Jones and the Kingdom of the Crystal Skull and Sex and the City brought in £40m and £26m respectively. "The enduring appeal of film continues to be even more pronounced in times of economic uncertainty," Stephen Wiener, the Cineworld chief executive, said. "We feel confident that the strong line-up of films in the second half will drive... [read full story]