Cineworld, the globe’s second largest exhibitor, today provided an update on its current trading, liquidity position and capital structure. The company, which also owns Regal in the U.S., said it i…
easing phase
as fallout from Covid continues to impact release dates; a bottleneck at VFX houses limiting big-ticket movies is not helping. Said Cineworld, “Despite a gradual recovery of demand since re-opening in April 2021, recent admission levels have been below expectations. These lower levels of admissions are due to a limited film slate that is anticipated to continue until November 2022 and are expected to negatively impact trading and the Group’s liquidity position in the near term.”
And, so, Cineworld “has been taking proactive steps to ensure it has the balance sheet strength and flexibility to adapt to market conditions.” The group has previously disclosed operational and financial initiatives to manage costs and enhance liquidity and says it believes these steps are required to “optimize its ability to maximize enterprise value as part of the recovery in the cinema industry.”of $1.805 billion. Operating profit also rebounded, reaching $15.
At the time of reporting those results, the group also said it continues to maintain tight control over its operating costs and cash usage and “is in a good position to benefit from the expected industry recovery.”
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