Cineworld shrugs off World Cup effect
Performance of 3D films helps boost H1 revenues by 3.7%LONDON -- The U.K.'s second largest movie theatre chain Cineworld Group said despite a fall in cinema going during the FIFA world cup soccer tournament in June, revenues for the first half of 2010 rose compared to the same period last year.
Cineworld, listed here on the AIM stock exchange, issued a preliminary statement to the market indicating total revenues rose 3.7% in the 26 weeks to July 1, 2010 from the same period in 2009.
A company spokesperson said the group does not issue figures to indicate what a 3.7% rise means until the results are published in August this year.
But the group said the performance for the first half of this year is in line with expectations and reflects a "strong" boxoffice in the first quarter resulting from successes such as "Avatar" and "Alice in Wonderland", as well as good boxoffice performances from "Iron Man 2" and "Sex and the City 2".
Looking ahead Cineworld said it aims to cash in on the plethora of upcoming 3D format releases after its decision to convert to digital projection its entire estate within three years in partnership with Arts Alliance Media.