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The price of shares in FTSE 250 leisure group Cineworld (LON:CINE) has increased by 2.66% to 211.38p (as of 09:50 GMT) after it said that the benefits from the acquisition of Regal had been greater than anticipated. Additionally, the US refurbishment programme and the launch of the Unlimited product had progressed well. However, management warned that the weaker box office would mean that trading for the full year would be below expectations despite strong strategic execution.
CEO Mooky Greidinger commented: “Despite the challenging backdrop, Cineworld has continued to execute well and our strategy of focusing on optimising customer experience remains unchanged. There is an impressive selection of movies to come, which coupled with our extensive premium technology-led offering and exciting food and beverage offerings, will contribute strongly to our operating results and underpin our mission to be “the best place to watch a movie”. I am confident both about the future of the theatrical business as a whole and most importantly our ability to be a leader in it“.