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Revenues rise at Cineworld, 3D movies boost market share
27.10.2009
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The UK and Ireland cinema operator Cineworld has reported a 6.5pc increase in revenue for the 43 weeks to 22 October 2009, noting the impact of 3D movies on its market share.
Box office revenues, up 10.9pc year-on-year, underpinned the Cineworld’s performance, which the group said had to be set against the backdrop of exceptional Q3 trading last year due to the outstanding success of Mamma Mia, the ABBA musical starring Meryl Streep.
Cineworld said the second half of the year has so far seen a number of strong-performing films including Harry Potter and the Half Blood Prince, Ice Age 3 in 3D, The Hangover and Up in 3D, which is currently showing and continues to attract large audiences.
The group also reported a 5pc rise in retail revenues, which it said was a good performance given the challenging consumer environment.
However, Cineworld also reported a further weakening in screen advertising demand, although it noted that the strong performance of its box office and retail revenue streams compensated for this decline in ad income.
The group said its digital expansion continues to deliver good results. It also said it is capitalising on the increasing number of 3D films being released, which has contributed to an overall box office market share year to date in UK/Ireland of 23.8pc at the end of the period.
Cineworld said it had confidence that it would deliver continued growth for the full year in line with market expectations as the final quarter of the year features a “promising” film line-up including 2012, A Christmas Carol, The Twilight Saga – New Moon, St Trinian’s 2, Sherlock Holmes and James Cameron’s eagerly awaited Avatar.
Pictured: scene from Pixar’s Up, which Cineworld is screening in 3D
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