Revenue growth slows at Cineworld
The movie giant Cineworld yesterday blamed a dramatic slowdown in revenue growth on the "challenging consumer environment".
It saw a 2.1 per cent fall in cinema-goers' spending at the popcorn counter in the 26 weeks to July – down from almost 4 per cent growth in the first half of the year.
The impact of the global downturn was evident elsewhere, too: screen advertising revenues fell 10.9 per cent, and growth in box office takings would have been 8 per cent but was halved to 4.1 per cent when the last two months' takings were included.
Cineworld said that was partly because brands focused on the Euro 2012 football championships – and the "timing of the Olympics is expected to add to the challenges of a tough third quarter".
Overall revenues during the 26 weeks rose 1.1 per cent, mainly because Cineworld took more cash at the box office.
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