Regal Entertainment owner Cineworld has reported a revenue decrease of 11.1% for the first six months of 2019, to $2.15B from $2.42B in the comparable period last year. The dip at the world’s secon…
has reported a revenue decrease of 11.1% for the first six months of 2019, to $2.15B from $2.42B in the comparable period last year. The dip at the world’s second-largest exhibition chain was anticipated, it said, due to the timing of major film releases versus the first half of 2018. Encouraged by the second-half 2019 release schedule, the company said performance for the full year remains in line with expectations.
The refurbishment program following the Regal acquisition has six sites currently undergoing changes and more than 60 further development agreements. Four refurbishments were completed in the UK, in addition to the extension at The O2 in London — which is now the capital’s largest cinema with 19 screens and 4,500 seats.
In the UK and Ireland, total revenue decreased 5.2% on a constant currency basis with revenue from admissions down 8.2%. Similar to the U.S., the performance comps to a very strong early 2018. The Top 5 grossing films in the first six months of 2019 werefor a total $213.7M versus last year’s Top 5 which made $237.5M.
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