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12 Jan 2016 07:00
12 January 2016
CINEWORLD GROUP PLCTrading Update
Cineworld Group plc (the "Group") announces the following trading update.
Revenues for the 52 weeks to 31 December 2015 were as follows:
Cineworld Group pro forma(1) % change vs. prior period(2) | UK & Ireland % change vs. prior period | CEE(3) & Israel pro forma % change vs. prior period(2) | |
Total revenues | +12.3% | +11.6% | +13.7% |
Box Office | +11.6% | +11.2% | +12.7% |
Retail | +13.7% | +11.4% | +18.5% |
Other Income | +13.4% | +15.5% | +11.6% |
(1) Pro forma basis reflects the full 52 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 52 weeks from 3 January 2014 to 1 January 2015. 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 9.1% (rather than the 12.3% 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 anticipate that Group profitability for the year ended 31 December 2015 will be in line with current market expectations.
The Group achieved strong revenue growth for the period, with increased pro forma box office revenues of 11.6% for the 52 week period ended 31 December 2015. There was admissions growth in both the UK & Ireland and CEE & Israel. In the fourth quarter there were three strong film performances, "Spectre", "Hunger Games: Mockingjay Part 2" and "Star Wars: The Force Awakens". The increase in admissions and the nature of the film mix drove the growth in retail revenues (which increased by 13.7%) as well as advertising and distribution revenues, both of which are reflected within the 13.4% increase in Other Income.
The Group now operates over 2,000 screens, achieving a record number of 18 site openings during 2015, 10 in the UK and 8 in CEE & Israel. During the period we continued to expand the breadth of our customer experience, with our first UK VIP Experience launched in Sheffield in December, and we increased the number of IMAX screens (to 28) and 4DX screens (to 14). We have also continued to increase the number of Starbucks outlets in our UK cinemas, taking the total number to 17 at 31 December 2015. We are continuing with our strategic expansion and renovation plans during 2016 when there are 13 new sites scheduled to open, 6 in the UK and 7 in CEE & Israel, and several major refurbishments.
There is an attractive film slate for 2016 which includes "Fantastic Beasts And Where To Find Them", "The BFG", "Star Wars: Rogue One", "Finding Dory" and "Captain America: Civil War". With a strong balance sheet and our plans for continued expansion, we look forward to delivering further value to shareholders in the forthcoming year.
The full year results will be announced on 10 March 2016.
Contacts
Cineworld Group plc
| Bell Pottinger | ||
Israel Greidinger | 020 8987 5000 | Elly Williamson | 020 3772 2573 |
Nisan Cohen | 020 8987 5000 |
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 2,011 screens across 218 sites in the UK, Ireland, Poland, the Czech Republic, Slovakia, Hungary, Bulgaria, Romania and Israel.
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