26th May 2015 06:41
LONDON (Alliance News) - Cineworld Group PLC Tuesday reported a rise in revenue in the first 19 weeks of 2015 as sales grew in each of its divisions, and said it is confident it will meet market expectations for the full year.
The cinema operator said total sales in the 19 weeks to May 14 grew 26.8% on the year before, with the box office growing 23.8%, retail rising 27.9% and other income up 47.1%.
Cineworld said that all the territories in which it operates showed year-on-year growth, with the exception of Slovakia which had a small decline. Total revenue in the UK and Ireland grew 8.8%, while Central and Eastern Europe and Israel was up 14.4% on a constant currency basis.
The company added that retail spend per person increased in all territories, benefiting from a mix of films and an improving range of retail offerings. Other income includes advertising revenue which benefited from the growth in admissions and nature of the film mix, it said.
Two new Cineworld cinemas were opened in the period in Swindon and Broughton in the UK, and a Picturehouse cinema was opened in East Dulwich. One new cinema was opened in Bucharest in Romania.
A further eight cinemas are planned to open in the UK during the remainder of 2015, with another eight in Central and Eastern Europe and Israel.
"There is a promising film release programme for the remainder of the first half which includes 'San Andreas', 'Jurassic World' and 'Minions'. The second half of 2015 is encouraging with titles such as 'Star Wars: Episode VII', the final Hunger Games title 'Hunger Games: Mockingjay Part 2' and the next 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," Cineworld said in a statement.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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