Cineworld Admissions To Be Below Pre-Pandemic Levels In FY23, FY24

  • Cineworld revenue jumped 417% to $1.52 billion.
  • The group saw a loss before tax of $364.9 million.
  • Admissions in 2023 and 2024 are expected to be below pre-pandemic levels.

Cinema chain Cineworld reported its interim results on Friday, which saw admissions below expectations in the third quarter and can expect to be below pre-pandemic levels in the next two years.

The group reported revenue of $1.52 billion, a significant increase from $292,8 million in the prior year. Cineworld said this reflected the uninterrupted operations of its cinemas across all territories.

Both gross profit ($424.5m) and operating profit ($57.3m) were positively impacted by the steady growth in admission levels and strong Average Ticket Prices.

However, the company reported a loss before tax of $364.9 million, compared to a loss of $576.4 million a year ago.

Cineworld reported a weaker outlook, with Q3 admissions being below expectations. Furthermore, admission in both FY23 and FY24 are expected to remain below pre-pandemic levels. Not great.

Cineworld provided some good news, with Q4 anticipated to be stronger amid the release of Black Adam, Black Panther: Wakanda Forever, and Avatar.

Cineworld recently filed for U.S. bankruptcy to restructure its debt and finances after lower cinema attendances and a lack of blockbuster movies.

Bring on some Marvel and DC.

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