Cineworld reports strong opening weekend in UK

Cineworld Group said on Monday its UK cinemas pulled in more people than expected after the long Covid-19 lockdown, helped by Sony Pictures' animated adventure comedy Peter Rabbit 2: The Runaway.

The world’s second-largest cinema chain also said that more than 97 per cent of its US cinemas had resumed operations, while most of its screens in the rest of the world were expected to reopen by the end of the month.

The strong reopening is an encouraging sign for the London-listed company which, in March, sank to its first-ever loss as the Covid-19 crisis prompted strict restrictions and disrupted movie releases.

The United Kingdom, which went into a third national lockdown in January this year, has been gradually easing curbs thanks to a successful vaccination drive, and cinemas are now allowed to operate at a 50 per cent capacity.

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“With improving consumer confidence and the success of the vaccination rollout, we expect a good recovery in attendance over the coming months,” Cineworld chief executive Mooky Greidinger said.

High expectations

Mr Greidinger said he expected a strong performance next week too, helped by Walt Disney’s Cruella and Paramount thriller A Quiet Place 2.

Peter Rabbit 2, a sequel to the 2018 animation movie, has clocked in worldwide revenue of $30.2 million since its debut in theatres this year, according to IMDb’s Box Office Mojo website.

Cineworld also said it had received the full $203 million tax refund under the US government’s coronavirus relief program for companies.

Last week, Hollywood studios promised a slate of big-ticket releases in summer to lure crowds back to cinemas, with top actors, directors and executives previewing upcoming films in theatres. – Reuters