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Cineworld reported a fall in profits on lower revenues in the first half of the year blaming the timing of major film releases in the year.
For the 6 month period ended 30 June 2019, pre-tax profits fell to $139.7m from $160.2m as revenue fell 11.1% with its US and UK segments slipping 13.8% and 5.2%, respectively, while the Rest of World (ROW) segment was up 3.4%.
Box office revenues, which accounts for the bulk of revenue, fell 14.9% as total admissions decreased by 14.4% to 136.0m, reflecting the difference in timing of major releases year on year, the company said.
Retail sales of food and drink for consumption within cinemas, the group's second most significant source of revenue, fell 7.7%.
The company said the second half of the year was off to a good start with the release of "Spiderman: Far From Home", "The Lion King" and "Fast and Furious: Hobbs & Shaw".
For the remainder of the year, the film slate looked strong, with several films set to be released, including "It Chapter Two", "Joker", "Maleficent: Mistress of Evil", "Terminator: Dark Fate", "Frozen 2", "Jumanji: The Next Level", "Star Wars: The Rise of Skywalker" and many more.
'Based on the film slate in the second half and our first half results, we remain confident in delivering a performance for the full year in line with management's expectations,' the company said.
At 8:29am: (LON:CINE) Cineworld Group PLC share price was +3p at 249p