Cineworld has said a “strong” series of films by the end of 2021, including James Bond films No Time To Die and Spider-Man: No Way Home, has helped boost audience numbers again.
owever, the world’s second-largest cinema chain, said the spread of the Omicron variant of Covid-19 and a lack of major releases affected its business in January and February.
It added that it expects strong trading to begin this month due to the many strong and full-fledged movies, including Batman.
Mooky Greidinger, chief executive officer of Cineworld, said the group is now “well positioned to execute on its strategy and take advantage of the highly anticipated movie schedule” for the rest of the year.
We were encouraged by recent strong trading activity throughout the last quarterMooky Greidinger, CEO of Cineworld
He highlighted a host of blockbusters slated for release in late 2022, including Avatar 2, Top Gun Maverick, Jurassic World: Dominion, Minions: The Rise of Gru, Doctor Strange In The Multiverse Of Madness , Thor: Love and Thunder, and Black Panther: Wakanda Forever.
The company revealed on Thursday that enrollment has increased 75.2% to 95.3 million in 2021 as it benefits from the easing of pandemic restrictions.
It added that total revenue jumped to US$1.8 billion (£1.37 billion) for the year, compared with $852 million (£646 million) in 2020.
As a result, it also cut its annual loss to US$565.8 million (£429 million), compared with its massive $2.6 billion loss year-on-year.
Mr. Greidinger added: “While our 2021 results still reflect the effects of Covid-19, especially at the start of the financial year, we are encouraged by recent strong trading activity in the financial year. throughout the last quarter.
“It is clear that our customers remain loyal and have missed out on the big screen experience and the sociability of watching movies with others.
“Our strong final quarter performance reflects pent-up demand for affordable out-of-home entertainment, and the list of record-breaking films, including Spider-Man: No Way Home, shows just how important that is. of cinematic releases.”
Shares of Cineworld have fallen about two-thirds over the past year as optimism about a recovery has been dampened by two regulatory signals.
In September, the London-listed business reached an agreement to pay US$170 million to disgruntled Regal shareholders, who were disappointed with the price they paid for the US cinema chain because after a dispute.
Specifically, in December, Cineworld shares fell 30% after being ordered by a court to pay 1.23 billion Canadian dollars (£720 million) after deciding not to take over Canadian rival Cineplex during the pandemic. outbreak.
The company’s shares jumped more than 3% in early trading.
https://www.independent.ie/entertainment/movies/james-bond-and-spider-man-spark-audience-recovery-at-cineworld-41456888.html James Bond and Spider-Man attract audience recovery at Cineworld