Plus   Neg

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.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Swiss drug major Novartis AG reported Wednesday that its fourth-quarter net profit declined, while operating income climbed on strong sales growth. Looking ahead, for fiscal 2020, the company expects net sales to grow mid to high-single digit and core operating income to grow high-single to low double digit, both in constant currency. Starbucks on Tuesday said it has closed more than half of its stores in China temporarily due to the worsening coronavirus outbreak that claimed around 132 lives in the country. The coffee giant is also monitoring and modifying the operating hours of all of its stores in the region.The closed store count would be more than 2000 as Starbucks operates almost 4,300 outlets in China. eBay Inc. (EBAY) Wednesday reported a fourth-quarter profit that trumped Wall Street analysts' estimates, as did revenues. However, shares of the company slipped over 5% after the company issued a weak outlook for the first quarter. eBay's fourth-quarter profit dropped to $558 million or $0.69 per...
Follow RTT