19 May 2016 07:00
19 May 2016
CINEWORLD GROUP PLCTrading Update
Cineworld Group plc (the "Group") announces the following trading update.
Revenues for the 19 weeks to 12 May 2016 were as follows:
Cineworld % change vs. prior period(1) | UK & Ireland % change vs. prior period | ROW(2) % change vs. prior period(1) | |
Total revenues | 9.8% | 8.5% | 12.2% |
Box Office | 7.6% | 5.5% | 12.1% |
Retail | 12.1% | 11.1% | 14.0% |
Other Income | 17.8% | 26.9% | 10.3% |
(1) To provide information on a comparable basis, 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 10.9% (rather than the 9.8% increase on a constant currency basis).(2) ROW is defined as Rest of the World and includes Poland, Hungary, Israel, Romania, Czech Republic, Bulgaria and Slovakia.
For the 19 week period ended 12 May 2016 solid revenue growth of 9.8% for the Group was achieved, with increased constant currency box office revenues of 7.6%. Admissions grew in both the UK & Ireland and ROW. Key releases in the period included "Deadpool", "Batman vs Superman", "Captain America: Civil War" and a number of family titles "Zootropolis", "Kung Fu Panda 3" and "The Jungle Book". Performance in ROW was particularly strong, with a number of successful locally produced movies including "7 Things You Do Not Know About Men" and "Roy History" in Poland and "Lida Baarova" in Czech Republic. The growth in retail revenues of 12.1% was driven by both the nature of the film mix and the extension of retail offerings, including Starbucks. The increased attendances for the year to date supported the Other Income line (which grew by 17.8%), with screen advertising revenues for the year to date particularly strong across the group.
We have continued the Group's strategic expansion with two new sites opened in April; Yate with 6 screens (UK) and Timishoara Nepi with 13 screens (Romania). In May another two sites are scheduled to open, Loughborough with 8 screens (UK) and Beer Sheeva with 18 screens (Israel). We have pro-actively focussed on our estate management, with the refurbishment programme progressing well. One six-screen site in the UK, Hammersmith, was closed during the period. We are currently contracted to open a further 8 cinemas across the Group during the year, 3 in the UK and 5 in ROW.
There is a promising release programme still to come during the first half of the year including "X-Men: Apocalypse" which opened in the UK yesterday, "Independence Day 2" and family titles "Alice Through The Looking Glass" and "The Secret Life of Pets". We remain confident of delivering a performance for the year as a whole in line with current market expectations.
The interim results for the period to 30 June 2016 will be announced on 11 August 2016.
Contacts
Cineworld Group plc
| Bell Pottinger | ||
Dean Moore | 020 8987 5000 | Elly Williamson | 020 3772 2573 |
Nisan Cohen | 020 8987 5000 | Zara de Belder |
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 2,034 screens across 220 sites in the UK, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel.