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15 May 2013 07:00
CINEWORLD GROUP PLCInterim Management Statement
Trading for the period from 28 December 2012 to 14 May 2013 has been in line with expectations.
Revenues for the 19 weeks to 9 May 2013 were as follows:
Cineworld Group % change vs. prior year | Cineworld Cinemas % change vs. prior year | Picturehouse proforma1 % change vs. prior year | |
Total Revenues | + 14.3% | + 3.1% | + 7.1% |
Box Office | + 11.4% | + 3.1% | + 3.4% |
Retail | + 14.5% | + 2.7% | + 9.6% |
Other Income | + 53.9% | + 4.6% | + 13.8% |
Cineworld's box office market share2 on a like-for-like basis has improved to 25.0% from 24.7% in the same period last year. Including Picturehouse, the Group's box office market share has increased to 27.1%. Cineworld's increase in box office revenue was due to a rise in average ticket price of 3.9%, with admissions marginally lower than the same prior year period.
Cineworld's positive retail revenue performance in the period was due to an upward trend in spend per person, which increased by 3.5% against the corresponding period last year, reflecting favourably on our targeted promotional activities. Picturehouse achieved a 6.6% increase in spend per person compared to the corresponding prior year period.
The increase in Other Income within Cineworld is due to the comparatively stronger performance of screen advertising compared to the corresponding period last year.
On 30 April 2013, the OFT referred the acquisition of Picturehouse to the Competition Commission due to concerns that it may reduce local competition in certain areas. Cineworld will co-operate with the Competition Commission in its investigation.
There is a strong line-up of films for the remainder of the first half, including "Star Trek: Into Darkness", "Hangover 3" and in 3D "Man of Steel" and the already successful "Iron Man 3". Looking ahead to the second half, there is good 3D product which includes "Monsters University", "Despicable Me 2" and "The Hobbit Part 2". These are complemented by an exciting range of 2D films, which includes the next instalment of the Hunger Games series "The Hunger Games: Catching Fire".
The Board remains confident of delivering growth for the year as a whole in line with current market expectations.
1 Picturehouse proforma reflects the year on year performance of the acquired business2 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
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