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Cineworld banks on Bond to meet full-year target
November 13, 2012 / 8:21 AM / in 5 years

Cineworld banks on Bond to meet full-year target

Nov 13 (Reuters) - UK-based cinema chain Cineworld Group Plc is banking on the latest James Bond film, “Skyfall”, to put behind a lacklustre third quarter, which saw admissions dip due to the London Olympics and the lack of major releases.

The company, which operates about 80 cinemas in the United Kingdom, has films such as “Twilight Saga: Breaking Dawn 2” and “The Hobbit” lined up for the current quarter and said it expects full-year results to meet market expectations.

“Skyfall”, which has enjoyed the best opening in half a century of Bond films, gave a strong start to the current quarter, Cineworld said.

Total revenue during the 19 weeks to Nov. 8 fell 1.4 percent. Average ticket price rose 4 percent, but admissions fell 4.1 percent. The company was also hurt by a removal of booking fees and comparatively lower sales of 3D glasses.

Cineworld’s shares were up 2 percent at 243.75 pence at 0819 GMT on the London Stock Exchange on Tuesday.

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