CINEWORLD GROUP plc - Financial Report
Published: 21 August 2008
Source: www.investegate.co.uk/Article.aspx?id=200808210700097693B
HIGHLIGHTS
Financial
- Group revenue up 0.9% to £137.0m (2007: £135.7m)
- EBITDA* at £21.5m (2007: £21.7m)**
- Operating profit up 19.5% to £14.1m (2007: £11.8m)**
- Operating cash flow before changes in working capital and provisions at £21.5m (2007: £19.8m)
- Net debt reduced to £125.4m from £129.6m in June 2007
- Reported EPS: 4.2p on basic earnings
- Proposed interim dividend of 3.2p per share (2007: 3.0p per share)
Operational
- Box office receipts up 1.0% at £89.6m (2007: £88.7m)
- Average ticket price per admission up 6.1% to £4.34 (2007: £4.09)
- Average retail spend per person up 5.4% to £1.73 (2007: £1.64)
- Market share remained firm throughout the half year period at 23.6% (2007: 23.9%) (source: EDI Neilsen)
- Admissions down 4.8% at 20.6m (2007: 21.7m) reflecting a lower number of blockbuster films than the previous year
- New 12 screen cinema opened at High Wycombe in March 2008
- Formation of joint venture with Odeon Cinemas Limited to drive screen advertising revenue
- Strong start to the second half of 2008.
"We achieved these results through a specific focus on the cost and mix of our offering. On the film side, the product mix was geared more to adult films which was a major factor in our average ticket price per admission improving to £4.34 (2007:£4.09). The change of both coffee and alcohol suppliers, more Ben & Jerry's kiosks installed, plus the upgrading of several of our retail areas resulted in our average retail spend per person rising to £1.73 (2007: £1.64)."
"In retail we successfully rolled out the Coffee Republic brand of freshly ground bean to cup coffee into all our retail stands and bars, thereby offering our customers a new and branded quality coffee product. We also appointed Carlsberg as our supplier for all draft beer and packaged alcohol and spirits across our estate."
