Cineworld Group plc Company Update (5095Z)

TIDMCINE

RNS Number : 5095Z

Cineworld Group plc

24 May 2021

FOR IMMEDIATE RELEASE

24 May 2021

Cineworld Group plc ("Cineworld" or the "Group")

Company Update

Reopening

Cineworld is pleased to report a strong opening weekend in the UK, led by the success of Peter Rabbit 2: The Runaway. This weekend's performance went beyond our expectations as customers were eager to return to the movies and enjoy the full movie experience, including the traditional popcorn which led to strong concession income.

In the US, following the opening of additional 167 cinemas, over 97% of our cinemas (502 sites) have resumed operations. In ROW, Poland and Israel will be opening at the end of the coming week and the company anticipates that most if its cinemas will be open by the end of the month.

US CARES Act Refund

The Group is also pleased to announce it has received the full $203m tax refund under the US CARES Act.

Mooky Greidinger, CEO, commented:

"We are thrilled to have our cinemas back in business in the US and UK and to welcome movie fans back to the big screen for an exciting and full slate of films. We are especially pleased with the warm welcome our employees have received, and the positive feedback from returning guests. With the releases next week of Cruella, and A Quiet Place 2, we expect next weekend's results to be strong. When combined with improving consumer confidence and the success of the vaccination rollout, we expect a good recovery in attendance over the coming months, noting the record breaking success of F9 in the Asian market. We are excited for our customers to experience the magic of big screen entertainment again, all made possible by the hard work of our colleagues around the world, and remain committed to be the best place to watch a movie."

Cautionary note concerning forward looking statements

Certain statements in this announcement are forward looking and so involve risk and uncertainty because they relate to events, and depend upon circumstances that will occur in the future and therefore results and developments can differ materially from those anticipated. The forward looking statements reflect knowledge and information available at the date of preparation of this announcement and the Group undertakes no obligation to update these forward-looking statements. Nothing in this announcement should be construed as a profit forecast.

C ontacts

 
 Cineworld Group                                   Finsbury: 
  plc: 
 Israel Greidinger     [phone]         James Leviton   [phone] 
 Nisan Cohen           [e-mail]   Rob Allen       [e-mail] 
 Manuela Van Dessel 
 

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May 24, 2021 02:00 ET (06:00 GMT)