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13 Nov 2012 07:00
Cineworld Group PLC
13th November 2012
CINEWORLD GROUP PLCInterim Management Statement
Cineworld Group plc ("Cineworld" or "the Group") is pleased to provide the following update on trading performance for the 19 week period from 29 June to 8 November 2012.
Revenues for the period were as follows:
% change vs. same period 2011 | ||||
19 Weeks to 8 Nov |
45 weeks to 8 Nov | |||
| ||||
Total Revenues | - 1.4% | 0.0% | ||
Box Office | - 0.2% | + 2.1% | ||
Retail | 0.0% | - 1.1% | ||
Other Income | -17.0% | -18.2% | ||
In the 19 weeks to 8 November 2012, box office benefitted from a better average ticket price, up 4.0%, but was impacted by 4.1% lower admissions. Registrations to MyCineworld continued to grow in the period, aided by the removal of the booking fee and the 10% discount for tickets booked online. Our Unlimited programme also continued to expand its subscriber base and we were pleased to open a new seven screen cinema in Aldershot at the end of October.
Spend per person increased by 4.3% compared with the corresponding 19 week period last year, which reflects positively on our targeted promotional activities within a difficult economic environment. Lower admissions volume offset increased spend per person in the 19 week period.
Decline in other income during the 19 week period was due to the removal of the booking fee and comparatively lower 3D glasses sales, resulting from fewer 3D films shown in the period. Screen advertising revenues were flat compared with the same period in the prior year.
As expected, the third quarter was impacted by reduced admissions due to the London Olympics and the consequent lack of major releases during the period, meaning overall trading was significantly weaker than the previous year. However "Skyfall", which was released on 26 October, has performed exceptionally well. It has provided a strong start to the fourth quarter and grossed over £60m nationally in its first two weeks of play. In addition to this, the concluding film of the Twilight series "Twilight Saga: Breaking Dawn (part 2)", will be released shortly, followed by "The Hobbit" on 14 December.
The film line up for the remainder of the fourth quarter is promising, with strong box office performances anticipated from the key titles. We therefore expect our results to be in line with current market expectations for the full year.
-Ends-
For further information:
Philip Bowcock 020 8987 5000
Chief Financial Officer
Cineworld Group plc
Elly Williamson 020 7920 2330
Matthew Neal
M:Communications
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