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World Cup fails to dent Cineworld growth
This summer's football World Cup has failed to dent Cineworld's growth after the cinema operator posted a 3.8 per cent increase in revenue during the 26 weeks to 1 July.
Compared with a pro-rated 26-week period in 2009, the group also posted a 5.2 per cent growth in EBITDA and a £5.9m reduction in net debt to £115.5m. However, operating profit declined by 2.6 per cent to £14.8m. Cineworld has admitted that admissions decreased by 3 per cent for the 26-week period as a result of the World Cup, but also revealed a major deal with Arts Alliance Media for the digital conversion of the remainder of its estate.
Stephen Wiener, the group's chief executive officer, said: "We have had a busy first half strategically and announced important news for both our customers and shareholders. "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 looks equally strong and brings an exciting line up of releases, as well as a promising 3D film slate."
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