Aug 8, 2019

Cineworld first half admissions fall on weaker film line up

Cineworld, the second largest cinema group in the world by screens, said that a weaker line up of films in the first half of the year prompted a drop in admissions, as it looks to entice viewers away from home streaming channels. The FTSE 250 company, which added more than 7,000 screens to its portfolio after it bought US chain Regal for $3.6bn last year, said that admissions fell 15 per cent to 136m in the six months to June. On a reported basis, which strips out the impact of the Regal acquisition, admissions increased 10 per cent. Revenues for the period, accounting for the Regal addition, fell 11 per cent to $2.1bn, just behind consensus forecasts of $2.2bn. Profit before tax fell 13 per cent to $139.7m. Sequels, which have so often provided a boost to cinema admissions in recent years, disappointed in the first of the year with films such as Men in Black: International and Lego Movie 2 failing to draw audiences in significant numbers. Mooky Greidinger, chief executive of Cineworld, said that he expected a better film slate in the second half.

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