Cineplex has released its Q4 and full-year financial report.

Revenues for the quarter totaled $315.1 million, up from $309.9 million reported for the last three months of 2022. For the full year, its revenues increased by 25.9% compared to the previous year, raising revenues to $1.4 billion.

The growth is largely due to a 30.1% increase in annual box office revenues. According to the company, theatre attendance increased as a result of the success of films released during the year, including Barbie, The Super Mario Bros. Movie and Oppenheimer. In total, 9.6 million viewers attended theatres in Q4, compared to 9.2 million in Q4 2022.

The increase in attendance was also driven by new movie theatres the company opened across the country, including a second Cineplex Junxion location (which brings together movies, gaming entertainment, dining and live performances) in Mississauga and two ScreenX auditoriums in Montreal and Quebec.

According to the report, 2023 marked the most important year for international programming, generating 10% of Cineplex’s annual box office revenue. Strong performing international films included Animal (Hindi) and Pathaan (Hindi).

Regarding location-based entertainment, Cineplex reported annual revenues of $132.4 million, an increase of 19.4% compared to the previous year.

“Reflecting on this past year, the strength of our results can be attributed to our diversification strategy, our team’s skilled and tenured operating discipline, and our ability to understand our guests’ behaviours through leading data management and analytics,” said the company’s president and CEO Ellis Jacob.

Along with its financial report, Cineplex also announced a refinancing plan that it says will improve its financial flexibility and reduce the dilutive impact of its convertible debentures.