Bond helps Cineworld revenue in the UK and Ireland reach pre-pandemic levels

0
15

Cineworld, the second largest cinema chain in the world, reported that revenues surpassed pre-pandemic levels in the UK and Ireland thanks to an “excellent list of films”.

The company, which was heavily criticized by staff at the height of the health emergency when it closed its screens, reopened in April in hopes that a backlog of late releases would drive a recovery in its fortunes.

Cineworld said Monday that the group’s revenue grew steadily and hit 90% of pre-pandemic levels in October.

The figure for the UK and Ireland reached 127%, the statement added.

He credited films including Black Widow and the latest James Bond release No Time to Die and predicted it would continue to perform well had there not been a deterioration in the COVID-19 situation.

The company said major blockbusters yet to be released in 2021 include Ghostbusters: Afterlife, Spider-Man: No Way Home, and The Matrix Resurrections.

He said revenue performance is improving in a context of continued cost discipline, including “streamlining (of) operations where possible”.

Cineworld, which owns the vast Regal cinema estate, is battling a pile of debt in excess of $ 8 billion, compounded by massive losses during the coronavirus crisis.

The company revealed in August that it was considering raising money on Wall Street through a Cineworld stock exchange or a Regal spin-off.

Cineworld said the group generated positive cash flow in October, describing it as “an important milestone in the company’s recovery”.

Chief Executive Mooky Greidinger added, “We are thrilled to see the audience return in significant numbers.

“Our partnerships with the studios are stronger than ever and with the incredible list of films on the way, there are real reasons for optimism in our industry.”

Shares were up 6% in early trading.

LEAVE A REPLY

Please enter your comment!
Please enter your name here