×

Cineworld Sees Revenue Drop 11% in First Half of 2019, Looks to Latter Half to Hit Targets

Revenues for Cineworld were down 11% in the first six months of 2019 compared to the same period last year, despite the strong performance of tentpoles such as “Avengers: Endgame” and “Captain Marvel.” The exhibition giant blamed the drop on the timing of major releases and said it was nonetheless on track to hit its full-year targets on the strength of several hotly anticipated movies launching in the second half of the year.

Cineworld CEO Mooky Greidinger said that a strong July boded well for the group. “The Lion King” and “Spider-Man: Far From Home” both hit theaters last month.

“Supported by a strong box office performance in July and a very encouraging second-half release schedule, we maintain our outlook for the full-year performance of the business,” Greidinger said. “Very strong admissions for ‘The Lion King’ demonstrated the ongoing popularity of the theatrical business around the globe, while ‘Avengers: Endgame’ was the highest-grossing movie of all time. Still to come are ‘It Chapter Two,’ ‘Joker,’ ‘Frozen 2,’ and one of the most anticipated movies in recent years, ‘Star Wars: The Rise of Skywalker.’

Admissions hit 136 million in the first half of the year, compared to 159 million in the same period a year earlier. EBIDTA profit was down 12% at $488.5 million. Revenue of $2.2 billion was down 11%. The comparative period includes four months of Regal Entertainment Group’s results after Cineworld completed acquisition of the chain in February 2018.

Popular on Variety

Cineworld said it is on track to deliver $150 million of synergies from the acquisition.

“Following the successful acquisition of Regal in 2018, management will continue to focus on generating further cost savings as well as develop our long term refurbishment plans in the United States, all of which will continue to bring significant benefits and returns to the group and shareholders for years to come,” said Anthony Bloom, chairman of Cineworld.

More Film

  • Mama Weed

    'Divorce Club,' 'Mama Weed,' 'Under The Stars of Paris' Among Highlights at UniFrance RDV

    A mix of comedies such as Isabelle Huppert starrer “Mama Weed” (pictured) and Michaël Youn’s “Divorce Club,” and director-driven titles like Claus Drexel’s “Under The Stars of Paris” were among the most buzzed-about market premieres of the UniFrance Rendez-Vous with French Cinema. The five-day showcase kicked off Jan. 17 with the world premiere of Martin [...]

  • Catia Rossi/Vision Distribution

    Sky Italia's Vision Distribution to Launch Film Sales Company at Berlin's EFM (EXCLUSIVE)

    Vision Distribution, the Italian theatrical distributor jointly operated by pay-TV operator Sky Italia and five prominent Italian production companies, is expanding into international film sales with a new company called Vision Distribution International, to be headed by veteran sales agent Catia Rossi. The new sales company will launch at the Berlin fest’s European Film Market in [...]

  • Olivier Assayas, Serge Toubiana, Daniela Elstner

    Olivier Assayas Dedicates French Cinema Award to Juliette Binoche

    After Eric Toledano and Olivier Nakache (“The Intouchables”), Isabelle Huppert (“Elle”) and Juliette Binoche (“Let the Sunshine In”), it was Olivier Assayas’s turn to receive the French Cinema Award from the film promotion org UniFrance on Jan. 19. Assayas was celebrated by UniFrance’s president Serge Toubiana and newly-appointed managing director Daniela Elstner for his contribution [...]

  • Spirited Away

    Netflix to Carry Iconic Studio Ghibli Animated Films

    The iconic animated features of Japan’s Studio Ghibli will be available on Netflix from February. The move is a further change of position for the studio which has repeatedly resisted the idea that its beloved cartoons would be released on digital platforms. Netflix, sales agent Wild Bunch, and Studio Ghibli, which counts Hayao Miyazaki as [...]

  • Outstanding Performance by a Cast in

    SAG Awards 2020: 'Parasite' Makes History; 'The Crown,' 'Mrs. Maisel' Earn Top TV Honors

    Neon’s “Parasite” won best motion picture cast at the 26th Screen Actors Guild Awards on Sunday, becoming the first foreign language film to pick up the top prize. Netflix’s “The Crown” was named best TV drama and Amazon’s “The Marvelous Mrs. Maisel” earned the prize for best TV comedy in a strong showing for streaming [...]

  • Cho Yeo-jeong, Choi Woo-shik, Lee Jeong-eun,

    SAG Awards 2020: The Biggest Snubs and Surprises

    The Screen Actors Guild Awards are always the first peer group ceremony of the new year, giving those who make films and television series the chance to celebrate each other. Going into the 26th annual ceremony, which took place Jan. 19, the nominees were a mix of industry veterans and beloved favorite and some newer-comers, [...]

More From Our Brands

Access exclusive content