007 will save the world and maybe cinema sector too

Friday 17 August 2012

James Bond is expected to do more than save the world this year as the UK's largest cinema operator looks to the secret agent's latest adventure to boost waning audiences.

AGENT OF SUCCESS: Cineworld hopes the new James Bond adventure, Skyfall -- starring Daniel Craig -- will help boost revenues this year.

Custom byline text:

jamie GRIERSON

Cineworld saw box office admissions drop 0.8% in the 26 weeks to June 28, although revenues held up as the group increased average ticket prices by 5% to £5.15.

The group, which has 79 cinemas and 811 screens, said it was in line to meet full year expectations due to a strong second-half film line-up including the latest Bond film Skyfall, The Hobbit and the final film in the vampire romance Twilight series.

Cineworld chief executive Stephen Wiener said: "The timing of these releases means that trade is expected to be strongest in the last two months of the year."The company – based in Chiswick, west London – said total revenues were 1.1% higher at £165.4 million in the half year, while operating profits increased by 21.5% to £15.8m.Wayne Brown, analyst at Cannacord Genuity, said: "These results are encouraging, as the first half of the year was up against tough comparatives and set against a period containing global sporting events and a weaker film slate when compared to last year."Cineworld said the start of the second half – including the Olympics period – had performed in line with expectations with key titles including The Amazing Spider-man, Ice Age 4 and the final Batman instalment The Dark Knight Rises.Box office revenues were spread across a number of films in the first-half, with the top 10 highest grossing films accounting for roughly 40% of Cineworld's total box office takings, according to the company.The comic-book adventure Avengers Assemble, which grossed more than £51m in the UK, was a stand-out performer and was supported by good showings from Men in Black 3, The Hunger Games and science-fiction thriller Prometheus.The group said the performance of 3D films has been "stabilising" over the last year with 15 3D film releases during the first half, compared with 17 last year, representing around 15% of Cineworld's admissions, a little lower than the 17% in 2011.There have been worrying signs that the 3D boom may already be over after the British Film Institute released a survey showing 3D takings were down despite a doubling in the number of films in this format.It was hoped the 3D format would spark a new era for cinema firms, which charge extra for the required glasses and sometimes also for tickets.Film studios are becoming "increasingly adept" in discerning the genre and target audience of 3D films, but added: "The quality of 3D film product remains absolutely critical."Retail revenue – such as refreshments and snacks – was 2.1% lower than the previous year, with the average spend per person dipping to £1.65.Cineworld shares have risen 30% in the past year, but were broadly flat after the results.

Contextual targeting label:

Arts and Entertainment

Commenting & Moderation

We moderate all comments on HeraldScotland on either a pre-moderated or post-moderated basis. If you're a relatively new user then your comments will be reviewed before publication and if we know you well then your comments will be subject to moderation only if other users or the moderators believe you've broken the rules, which are available here.

Moderation is undertaken full-time 9am-6pm on weekdays, and on a part-time basis outwith those hours. Please be patient if your posts are not approved instantly.

007 will save the world and maybe cinema sector too

Commenting & Moderation

MOST READ

SPONSORED LINKS

MOST COMMENTED