8 Jan 2009 07:00
CINEWORLD GROUP PLC Pre-Close Trading Update
Cineworld Group plc ("Cineworld" or the "Group") plans to publish its preliminary results for the twelve months ended 25th December 2008 on 12th March 2009. Prior to entering its close period, Cineworld is issuing the following trading update.
Revenues for the 52 weeks to 25 December 2008:
| % change vs. prior year | |
| Total Revenues | + 4.4% |
| Box Office | + 6.4% |
| Retail | + 2.2% |
| Other Income | - 3.7% |
The UK and Ireland cinema industry enjoyed a good year in 2008 with industry box office up 5.1% against the previous year (according to information collated by Nielsen EDI). This increase was underpinned by a strong release schedule, which included Mamma Mia, The Dark Knight, Quantum of Solace, Indiana Jones and the Kingdom of the Skull and Hancock. The strength of the 2008 releases helped to mitigate the impact on the Group of both the rescheduling of "Harry Potter" from Q4 to summer 2009 and certain other second half cost increases, principally relating to utilities.
The Group expects to report EBITDA for the 2008 financial year in line with current market expectations. Cineworld's share of box office in the UK and Ireland (as measured by Nielsen EDI) was marginally lower at 23.3% in the period (2007: 23.7%), in part reflecting the strengthening of the Euro against Sterling, as EDI box office figures for Ireland are reported in Sterling. Digital Cinema Media Limited, our joint venture screen advertising business, continued to trade well.
Whilst it is early in the new financial year, the film release programme for 2009 is promising. Anticipated releases include Harry Potter And The Half Blood Prince, Bolt, Ice Age 3, Up, Avatar, Transformers 2, Angels and Demons and Night At The Museum 2. In addition to this encouraging film slate, Cineworld's digital estate means that we are well placed to capitalise on the growing number of films due to be released in 3D format.
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For further information:
Georgina Briscoe 020 7153 1530
M:Communications