Cineworld confident for year ahead

Cinema chain Cineworld said total revenues increased 6.3 per cent for the 19 weeks to 10 May 2012 and remains confident about delivering growth in the year ahead.

Cinemagoers are expected to flock to blockbuster The Avengers and American Pie: Reunion. The Avengers, based on the Marvel comics superhero team, broke box office records on its opening week-end in the US.

Box office revenue rose 8.6% during the 19-week period while retail climbed 3.9%. Other income, which includes booking fees and 3D glass sales, fell 10.1%.

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Cineworld has removed booking fees and started a 10% discount for tickets booked online in March 2012.

Cineworld's box office market share was broadly in line with the same period last year at 24.5%. Box office benefited from 3.3% more admissions, with average ticket price up by 5%.

Cineworld said it is gearing up for a strong line-up of films for the remainder of the first half, "The Dictator", "Snow White and the Huntsman" and in 3D "Men in Black 3" and "Prometheus".

"Whilst these film releases coincide with the forthcoming European football championships together with a challenging June comparative trading period, the group expects to maintain revenues for the half year at a similar level to last year," it added.

Second half releases include strong 3D product including "The Amazing Spiderman", "Ice Age 4" and "The Hobbit".

The concluding film of the Twilight series "Twilight Saga: Breaking Dawn (part 2)", the next Bond title "Skyfall" and "The Dark Knight Rises" are also scheduled for release in the second half.

"The Board remains confident of delivering growth for the year as a whole in line with current market expectations."

CJ