15th Nov 2016 07:49
LONDON (Alliance News) - Cineworld Group PLC on Tuesday reported growth in revenue in the first 45 weeks of 2016 and said it is confident it will achieve full-year results in line with market expectations.
The cinema operator said total revenue in the 45 weeks ended November 10 grew by 11% year-on-year on a constant currency basis, with 8.4% growth in the UK & Ireland and 15% growth in the rest of the world.
Within this, total box office revenue rose by 8.5% and retail revenue increased by 14%.
On a reported basis, total revenue was up 15% year-on-year.
Cineworld said the second half of the year so far has benefited from family movies such as 'The Secret Life of Pets', 'Finding Dory', 'The BFG' and 'Trolls', while 'Bridget Jones's Baby' exceeded expectations.
Retail revenue was boosted by the opening of four additional Starbucks coffee shop concessions during the second half, which takes the total number in the estate to 23.
Cineworld added it is confident of delivering results in line with current market expectations for the full year, with the release of 'Fantastic Beasts and Where to Find Them' and 'Star Wars: Rogue One' yet to come.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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