Exhibition giant Cineworld reported its full-year 2021 earnings this morning in London, showing sharply narrowed losses and vastly improved revenues versus 2020.
CEO Mooky Greidinger is bullish on the the outlook for the world’s second-largest exhibitor which also owns Regal in the U.S., as the company predicts admissions in 2022 could reach 85% of the record-breaking domestic levels seen in 2019 and as much as 95% in offshore markets including the UK and Central Europe where Cineworld operates.Still, following pandemic-induced cinema closures across the estate, the company is carrying sizable debt.
It is also appealing a decision by the Ontario Superior Court of Justice to award Cineplex C$1.23 billion ($971M) after Cineworld terminated a deal to acquire the Canadian exhibitor in 2020.
Cineworld remains confident it will prevail in the appeal.Greidinger spoke to Deadline today regarding those issues as well as his outlook on windowing, ticket pricing and more of what the future may hold.DEADLINE: Your earnings report today showed great improvement in revenues and a narrowing of loss, but the group is carrying a lot of debt.
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