14th Jan 2015 07:42
LONDON (Alliance News) - Cineworld Group PLC on Wednesday posted a rise in revenue for the full year and said it expects its profit for the year to be at the top end of market guidance, as its UK and Ireland business outperformed the wider market.
The FTSE 250-listed cinema chain said total revenue for the 53 weeks to January 1 was up 5.2% year-on-year, noting this year includes an extra trading week. On a 52-week comparison, group revenue rose 1.7% year-on-year.
For the UK & Ireland, total revenue in the 52-week period rose 1.8%, with box office receipts up 0.1%, retail income rising 2.3%, and other income contributing 14.8%.
The rise in the box office revenue in the UK & Ireland came despite a 3.7% fall in admissions over the year, which was offset by a 4% increase in the average ticket selling price.
In its Central Europe and Israel business, total revenue increased 1.5%, boosted by a particularly strong performance in Poland, Cineworld said.
Over the year, the group opened two new cinemas in the UK and two in Romania. It is currently contracted to open a further 11 in the UK and 10 in its Central Europe and Israel business in 2015, 18 of which are under construction.
The group said it expects its 2015 performance to be robust on the back of a number of big upcoming releases, including 'Avengers: The Age Of Ultron', 'Star Wars: Episode VII', and the latest James Bond installment, 'Spectre'.
By Sam Unsted; [email protected]; @SamUAtAlliance
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