Cineworld has released an in line YE trading update, with double-digit growth across the 3 revenue drivers. We were anticipating a forecast beat, so are a tad disappointed from this perspective. New openings for FY15 are broadly in line but we note the FY16 guidance looks light relative to previous guidance. Our Buy stance has served us well for the last 18 months, but we expect the shares to consolidate at current levels over the first half of 2016 and thus move to a Hold with a 550p TP.
