CINEMA giant Odeon saw profits plummet last year as a lack of blockbuster movies and the weak Spanish economy left seats empty at the cinema chain.
Odeon’s earnings before interest, tax and other charges dropped by 24 per cent to £69.2m while sales fell five per cent to £706.7m.
In Spain, where Odeon operates 43 cinemas, Odeon’s market volume fell 15 per cent last year.
“In 2014, there are some early signs that the economy may be turning: unemployment has started to fall slightly and retail sales have started to grow,” Odeon said, adding that it has now grown its Spanish market share to 21 per cent.
Odeon said 2014 has started well with a strong awards season of films such as The Wolf of Wall Street and American Hustle.
“The 2014 film slate looks to be well balanced across the year with some good IMAX and 3D titles, as well as local content. Management are confident about the group’s prospects as we are well placed to benefit from market recovery, particularly in Spain, and with a strong film slate to come,” said Odeon.
Odeon’s results cover the chain’s main operations but do not include the results of its property arm.