Film theatre operator Cineworld narrowed losses as Covid lockdowns eased globally and said it expected a strong return to trading in March after a hit from the Omicron strain of the virus at the start of 2022.
Pre-tax losses for calendar 2021 came in at $708m compared with a loss of $3bn a year earlier. Revenue more than doubled to $1.8bn.
Net debt excluding lease liabilities increased by $492.7m to $4.8bn due to the impact of the pandemic and fund raising undertaken by the group during the year.
The company said January and February trading was impacted by Omicron and lack of major movie releases but it anticipated “strong trading starting March 2022 supported by a strong and full film slate”.
“Although the COVID-19 pandemic continues to impact our global operations, we are encouraged by our return to trading, the continued recovery seen across our industry and the return to profitability and cash flow generation in the fourth quarter of 2021,” said chief executive Mookie Greidinger.
“The success of Spiderman – No Way Home which is now the 6th biggest movie of all time globally and 3rd biggest movie in the US while Omicron was emerging across the globe demonstrates the love and loyalty to the big screen.”
