24th May 2021 08:37
(Alliance News) - Cineworld Group PLC on Monday said it enjoyed a strong opening weekend in the UK, following the lifting of virus restrictions in England.
The chain of cinemas in the UK, US and parts of Europe also has received a USD203 million tax refund from the US government.
London-based Cineworld said its performance was beyond company expectations, as customers returned to its cinemas over the weekend. While outdoor hospitality was able to re-open in England on April 12, indoor entertainment, such as cinemas and museums, were only able to resume business on Monday last week.
Business was boosted by ticket sales for 'Peter Rabbit 2: The Runaway' and strong income from concessions such as popcorn.
"This weekend's performance went beyond our expectations as customers were eager to return to the movies and enjoy the full movie experience, including the traditional popcorn which led to strong concession income," the Cineworld said.
In the US, 97% of Cineworld's 502 locations are now open as 167 more cinemas reopened. In the company's Rest of World division, cinemas in Poland and Israel plan to reopen at the end of the coming week and most will be open by the end of May, Cineworld said.
Cineworld also announced that it has received the full available tax refund of USD203 million under the US Cares Act. This tax refund is part of the USD2.2 trillion economic stimulus bill - the Coronavirus Aid, Relief & Economic Security Act - passed in March.
"With the releases next week of 'Cruella', and 'A Quiet Place 2', we expect next weekend's results to be strong. When combined with improving consumer confidence and the success of the vaccination rollout, we expect a good recovery in attendance over the coming months, noting the record breaking success of F9 in the Asian market," said Chief Executive Mooky Greidinger.
Cineworld shares were trading up 2.4% at 88.86 pence each in London on Monday.
By Scarlett Butler; [email protected]
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