Cineworld Group PLC (LSE:CINE) saw audience attendances at its cinemas hit 90% of pre-COVID levels in October as a string of blockbuster releases drew in filmgoers.
Audiences grew steadily in the four months to 31 October 2021, said Cineworld, as venues opened globally following the coronavirus disruption.
The UK and Ireland, in particular, have seen a big recovery, said the group, with box office and concession revenue in October at 127% of 2019 levels.
Total group revenue rose from 50% of 2019 in July 2021 to 54% in August, 60% in September and a big jump in October to 90%, which was helped by the release of films such as the latest in the James Bond franchise.
Cineworld expects the pre-Christmas release list to give it a further boost with "Ghostbusters: Afterlife", "Encanto", "Spider-Man: No Way Home", "The King's Man", "Sing 2" and "The Matrix Resurrections", all slated to do very well.
Good cost control allied to the revenue has also meant the group generating cash in October, though it noted it had seen inflationary cost increases in some areas.
Mooky Greidinger, chief executive, said the recovery was dependent on no further COVID restrictions being introduced, but said he was 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.“