Cineworld plunges to £2.2bn loss with cinemas closed in pandemic

Cineworld has revealed it slumped to a mammoth 3.01bn US dollar loss (£2.2bn) in 2020 after closing its cinemas in the pandemic (Mike Egerton/PA)

Cineworld has revealed it slumped to a record 3.01 billion US dollar (£2.2 billion) loss in 2020 after closing its cinemas during the pandemic, but is hopeful of strong pent-up demand once sites reopen.

The troubled cinema chain swung to the mammoth loss from a pre-tax profit of 212.3 million US dollars (£155.2 million) in 2019 after revenues plummeted by 80% and admissions tumbled from 275 million dollars to 54.4 million.