Refresh for latest…: Cineworld Group, the world’s second-largest exhibitor and owner of Regal in the U.S., saw significant improvement in 2021 versus 2020, as revenues rose by nearly 112% to $1.805 billion, the company said this morning as it reported full-year results in London.
Operating profit also rebounded, reaching $15.8 million, up from a 2020 loss of $2.258 billion. The group overall recorded a $708.3 million pre-tax loss across the Covid-impacted year in which cinemas were closed for most of the first half.
This was a substantial improvement on the 2020 loss of just over $3 billion.The results for the year ended December 31, 2021, which include U.S., UK and rest of world operations, demonstrate resilience in a very challenging market, the company said.
Cineworld noted it has strengthened its liquidity position, raising over $424.9 million and receiving $203 million under the United States Cares Act tax refund in 2021.
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