THE list of directorships held by Leo Ward and Kevin Anderson proposed to read like an old Hollywood screen magazine. The Ritz, the Coliseum and the Southern Star are some of the names of the partnership's cinemas dotted around the Republic. Then two years ago a new company was added called, a little less romantically, the Galway Multiplex. It was a sign that the cinema market was changing. Ireland's largest film distributor, Ward Anderson, straddles the old velvet curtain era and new generation of multi screen cinemas. But the company which has dominated the Irish market for so many years is now facing powerful competition from overseas invaders into the fast growing cinema market.

Cinema is big business, with annual turnover of around £50 million and growing. Most of the big groups do not disclose profit figures, although historic profit margins in the industry would suggest profits of around £6 million to £7 million.

Investment to meet the demands for comfort and variety of a new generation of cinema audiences has been substantial over the past couple of years - around £40 million to £50 million since 1992 - and is set to continue apace.

Ward Anderson plans a new multiplex for Dublin. It is considering a new 14 to 16 screen cinema, making it the largest multiplex in the State and is reported to be looking at Dun Laoghaire as a possible venue.

Some rivals are sceptical about the ability to fit so many screens into one complex.

Ward Anderson owns the Savoy cinema in Dublin and its suburban counterpart, the Santry Omniplex. The activities of the group are split between around 50 different companies, making it difficult to estimate turnover.

UCI, the Japanese owned multinational, is leading the international invasion of the Irish market. It, brought the first multiplex to Dublin in 1990 and hopes to open its third in Blanchardstown before the end of this year, involving an investment of £10 million, £8 million on capital investment and £2 million on staff training. This cinema complex will add another 2,400 seats to the market.

Britain is experiencing a similar boom in cinema investment. Warner Brothers, has announced plans to build 20 multiplexes over the next two years. Last June AMC Entertainment, the US multiplex operator, announced plans for a further 24 multiplexes in Britain.

The other big investor in Ireland has been Richard Branson's Virgin group. The Virgin nine screen cinema has seating for 2,300 and is aiming for audiences of around 700,000 a year. Virgin bought the MGM cinema group in Britain, owners of the Adelphi, last year for £200 million sterling. At the opening of the complex Richard Branson said he would hope to expand by building rather than acquiring cinemas in Ireland.

As if all this was not enough, the Belfast property developer, Sheridan Group, is also reported to be planning an IMAX giant screen cinema, for, its Parnell Street site in Dublin. The group recently sold its stake in the Virgin site.

There is also investment outside Dublin. This year, according to Mr Ward, the company will add another three screens to its Galway cinema, as well as expanding other provincial sites. However Ward Anderson's plans for a 14 screen cinema in Bishopstown in Cork have run into planning problems. The planning authority has told the company what they require and it is hoping to resubmit. It has also lodged planning applications for two complexes in Limerick.

It is slowly adding screens to its cinemas in other towns, including Waterford Wexford, Kilkenny; Carlow and Killarney. A new seven to 10 screen is being planned for Dundalk, Co Louth. The company also operates around 30 screens in Northern Ireland.

But can all the new cinemas make money? With the very different blockbusters of Babe and Seven packing them out already this year, Mr Ward is confident that there will be enough people to fill the thousands of extra seats. "The 5th and the 12th of January saw the biggest takes in the history of the business here," he pointed out.

UCI regional manager, Karl Milne, is also confident. "I believe there is enough capacity to sustain the development, otherwise we wouldn't spend £10 million. We have the highest cinema attendance in Europe at an average of 2.8 visits per head of population per year, but there is room for more growth."

Mr Milne says the UCI cinemas at Coolock and Tallaght last year sold over two million movie tickets. This would account for a fifth of the total attendance in the State, put at around 10 million in 1995. 1996 has opened well. Mr Ward says the thriller Seven has taken £1 million in total since it opened.

But box office takings alone would not sustain the multi screen cinemas. Receipts from the sale of popcorn, sweets and soft drinks can account for up to a quarter of a cinema's takings. Each cinema goer spends, on average, £1 on refreshment, while popcorn itself usually accounts for at least half of that spend.

In an industry dominated by multiplexes, some of the old landmarks may remain. Mr Ward believes that the Savoy will survive into the new generation of out of town cinema parks. When it comes to capacity for a premiere and the size of the screen it still scores over the multiplex. "It's a strange business. When you get a picture like Seven the cinema companies are looking for big cinemas. When you're in a 780 seater cinema there is a hell of a different atmosphere to being split into two different cinemas.

Mr Ward says Richard Branson's Virgin multiplex which opened in Parnell Street last November, has not affected the Savoy's business. The closure of the Adelphi and Carlton cinemas in the space of a year, meant their business went to Virgin, he says. "We find that we're filling out the Savoy and our overflow is going to Virgin." While the Savoy can fit the big premier, the multiplex has the advantage of a long run. Instead of the short life, big impact of Savoy 1, a film can run for up to 20 weeks in the suburbs.

According to Paddy Kelly, manager for Ireland of film distributor, United International Pictures, the picture house boom is creating its own business. "The advantage to us would be that cinemas are being built in areas not covered by the spread of multiplexes." The Stillorgan Ormonde is set to get up to five extra screens, possibly taking the shine off a new Ward Anderson multiplex near by.

Mr Kelly is looking forward to a good. Summer with films like Mission Impossible, with Tom Cruise and Twister, written by Michael Crichton of Jurassic Park fame. Those investing millions in the cinema business will hope he is correct. For the public will have to be attracted into the multiplexes in increasing numbers if the players are all to get a return on their investments.