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Cineworld raises profits guidance despite decline in attendance

Last updated: 05:12 14 Jan 2015 EST, First published: 06:12 14 Jan 2015 EST

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Cinemas operator Cineworld (LON:CINE) said results for the year just finished should be at the top end of the range of market expectations.

The group's cinemas in the UK & Ireland continued to outperform the market last year, Cineworld said.

The group saw a 3.7% decline in admissions year-on-year in the UK & Ireland in the 53 weeks to 1 January 2015 versus the comparable 52-week period, but this was more than compensated for by a 4% increase in the average selling price.

Stripping out the extra week in the 2015 results, the group's total revenues in the UK & Ireland were up 1.8%, while in its Central & Eastern European and its Israeli outlets, total revenues were up 1.5% year-on-year.

Total revenues for the group on a pro-forma 52-week basis were up 1.7%.

The group is looking forward to what it described as "a strong film release programme" for 2015 which includes: "Avengers: The Age of Ultron"; "Star Wars: Episode VII"; "Jurassic World"; "Hunger Games: Mockingjay Part 2"; and the next Bond film "Spectre".

Shares were up 1% at 409.6p in late morning trading.

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