Cineworld reports weak start to financial year

Cineworld reports weak start to financial year

Cineworld (CINE) had a weak start to the 2019 financial year, as the cinema operator had previously warned. Admissions fell 14.4 per cent to 136m, while box-office sales were down 14.9 per cent to $1.29bn (£1.06bn). This contributed to an 11.1 per cent drop in group sales to $2.15bn on a pro-forma basis, as if Regal entertainment had been consolidated for the entirety of the comparative period, rather than four months of it. The continued integration of Regal is going to plan, with $150m of synergies expected to be achieved.

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