16 May 2012 07:00
Cineworld Group PLC
16th May 2012
CINEWORLD GROUP PLCInterim Management Statement
Trading for the period from 30 December 2011 to 10 May 2012 has been as expected.
Revenues for the 19 weeks to 10 May 2012 were as follows:
% change vs. prior year
| |
Total Revenues | + 6.3% |
Box Office | + 8.6% |
Retail | + 3.9% |
Other Income | - 10.1% |
Cineworld's box office market share1 was broadly in line with the same period last year at 24.5%. Box office benefitted from 3.3% more admissions, with average ticket price up by 5.0%. The removal of the booking fee and launch of the 10% discount for tickets booked online in March 2012 has driven a significant increase in registrations to MyCineworld.
The positive performance of retail revenue in the period was due to the higher admissions volume. Equally encouraging was spend per person, which remained flat against the corresponding period last year and reflects favourably on our targeted promotional activities within an economic environment that remains as challenging as ever.
The decline in Other Income is due to the removal of the booking fee, comparatively lower 3D glasses sales resulting from film performance, and advertising being modestly lower than the prior year.
There is a strong line-up of films for the remainder of the first half, "The Dictator", "Snow White and the Huntsman" and in 3D "Men in Black 3" and "Prometheus". Whilst these film releases coincide with the forthcoming European football championships together with a challenging June comparative trading period, the Group expects to maintain revenues for the half year at a similar level to last year.
Looking ahead to the second half, there is strong 3D product which includes "The Amazing Spiderman", "Ice Age 4" and "The Hobbit". These are complemented by an exciting range of 2D films including the concluding film of the Twilight series "Twilight Saga: Breaking Dawn (part 2)", the next Bond title "Skyfall" and "The Dark Knight Rises". This attractive line up of film releases has been scheduled to take into account the timing of the Olympics.
The Board remains confident of delivering growth for the year as a whole in line with current market expectations.
1 Refers to UK/Ireland market by gross box office - data per Rentrak/EDI
-Ends-
For further information:
Philip Bowcock 020 8987 5000
Chief Financial Officer
Cineworld Group plc
Elly Williamson 020 7920 2330
Matthew Neal
M:Communications