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27 Oct 2009 07:00
RNS Number:
Cineworld Group PLC 27th October 2009
CINEWORLD GROUP PLCInterim Management Statement
The Board of Cineworld Group plc ("Cineworld" or the "Group") today made the following Interim Management Statement for the 43 week trading period to 22 October 2009.
Revenues for the 43 weeks to 22 October 2009:
|
% change vs. prior year |
|
|
Total Revenues |
+ 6.5% |
|
Box Office |
+ 10.9% |
|
Retail |
+ 5.0% |
|
Other Income |
- 26.9% |
The Group is pleased to report healthy trading with total revenues up 6.5% in the 43 weeks to 22 October 2009. The strength of the Group's box office revenues, up 10.9% year on year, has underpinned Cineworld's performance which is set against the backdrop of exceptional Q3 trading last year due to the outstanding success of "Mamma Mia".
The second half has so far seen a number of strong performing films including "Harry Potter and the Half Blood Prince", "Ice Age3" in 3D, "The Hangover" and "Up" in 3D, which continues to attract large audiences. Retail revenues have grown 5.0%, which is a good performance given the challenging consumer environment, and reflects the appeal of Cineworld's retail offer and value propositions. The strong performance in these two core revenue streams has compensated for the decline in other income, principally screen advertising revenue, which reflects the further weakening in advertising demand.
Our digital expansion continues to deliver good results and the Group is capitalising on the increasing number of 3D films being released, which has contributed to an overall box office market share year to date in UK/Ireland of 23.8% at the end of the period (Source: EDI Neilsen). The Group remains highly cash generative with a strong balance sheet.
As previously announced, Cineworld will shortly be opening a 10 screen cinema in Aberdeen and a five screen cinema in Witney, increasing our estate to 77 cinemas and 790 screens. These cinemas will be the first in our estate to have digital projectors in every auditorium.
The final quarter has a promising film line up that includes "2012", "A Christmas Carol", "The Twilight Saga - New Moon", "St. Trinian's 2", "Sherlock Holmes" and "Avatar", which gives us confidence in delivering continued growth for the full year in line with market expectations.
-Ends-
For further information:
Richard Jones 020 8987 5000
Chief Financial Officer
Cineworld Group plc
Georgina Briscoe 020 7920 2348
M:Communications
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