Cineworld revenue has skyrocketed by $1bn (£760m) in the past year, as record-breaking blockbuster releases such as Spider-Man: No Way Home lured in viewers.
Revenue surged more than 111 per cent to $1.8bn (£1.3bn) in the year to 31 December, up from $852m, according to the theatre chain’s preliminary results this morning.
Admissions rose over 75 per cent in comparison with the 12-month period in 2020, as Cineworld steams ahead with its pandemic recovery and reaps the rewards of pent-up demand.
While the company managed to significantly trim its pre-tax losses over the course of the year, from more than an eyewatering $3bn (£2.3bn), Cineworld still took a $708m (£538m) hit.
Cineworld also swallowed a £737m damages fine, awarded by Ontario Superior Court, to Cineplex for abandoning takeover plans.
“The group strongly disagrees with this judgment and has appealed the decision,” Cineworld said in a statement. “The group does not expect damages to be payable whilst any appeal is ongoing. No liability has been recognised in respect of the judgment.”
After Covid-19 severely hindered its usual trading, CEO Mooky Greidinger said the business is poised to maintain its pandemic-recovery.
“The business is well positioned to execute its strategy and capitalise 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 Beast, Elvis and many more,” said Geirdinger.