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Cineworld Posts Interim 2022 Results, Forecasts Box Office To Remain Below Pre-Pandemic Levels Until 2025 – KristenBellTattoos.com

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Ailing exhibition giant Chestnut World Group, which is currently finalizing a restructuring plan after it filed for Chapter 11 bankruptcy in the US earlier this month, posted encouraging interim results for the six months to June 30, 2022. have done

Gross revenue increased to $1.5b in 2021 compared to $292.8m in the same period, for a gross profit of $424.5m and an operating profit of $57.3m, compared to an operating loss of $208.9m in the same period last year.

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The company’s debt position worsened, however, standing at $5.2b on June 30, compared to $5.03b on December 30, 2021.

The exhibitor, which operates 747 sites and 9,139 screens in 10 regions around the world led by the U.S. and U.K., said admissions have started to recover as the final Covid-19 restrictions are lifted but warned that box office The office did not expect that to return to pre-pandemic levels in 2023 and 2024.

Detailing the admissions, it said admissions totaled 82.8m in the six months ending June 30, 2022, after a slow start in Q1 due to a lack of major releases and customer concerns around the Omicron variant. reached, divided between 33.6m. in Q1 and 49.2m in Q2, for a total box office of $833.6m.

This represents an increase of 68.7m or 487% over the same period in 2021, which saw 14m admissions for a box office of $140.4m.

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The figures were still below 2021 levels, representing about 61 percent of admissions received in the first six months of 2019, the last full fiscal year unaffected by the pandemic.

The group said it has revised down its short- and medium-term cinema admissions forecasts, due to an expected recovery in 2022 and indications of lower volumes of theatrical releases in 2023 and 2024, which would see admissions up to 2025. will be kept below pre-pandemic levels. .

“This has been a challenging period for Cineworld due to the extraordinary impact of the COVID-19 pandemic on our business and the continued disruption to the backlog and film schedule,” said Mookie Gradinger, CEO of Cineworld.

He expressed optimism for the future of the business on the back of the success of the films. Top Gun: The Wanderer And Doctor Strange in the Multiverse of Madness.

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“We have been encouraged by the gradual recovery in our performance in recent months – as soon as the pandemic restrictions were lifted, guests returned for popular films,” he said.

“The performance of key blockbusters in the first half, incl Top Gun: The Wanderer; Doctor Strange in the Multiverse of Madnesss Jurassic World Dominion; Batman, illustrates the continued demand for such special cinematic experiences,” he added.

The group said it was also buoyed by increases in average ticket prices (ATP) and spend per person (SPP).

“Compared to the same period in 2021, ATP increased by 1.1 percent while SPP increased by 2.6 percent. In 2019, with ATP increasing by 7.9 percent and SPP by 26.6 percent over the same period, pre-pandemic This increase is significantly more pronounced when compared to surfaces.

The group noted, however, that there is no indication that ATP and SPP will return to pre-pandemic levels in the short or medium term, especially with the cost of monitoring the crisis remaining in the background.

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Greidinger and Alicja Kornasiewicz, head of Cineworld Group, both addressed the company’s Chapter 11 proceedings.

Kornasiewicz said the restructuring process initiated by filing for Chapter 11 in the U.S. “will create a more efficient business and strengthen the capital structure to better position Cineworld for the future.”

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