Cineworld revenue jumps by $1bn as record-breaking blockbusters bring in customers

Cineworld revenue has jumped by $1bn (£760m) in the past year, as record-breaking blockbuster releases such as Spider-Man: No Way Home tempted filmgoers.

Revenue surged more than 111 per cent to $1.8bn (£1.3bn) in the year to 31 December, up from $852m, according to the chain’s preliminary results this morning.

Admissions rose over 75 per cent compared to the 12-month period in 2020, as Cineworld presses ahead with its pandemic recovery and reaps the rewards of pent-up demand.

The company managed to significantly trim its pre-tax losses over the course of the year, from more than a staggering $3bn (£2.3bn), however Cineworld still took a $708m (£538m) hit.

Cineworld also took a £737m damages fine, awarded by Ontario Superior Court, to Cineplex for abandoning proposed 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.”

With Covid-19 severely hindering its usual trading, CEO Mooky Greidinger said the company was well positioned 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.

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