(Sharecast News) - Theatre operator Cineworld said on Friday that it had successfully generated positive cash flow in the fourth quarter of 2021 thanks to steady growth in performances and attendances over the period.
Cineworld said box office and concession revenues were "particularly strong" in December, at 88% of 2019's pre-Covid level, driven by the success of Spider-Man: No Way Home across the US, UK, and rest of the world as it became the first film to gross more than $1.5bn since the onset of the pandemic.
Changes in the film slate for November, mainly due to Top Gun: Maverick moving to May 2022, did somewhat impact the gradual recovery.
Chief executive Mooky Greidinger said: "We are pleased to see continued strong demand amongst audiences for cinema experiences, supported by a slate of high-quality and high-performing movies. This demonstrates that fans are continuing to choose the unrivalled theatrical experience.
"We have seen recovery in theatre attendances across our geographies, which generated a positive cashflow performance for Q4. Whilst there are challenges ahead, we are excited to welcome customers to our cinemas to enjoy the highly anticipated slate of movies throughout 2022."
31 Jul 2023 15:26
IN BRIEF: Cineworld formally enters administration as planned
Cineworld Group PLC - London-based cinema chain - Says its parent company has formally entered administration, following outlining such plans on Friday last week. Says this does not apply to any of the operating companies or subsidiaries in the rest of the group, and will not affect the status or rights of any of the group's employees.
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