The King's Speech may have been an award winning critical and box office success, but it seems to have disappointed Cineworld.
Reporting flat revenues for the first half of the year compared to the same period in 2010, the cinema operator said that was a credible performance given the current economic environment and "a less favourable mix of films." This seems to include Colin Firth's performance as King George VI:
Films such as the King's Speech, while being a successful film, attracted a higher proportion of older customers who on average spend less on food and drink.
So there it is. Cineworld would prefer 3D blockbusters aimed at popcorn-munching and coke-guzzling teenagers. In the first three months of the year there were a lack of these, but from Cineworld's point of view things picked up in the second quarter and more are on the way over the summer, with the likes of Captain America: First Avenger, Transformers: Dark Side of The Moon and the final Harry Potter film.
So the company is confident of meeting market expectations for the full year. Its shares - which fell 3% earlier this month after the sudden departure of its finance director - added 4p to 199.75p. Nigel Parson at Evolution Securities said:
The year is panning out much as predicted with a good second quarter following a weaker first quarter. Looking forward, the third quarter comparatives are tough but this year's film slate is strong. The digital roll-out continues well which should facilitate further market share gains from the 3D slate.
