StockMarketWire.com - Cineworld's revenue plummeted 59% in the first half of the year, from $712.4m in the first half of 2020 to $292.8m in 2021, as Covid 19 lockdowns at the start of the year resulted in the closure of almost 800 of its sites.

According to its interim results for the six months to the end of June, adjusted EBITDA was down 140 per cent at a loss of $21.2m from a profit of $53.0m last year, with an adjusted loss after tax of $581.8m.

During the period, the company increased its borrowing to $4.6bn (exc cash), an increase of $80.9m since the end of 2020. In July, Cineworld raised an additional loan on $200m.

Mooky Greidinger, chief executive officer of Cineworld Group plc, said: 'Despite the challenges, the actions we have taken have ensured that Cineworld has emerged a more focused business with significant liquidity and a clear vision for the future. Trading has been encouraging since we started to re-open our sites in April and it has been great to have our teams back, doing what they do best, and welcoming customers back into our cinemas.

'I am confident that the business is in a strong position to execute its strategy and deliver a return to growth as we recover from the pandemic and capitalise on the forthcoming strong film slate alongside clear pent-up consumer demand.'




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