CINEWORLD SUFFERS AS FILM FANS STAY AWAY

CINEWORLD’S troubles deepened as it warned ticket sales will not return to pre-Covid levels for two years.

The embattled chain said a weak range of films meant attendances rose ‘slower than expected’. Shares fell 5.6pc, or 0.17p, to 2.93p, taking losses for the year above 90pc.

Last month it filed for bankruptcy in the US as it fights a £7.5bn debt pile.

Cineworld is also on the hook for an £800m legal bill over a botched deal to buy rival Cineplex, although this could be affected by its bankruptcy filing. First-half sales fell to £1.4bn from £1.9bn in the same period of 2019. It lost £327m, compared with a £226m profit in 2019.

It is hoping for a stronger fourth quarter when Black Panther: Wakanda Forever and Avatar: The Way of Water ( pictured) are out but expects sales to be below pre-pandemic levels until the end of 2024.

Etoro analyst Adam Vettese said: ‘The curtain may well be coming down. It is unclear how debt restructuring will get Cineworld out of the woods when demand isn’t returning in a meaningful way.’