Cineworld left reeling by Bond film delay but insists demand is robust

Cineworld left reeling by Bond film delay but insists customers have not been deterred from a trip to the movies by the virus outbreak

Cineworld said coronavirus has not yet dampened demand as it sought to calm fears after the release of the new James Bond film was delayed due to the outbreak.

Following big falls yesterday, shares in the cinema chain fell another 7 per cent this morning despite assurances that it has not seen any significant impact on bookings yet and continues to see good admission figures across all its markets.

It comes amid worries that cinema firms will suffer plummeting demand as coronavirus continues to spread.

Ready, aim, fire: A new behind-the-scenes featurette for James Bond’s No Time To Die revealed some surprising details about the legendary spy upon

This was highlighted by the decision earlier this week to postpone the release of the No Time To Die Bond movie from April to November as cinemas across Asia have closed.

Some film industry analysts have reportedly estimated the outbreak could wipe 5 billion US dollars (£3.9 billion) off the global box office.

But Cineworld said studios have insisted they remain committed to their film schedules for the rest of the year.

It warned, however, that there can be ‘no certainty as to the future impact of Covid-19’.

‘Should conditions relating to Covid-19 continue or worsen, we have measures at our disposal to reduce the impact on our business including, but not limited to, capex (capital expenditure) postponement and cost reduction,’ it added.

It also revealed a dip in earnings in figures released ahead of its full-year results due next week, reporting a 4 per cent drop in underlying earnings to 1.03 billion US dollars (£794 million).

This came as it said 2019 revenues fell 7 per cent to $4.4 billion (£3.4 billion).


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