In its most recent trading update, Cineworld has reported 90% of pre-pandemic revenues.
On 2019 levels, revenues were 129% up and the cinema said that demand had steadily increased across UK and Ireland. Films including the latest James Bond and Black Widow had boosted the group’s recovery.
“James Bond has come to the rescue of Cineworld, helping its UK and Irish cinemas in October to beat box office and concession revenue levels seen in the same month two years earlier, before the pandemic struck,” said AJ Bell investment director Russ Mould.
“No Time To Die has encouraged people to try the cinema again, although the master spy was unable to crack the code for similar success in the US and other Cineworld territories where October’s takings didn’t surpass the comparative period two years earlier.”
With COVID-19 restrictions in the rear view mirror in the UK and the US moving in the same direction, cinema goers have take the opportunity to return to watch on the big screens.
“We are thrilled to see audiences returning in significant numbers. Our partnerships with the studios are as strong as ever and with the incredible movie slate to come, there are real grounds for optimism in our industry,” said chief executive, Mooky Greidinger.
“Whilst there are challenges ahead, I believe these efforts have positioned us for great success in the future and we are all looking forward to continuing to welcome our customers to the best place to watch a movie.”
Films that are coming out ahead of Christmas that are expected to boost Cineworld demand include Spider-Man, Top Gun and The Matrix.