Refresh for latest…: Cineworld Group, the world’s second-largest exhibitor and owner of Regal in the U.S., saw significant improvement in 2021 versus 2020, as revenues rose by nearly 112% to $1.805 billion, the company said this morning as it reported full-year results in London. Operating profit also rebounded, reaching $15.8 million, up from a 2020 loss of $2.258 billion. The group overall recorded a $708.3 million pre-tax loss across the Covid-impacted year in which cinemas were closed for most of the first half. This was a substantial improvement on the 2020 loss of just over $3 billion.
The results for the year ended December 31, 2021, which include U.S., UK and rest of world operations, demonstrate resilience in a very challenging market, the company said. Cineworld noted it has strengthened its liquidity position, raising over $424.9 million and receiving $203 million under the United States Cares Act tax refund in 2021.
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The group said it continues to maintain tight control over its operating costs and cash usage and “is in a good position to benefit from the expected industry recovery.”
The fourth quarter saw strong trading powered by a slate of major tentpoles including Sony/Marvel’s Spider-Man: No Way Home and MGM/Eon/Universal’s No Time To Die which resulted in positive cash flow.
Total admissions for the group increased by 75.2% year on year to 95.3 million, reflecting the length of closures required due to Covid in 2020 and 2021 and film content available in each year.
Since reopening, trading “has been encouraging and increasingly improving,” Cineworld said in its earnings statement. The $1.88 billion success of Spider-Man: No Way Home “demonstrates the love and loyalty to the big screen,” the group noted.
CEO Mooky Greidinger added, “Whilst our 2021 results still reflect the impacts of COVID-19, particularly at the start of the financial year, we are encouraged by the recent strong trading performance throughout the final quarter. It is clear that our customers remain loyal and have missed the big screen experience as well as the sociability of watching a movie with others. Our strong final quarter performance reflects the pent-up demand for affordable out-of-home entertainment and the record breaking film slate, including Spider-Man: No Way Home, which showcased the importance of cinematic releases. The business is well positioned to execute its strategy and capitalize on the highly anticipated movie schedule, which includes Avatar, Top Gun Maverick, Jurassic World: Dominion, Minions: The Rise of Gru, Doctor Strange in the Multiverse of Madness, Thor: Love and Thunder, Black Panther: Wakanda Forever, Bullet Train, Spider-Man: Across the Spider-Verse, Pixar’s Lightyear, Fantastic Beasts, Elvis and many more. I want to thank everyone across our team who make it possible for our customers to experience the best place to watch a movie.”
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