REG - Cineworld Group plc - Trading Update

CineworldAnnouncement

15/11/2021 07:05

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RNS Number : 3102S  Cineworld Group plc  15 November 2021

FOR IMMEDIATE RELEASE

15 November 2021

 

Cineworld Group plc ("Cineworld" or the "Group")

Trading Update

Cineworld, the second largest cinema exhibitor in the world with operations in
10 countries including the United States and the United Kingdom and 752 sites
and 9,193 screens globally, today provides the following update on trading
across the Group for the four months ended 31 October 2021. This follows a
period of unprecedented disruption in our industry and the world at large.

Since reopening our estate in April 2021, performance and attendances have
steadily grown and this has resulted in revenue growth as seen in the table
below. Customer demand has been particularly strong in a number of the Group's
markets, in some cases even above the levels experienced in 2019.

Box office and Concession revenue((1)) performance vs. 2019 were as follows:

 2021 vs 2019    Jul  Aug  Sep  Oct
 Group           50%  54%  60%  90%
 United States   45%  45%  54%  80%
 UK and Ireland  54%  76%  72%  127%
 ROW             79%  70%  78%  84%

((1)    Constant currency revenue)

This recovery has been driven by an excellent slate of movies including "Black
Widow", "Shang-Chi and the Legend of the Ten Rings", "Venom", "No Time to Die"
and "Dune". There are still major blockbusters to be released in 2021
including "Ghostbusters: Afterlife", "Encanto", "Spider-Man: No Way Home",
"The King's Man", "Sing 2" and "The Matrix Resurrections", which we anticipate
will perform very well subject to there being no deterioration in the COVID-19
situation.

This revenue performance has been underpinned by discipline on costs where the
company has been focused on streamlining operations wherever possible,
although we have seen some inflationary cost increases.

As a result of this improvement in revenue and the cost measures implemented,
the Group generated positive cash flow in October, an important milestone in
the Company's recovery.

Mooky Greidinger, CEO commented: "We are thrilled to see audiences returning
in significant numbers. Our partnerships with the studios are as strong as
ever and with the incredible movie slate to come, there are real grounds for
optimism in our industry. I would especially highlight the great performances
we saw from our newly refurbished cinemas in the US. These new cinemas clearly
support our strategy to enhance the cinema experience for all our customers. I
am really proud of the extraordinary efforts that everybody in the business
has made to manage this company during an unprecedented time. Whilst there are
challenges ahead, I believe these efforts have positioned us for great success
in the future and we are all looking forward to continuing to welcome our
customers to the best place to watch a movie".

 

Cautionary note concerning forward looking statements

Certain statements in this announcement are forward looking and so involve
risk and uncertainty because they relate to events, and depend upon
circumstances that will occur in the future and therefore results and
developments can differ materially from those anticipated. The forward looking
statements reflect knowledge and information available at the date of
preparation of this announcement and the Group undertakes no obligation to
update these forward-looking statements.  Nothing in this announcement should
be construed as a profit forecast.

 

Contacts

 Cineworld Group plc:                                                                Finsbury:
 Israel Greidinger     +44 (0)20 8987 5000                                           James Leviton  +44 (0)20 7251 3801
 Nisan Cohen           investors@cineworld.co.uk (mailto:investors@cineworld.co.uk)                 cineworld-lon@finsbury.com (mailto:cineworld-lon@finsbury.com)
 Manuela Van Dessel

 

 

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