Cineworld poised to meet full year forecasts

Cinema chain Cineworld said it expects 2012 profit to be in line with forecasts despite distractions from the Diamond Jubilee, Olympics and European Football Championship.

Cinema chain Cineworld said it expects 2012 profit to be in line with forecasts despite distractions from the Diamond Jubilee, Olympics and European Football Championship.

As expected, the full year was weighted towards the fourth quarter as moviegoers flocked to see the latest Bond movie Skyfall which, to date, has grossed over £100m in the UK.

Other strong film performances in the quarter included Twilight: Breaking Dawn part 2 and The Hobbit.

Total revenue at Cineworld for the 52 weeks ended December 27th, excluding Picturehouse, rose 2.4%. Box office was boosted by a higher average ticket price, up 5% from the same period a year earlier. Admission fell by 1.1%.

Spend per person for the year increased by 1.9% compared with the previous year.

Overall box office market share in UK/Ireland was maintained at 24.7% for the year versus 24.8% in 2011.

The decline in other income was due to the removal of the booking fee and comparatively lower 3D glasses sales, after fewer 3D films were shown in the period. Screen advertising revenues were marginally ahead as compared with the prior year, the group explained.

Cineworld's film release programme for 2013 includes Les Miserables, Star Trek, Iron Man 3 and The Hobbit part 2.

"With our plans for continued expansion, we look forward to delivering further value to shareholders in the forthcoming year," it said.

CJ

Recommended

HubSpot: a tech stock set to tumble
Trading

HubSpot: a tech stock set to tumble

US tech stocks have had a fantastic couple of years. But this year is unlikely to be so bullish for high-fliers that can’t turn big profits.
18 Jan 2022
How to be better at selling stocks
Investment strategy

How to be better at selling stocks

There is plenty of advice around about buying stocks, but not so much about when you should sell. John Stepek explains the two key things to know abou…
14 Jan 2022
Share tips of the week – 14 January
Share tips

Share tips of the week – 14 January

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
14 Jan 2022
Fintech: how to profit as technology transforms banking around the world
Share tips

Fintech: how to profit as technology transforms banking around the world

Financial technology – from apps to APIs to the cloud – is rapidly transforming financial services. This will spell doom for some incumbent firms, whi…
14 Jan 2022

Most Popular

Five unexpected events that could shock the markets in 2022
Stockmarkets

Five unexpected events that could shock the markets in 2022

Forget Covid-19 – it’s the unexpected twists that will rattle markets in 2022, says Matthew Lynn. Here are five possibilities
31 Dec 2021
US inflation is at its highest since 1982. Why aren’t markets panicking?
Inflation

US inflation is at its highest since 1982. Why aren’t markets panicking?

US inflation is at 7% – the last time it was this high interest rates were at 14%. But instead of panicking, markets just shrugged. John Stepek explai…
13 Jan 2022
Tech stocks teeter as US Treasury bond yields rise
Tech stocks

Tech stocks teeter as US Treasury bond yields rise

The realisation that central banks are about to tighten their monetary policies caused a sell-off in the tech-heavy Nasdaq stock index and the biggest…
14 Jan 2022