VUE - 2Q16 RESULTS
​Vue International, the third largest European cinema operator by number of screens, reported weaker than expected 2Q16 results for the 3 months period ended May 2016. After several quarters of strong growth (+8.4% in 1Q16, +24.1% in 4Q15, +8.7% in 3Q15) driven by favorable market dynamics, the topline in 2Q16 was down by 4.3% to £153m at constant currency rate (CCR). Due to negative operating leverage EBITDA shrank by 20.9% CCR to £20m while the margin gave in 280bps to 12.9%. As a result, FCF came in weaker at -£17m in 2Q16 and £24m on a LTM basis representing only 4.5% of net debt.
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