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Cineworld Group Revenues Down 9.7%; Sees FY Trading Slightly Below Its View

Cineworld Group plc. (CINE.L) reported that its total revenues for the period 1 January 2019 to 1 December 2019 declined 9.7 percent, while it was down 8.5 percent at Constant Currency basis.

Mooky Greidinger, Chief Executive Officer of Cineworld Group plc, said, "Despite the challenging backdrop, Cineworld has continued to execute well and our strategy of focusing on optimising customer experience remains unchanged."

The company noted that the box office performance for the reported period was slower than the comparative period in 2018 reflecting the phasing of major releases and postponement of some highly anticipated movies to 2020.

The company expects trading for the full year to be slightly below management's expectations, reflecting the weaker full year box office, partially offset by strong execution of synergies and revenue initiatives.

Goldman Sachs International has been appointed as a joint corporate broker alongside the Group's existing advisers.

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