05 July 2012 10:47
Cinema chain Cineworld has announced that revenues in both its box office and its retail division rose in the first half of its financial year, although it said the second half is likely to be more challenging.
In the 26 weeks ended June 28th, the group saw total revenues rise 1.1%, driven by a rise of 4.1% in box office revenue, reflecting growth in average ticket price and marginally lower admission levels. Meanwhile, a rise of 2.1% in retail was affected by marginally lower spend per person of 1.3% reflecting the challenging consumer environment.
In a statement, the company said that the second half of the year would include the completion of a new seven-screen cinema in Aldershot and the completion of the conversion of its digital projection estate by the end of the summer.
The group added that, whilst the timing of the Olympics is expected to add to the challenges of a tough third-quarter comparative, the line-up of films for the second half included a strong 3D offering such as "The Amazing Spiderman", "Ice Age 4" and "The Hobbit", matched by a hotly-anticipaed range of 2D films including "The Dark Knight Rises", the concluding film of the Twilight series "Twilight Saga: Breaking Dawn (part 2)" and the next Bond title, "Skyfall".
Concluding, the company added that it remained confident of delivering growth for the year as a whole in line with current market expectations.