Media

Cineworld’s revenue above 2019 levels in Ireland and Britain

Firm’s revenue has grown steadily since reopening and touched 90% of pre-pandemic levels in October

English actor Daniel Craig on the red carpet at the premiere of No Time to Die in London. The film helped drive Cineworld’s recovery. Photograph: Tolga Akmen/AFP via Getty

Mon Nov 15 2021 - 08:52

Cineworld’s revenue has grown steadily since reopening and touched 90 per cent of pre-pandemic levels in October, the cinema operator said on Monday, adding that the UK and the Republic of Ireland were experiencing greater demand compared with in 2019.

The world’s second-largest theatre operator also said the recovery has been driven by a strong slate of movies including Black Widow and No Time to Die and that it anticipates upcoming blockbusters to perform well if there is no deterioration in the Covid-19 situation.

Cinema operators globally are relying on blockbusters, including the upcoming The Matrix Resurrections, to help them get back on their feet after being battered by the Covid-19 pandemic and greater competition from streaming services.

Cineworld, which reopened theatres in April in the UK and in the summer in the Republic, said its October revenue from the UK and Ireland jumped to 127 per cent of 2019 levels, while the United States touched 80 per cent.

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Shares of the company, which gets the bulk of its revenue from its Regal cinemas in the United States, rose 5 per cent by 8.05am on the FTSE midcap index.

As a result of the improvement in revenue and tighter control of costs, Cineworld said it generated positive cash flow in October and described it as an important milestone in its recovery.

Its larger rival AMC Entertainment last week comfortably beat estimates for quarterly revenue. However, its boss warned that there were coronavirus-related challenges ahead. – Reuters

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