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.
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 instalment of the 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 £165.4m 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 Spiderman, Ice Age 4 and 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, according to Cineworld.
Comic-book adventure Avengers Assemble, which grossed more than £51m in the UK, was a stand-out performer and supported by 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 that the 3D format would spark a new era for cinema operators, which charge extra for the required glasses and in some cases more for a ticket.