RE: Trading Update15 Nov 2021 08:00
Cineworld reported positive cash flow for October as it has seen strong demand since reopening, driven by an "excellent" film slate.
Box office and concession revenue neared pre-virus levels, standing at 90% of 2019's result in October on a constant currency basis, improving from just 50% in July. The UK & Ireland was the standout performer last month, with revenue exceeding 2019 levels.
The cinema operator pointed to a strong movie line-up, including the latest James Bond film and Dune. Further, there are still major blockbusters to be released in 2021, including 'Ghostbusters: Afterlife' and 'Spider-Man: No Way Home'.
The revenue performance has been underpinned by cost control, though the firm did note some inflationary pressures. Nonetheless, it generated positive cash flow in October, an "important milestone in the company's recovery".