All rights reserved. For more stories like this, check our news page. Shares in the FTSE 250 chain tumbled as much as 49pc on Thursday to their lowest level since March 2009, before recovering some ground to be down by a fifth at 71p. Find out more, Boohoo to give evidence in new fast fashion probe, Joe Biden’s ‘war economy’ policies are a radical break with the status quo, North Sea oil deal casts shareholders and creditors adrift, Out-of-town sites boom for Wagamama owner, McLaren unveils first ‘mass market’ hybrid supercar. The company said it has not yet suffered any significant hit to trading from the Covid-19 outbreak. Cineworld has warned that it could collapse due to coronavirus – sending shares slumping to their lowest level for more than a decade. The company said while it has so far seen ‘minimal impact’ from the outbreak, in an extreme ‘unlikely’ situation it could lose up to three months of revenues.
Figures released by media agency Comscore show that cinemas took just over £6m from Friday to Sunday, compared to £10.3m the weekend before, a decline of just over 40%. Available for everyone, funded by readers, Temporary closures mean many workers could be left without pay from Thursday, Picturehouse and Regal owner’s shares plunge 60% as it says about 5,500 UK staff will go, Rolling coverage of the latest economic and financial news, UK cinemas are in a trap: without big releases audiences won’t come but without audiences studios won’t risk releasing major films. Already Cineworld has been put under pressure to postpone major releases such as the new James Bond movie, which had been moved back to November. The company said this analysis does not take account the fact that films scheduled to be released during this period could be moved to later in 2020. Analysts at Peel Hunt sought to stay upbeat, saying the impact of coronavirus on the firm will be "short-lived". Worst-case Covid-19 scenario means closing all cinemas for up to three months, putting company's survival in doubt. Smaller arthouse chains are also closing. British cinemas fear ruin without latest James Bond film, Cineworld considering temporary closure of all its UK and US venues, Cineworld issues warning over future after £1.3bn loss, Cinema giants delay reopening in UK and US as movie releases stall, English cinemas to reopen without self-serve pick ’n' mix or singalongs, Coronavirus and culture – a list of major cancellations. The Sunday Times reported that the firm could close theatres across the country due to the coronavirus pandemic. Phil Clapp, chief executive of UK Cinema Association, the trade organisation for cinema operators, said: “The priority now is to ensure that the thousands who work in the sector, many of them young people, are helped during what will be an exceptionally challenging period for them, and that cinema venues across the country are supported to overcome what for many will represent an unprecedented challenge to their existence.”. Cineworld chiefs have blamed the decision, which is expected to be a temporary measure until next year, on the postponement of big budget films in the wake of coronavirus pandemic, the reports say. Major chains, including Odeon, Cineworld and Picturehouse, as well as BFI Southbank, the screening complex operated by the British Film Institute, have announced they are closing their doors with largely immediate effect. Cineworld reported a 40pc drop in annual pre-tax profits to $212m (£166m), and a 6pc decline in revenues to $4.7bn. The firm’s price shares plunged this morning after a disappointing few weeks amid fears customers staying at home would force theatres to close. Mr Greidinger said: ‘Cineworld has delivered a solid set of full-year 2019 results despite 2018 being a very strong comparative period. Experts fear Covid-19's impact on cinemas could exacerbate further as the industry braces for further delays to film releases. The spread of coronavirus could put the survival of Cineworld in jeopardy if too many nervous Brits stop going to screenings. “However, there can be no certainty on its future impact on our activities, hence we are taking measures to ensure that we are prepared for all possible eventualities.”. We urge you to turn off your ad blocker for The Telegraph website so that you can continue to access our quality content in the future.
According to data monitoring firm Comscore, box office takings across the UK were up 19pc in January and February compared with a year ago. Cineworld warned it also faces the risk of smaller audiences because the release of new James Bond film No Time to Die has been delayed until November because of the pandemic. © 2020 Guardian News & Media Limited or its affiliated companies. ‘However, there can be no certainty on its future impact on our activities, hence we are taking measures to ensure that we are prepared for all possible eventualities.’. Curzon, with 12 venues, issued a statement saying they would close their cinemas at the “end of play” on Wednesday. Last modified on Wed 1 Jul 2020 18.12 BST. Shares in the company fell 31.8% to 60.2p in early trading today. Please review our, You need to be a subscriber to join the conversation. Everyman, which operates over 30 high end cinemas across the UK, announced on social media that its venues would close for two weeks. Last week global chain Cineworld – which counts Scotland’s record-breaking cine-skyscraper in Glasgow amongst its near 800-outlets – revealed a loss of £1.3 billion for the six months to June, warning that “there can be no certainty as to the future impact of Covid-19 on the group.” The chain cut its debts by $200m to $3.5bn in 2019, but analysts at Canaccord said the timing of the Cineplex deal "is now looking terrible". First-time buyers to get 95% mortgages in Boris Johnson’s new ‘Generation Buy’ scheme, Social distancing ‘to end by October 2021’, Boris Johnson promises, Boris branded ‘biggest idiot PM ever’ in stinging Labour attack on Government, Revealed: Cities facing lockdown ‘within days’ because of ‘missed’ data, Boy, 3, found dead at home with man and woman.
As you would expect, we are also doing our part by putting employment policies in place so that our staff are protected and are not penalised financially.”. A number of independent cinemas, such as Home in Manchester, the Watershed in Bristol and Glasgow Film Theatre have also announced their closure, while other venues, such as the Broadway in Nottingham and the Showroom in Sheffield, currently remain open with limited capacity. The spread of coronavirus could put the survival of Cineworld in jeopardy if too many nervous Brits stop going to screenings. But this was compared with a poor performance at the box office during the first two months of the 2019, when takings were down 23pc compared with the same period in 2018. Much of the cinemas’ activity is expected to move on to streaming platforms, with such films as The Hunt and The Invisible Man launching earlier than customary on Sky Cinema, and Curzon concentrating its efforts on its home entertainment platform Curzon Home Cinema, where most of its cinema releases have been released simultaneously for some years. ‘We are closely monitoring the evolution of Covid-19 and, so far, we have seen minimal impact on our business. Most of the cases were in the relatively populous Central Belt, which includes Edinburgh and Glasgow, but Ms Sturgeon said coronavirus cases were increasing elsewhere as well. “We are closely monitoring the evolution of Covid-19 and so far, we have seen minimal impact on our business,” he said. The firm reported a decline in profits in 2019 despite a rise in revenues and admissions.
Box office figures for last weekend in UK cinemas slumped noticeably but not disastrously in the face of increasing warnings over the spread of coronavirus. The world's second-largest cinema operator said that it will lose up to three months' revenue if forced to shut most screens as part of efforts to contain the outbreak – putting its agreements with lenders at risk and threatening its survival. But if it is forced into widespread shutdowns, Cineworld said it would be plunged into serious uncertainty which could cast doubt over its ability to carry on operating.
Cineworld, the UK and Ireland’s largest chain by market share with over 90 venues, said in a statement: “We are committed to providing safe and healthy environments for our employees and guests and have therefore made the difficult decision to close our cinemas in UK and Ireland until further notice.” Its venues in Ireland are due to shut today, and its UK sites on Wednesday. latest news, feel-good stories, analysis and more, Revealed: Cities facing lockdown 'within days' because of 'missed' data, Trump 'clearly in distress' as he 'gasps for air' on White House balcony, Boris Johnson facing Tory rebellion over rule of six and 10pm pub curfew. BFI Southbank, located in London, said in a statement: “It is with great regret that, due to the rapidly evolving COVID-19 pandemic, and following Government’s updated advice on 16 March, we have taken the decision to close BFI Southbank effective immediately, and all forthcoming events and screenings are now cancelled or postponed.”. Major chains, including Odeon, Cineworld and … This platform helps you earn rewards by inviting your friends to shop with you, and we love it! Use this guide if you think you might be suffering from coronavirus symptoms. Visit our live blog for the latest updates Coronavirus news live. Huge numbers of cinemas across the UK and Ireland are shutting down due to the coronavirus. Cineworld Group chief executive officer Mooky Greidinger said that if the situation worsens, the firm could be forced to freeze capital expenditure or cut costs to soften the blow. Analysts at Jefferies previously estimated that Cineworld was burning through about $115m a month and had $470m in readily available cash, meaning it could survive for four months in the unlikely scenario of all cinemas being closed completely. Pre-tax profits fell by 39.1% to £165.6 million for the year, from £272.6 million in 2018. Huge numbers of cinemas across the UK and Ireland are shutting down due to the coronavirus. That takeover was funded through a combination of debt and a £1.7bn fundraising on the stock market. Major chains including Odeon, Cineworld and Picturehouse to go dark, • Coronavirus and culture – a list of major cancellations, Tue 17 Mar 2020 10.54 GMT The Telegraph values your comments but kindly requests all posts are on topic, constructive and respectful. A worse-case scenario could see Britain’s second largest cinema chain unable to pay its debts. But despite the possibility of the UK following suit if the outbreak worsens, Cineworld says it is ‘excited for upcoming films in 2020’ such as Black Widow, Wonder Woman 1984 and Top Gun Maverick. Cineworld has 787 sites across 10 countries, with more than two-thirds in the US following the £2.7bn acquisition in 2018 of US cinema giant Regal. Takings this year were still 9pc lower than 2018, when box office sales were boosted by blockbusters including The Greatest Showman and Black Panther. In a bid to stop the spread of the new coronavirus strain named Covid-19, many countries including Denmark, Italy, Greece have shut cinemas down along with theatres, museums and sports stadiums. We rely on advertising to help fund our award-winning journalism. The Picturehouse cinema chain has been accused by its former employees of “irresponsible” treatment after staff were made redundant with immediate effect following the … Picturehouse, which has 25 cinemas and programmes a further 40, is owned by Cineworld and will follow suit.
Amc Movies January 2020, White Plains Movie Theater, Alamo Drafthouse Investors, Careless Husband Quotes, Xavi Pass Record, Dunnes Mullingar Jobs, Scary Stories To Tell In The Dark Alvin Schwartz Summary, Empire Cinema Sutton, Ysl Mon Paris Sale, Alamo Joker, No More No More No More Song, Everyman Harrogate Events, Joanie's Butterfly Lyrics, Anfield Stadium Lego Set, Temple University Women's Soccer Coach, Who Owns Cineworld, Odeon Leicester Square No Time To Die, Sweet Home Chicago Blues Brothers, Love Pain And Stitches Poshmark, Recent Movies Set In Los Angeles, Unibet Mobile, Vanderbilt Men's Tennis, Colgate Women's Track, Clinton Loomis, Thunderbolts Softball Showcase 2020, Arsenal Jigsaw Puzzle 1000 Pieces, Liam Scarlett Interview, Unishivaji Prn Number List Pdf, Lego Creator Old Trafford, Scott Fitzgerald Wisconsin Donors, Snotty Skeksis, The Secret Of Dr Kildare, Potterhead Meaning In Tamil,
