Group’s half-year results have been severely impacted by the ongoing global coronavirus pandemic, as expected.
The company has made clear that there is no certainty around its COVID-19 outlook. In a forward-looking statement, Cineworld said, “If governments were to strengthen restrictions on social gathering, which may therefore oblige us to close our estate again or further push back movie releases, it would have a negative impact on our financial performance and likely require the need to raise additional liquidity.
The CEO said “mitigating actions” included reducing and deferring costs where possible; making use of government support schemes for employees; partially delaying capital investments; and suspending Cineworld’s dividend. “As part of this, our policy regarding the theatrical window remains unchanged as an important part of our business model, and we will continue to only show movies that respect it. While there continues to be a lot of uncertainty, we have a dedicated and experienced team that is focused on managing business continuity while taking advantage of the strong slate currently planned for the months ahead.
While Coronavirus will be blamed Cineworld troubles started in 2018 when they brought Regal and then went after Cineplex as like AMC they overstretched themselves trying to be the world's 1 exhibitor
Well, of course.
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