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7 Jul 2015 07:00
CINEWORLD GROUP PLCTrading Update
Cineworld Group plc (the "Group") announces the following trading update.
Revenues for the 26 weeks to 2 July 2015 were as follows:
| Cineworld Group pro forma(1) % change vs. prior year(2) | UK & Ireland % change vs. prior year | CEE(3) & Israel pro forma % change vs. prior year(2) |
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Total revenues | +11.2% | +11.0% | +11.6% |
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Box Office | +10.9% | +10.5% | +11.7% |
Retail | +12.9% | +10.8% | +17.3% |
Other Income | +10.0% | +16.3% | +4.9% |
(1) Pro forma basis reflects the full 26 week year on year performance of Cinema City which became part of the Cineworld Group on 28 February 2014.(2) To provide information on a comparable basis, the prior year reflects the trading for the 26 weeks from 3 January 2014 to 3 July 2014. Where % change vs. prior year information includes performance generated in currencies other than sterling, the % is presented on a constant currency basis. On the basis of actual exchange rates, the total revenues increased by an amount of 7.7% (rather than the 11.2% increase on a constant currency basis). (3) CEE is defined as Central and Eastern Europe and includes Poland, Hungary, Romania, Czech Republic, Bulgaria and Slovakia.
We are pleased to announce a solid first half performance, with total pro forma revenue growth of 11.2%. Box office revenues have increased by 10.9%, with admissions growth in all territories with the exception of Slovakia. The nature of the film mix during the first half of the year as well as our improved range of retail offerings resulted in an increase in retail revenues of 12.9%. The growth in admissions and nature of the film mix also had a positive impact on advertising revenues, which are reflected within the 10.0% increase in other income.
During the first half of the year we traded well with a good film release schedule and in addition continued our expansion plans, by opening three new Cineworld cinemas in the UK (Swindon, Broughton and Silverburn, with 31 screens in total) and one Picturehouse (in East Dulwich with 3 screens). We have also recently completely redesigned and relaunched our Milton Keynes cinema and the former Cineworld site in the Trocadero in the West End of London as a 7 screen Picturehouse cinema. In H2 we are on track to open a further 6 cinemas in the UK (with a total 47 screens, of which 5 will be Picturehouse screens). In CEE & Israel, we opened a new 14 screen cinema in Bucharest, Romania and extended our existing cinema in Letnany, Czech Republic by 4 screens. 2 additional sites in Poland (15 screens) are scheduled to open within the next week, and a further 7 cinemas (77 screens) are scheduled to open throughout H2.
There is a promising film release programme during the second half of the year which includes titles such as "Star Wars: Episode VII", the final Hunger Games title "Hunger Games: Mockingjay Part 2" and the next James Bond film "Spectre". With our plans for continued expansion across the Group, the Board remains confident of delivering a performance for the year as a whole in line with current market expectations.
The Group is due to publish its interim results for the 26 weeks ended 2 July 2015 on 13 August 2015.
Contacts
Cineworld Group plc |
| Bell Pottinger |
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Israel Greidinger | 020 8987 5000 | Elly Williamson | 020 3772 2573 |
Charlotte Brookmyre | 020 8987 2317 |
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Notes to editors
About Cineworld Group plc
Cineworld Group plc was founded in 1995 and listed its shares on the London Stock Exchange in May 2007.
The company has grown organically and by acquisition to become one of the leading cinema groups in Europe with the number one or number two position by number of screens in each of its regions. Cineworld currently operates 1,927 screens across 208 sites in the UK and Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel.
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