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Cineworld reports 'strong start' to H2
Cineworld has welcomed a "strong" start to the second half of the year, after it reported a slowdown in trading for the six months ending 30 June due to a "weaker film slate".
Despite the success of The King's Speech at the start of 2011, revenues in the first half of the year remained broadly flat. Overall pre-tax profits were down to £6.9m. The July release of the latest Harry Potter film helped the group enjoy a strong start to the second half, however, with an "excellent range" of films expected during the period.
Cineworld also reported a decline in the share of admissions attributable to 3D releases for the first half of the year, with visitors becoming "more discerning" between 2D and 3D. Stephen Wiener, the group's chief executive officer, said: "We are pleased to announce solid first half results where we achieved growth in both revenue and EBITDA despite a lower number of blockbuster and 3D film releases during the period.
"The second half of the financial year has started strongly for the Group, with an excellent range of blockbusters and 3D films. The fourth quarter brings an exciting line up of releases with titles, as well as a promising 3D film slate."
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