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Author: Alan LittleDate: 2022-01-18

Cineworld (CINE) +5% as revenue bounces back to near pre-pandemic levels

Cineworld (CINE) made gains again on Monday, rising 5%, following its strong update on Friday, which showed that its revenue rallied to 90% of 2019 levels in December.

US markets were closed for Martin Luther King Day on Monday, but trading resumed as normal in London, where Cineworld (CINE) continued its recent surge following a strong financial update late last week.

The British cinema chain was one of the top performers on the London Stock Exchange, with its shares closing 5.7% higher at 42.50p.

Cineworld impressed investors on Friday when it said that its revenue rebounded to around 90% of pre-pandemic levels in December, buoyed by the release of Spider-Man: No Way Home.

In a new note on Monday, The Motley Fool said that CINE stock is still priced 40% lower compared to a year ago, which might be tempting some investors to buy into the company.

Encouraging trends for cinema are also playing a role as once-grave concerns about the industry’s ability to bounce back from the devastation wrought by the global pandemic are now easing.

Cinemas are back in fashion, with consumers returning to the big screen en masse following a number of high-profile releases, including the latest James Bond movie, No Time to Die.

Overall, Cineworld said that box office and concession revenue was at 88% of December 2019 levels last month, and even higher in the US at 91%.

With COVID-19 cases now falling in the UK, this bodes well for the rest of the year.

Other companies making gains on Monday included Capital & Counties (CAPC), the property investment and development company, following a similarly encouraging trading update.

Capital & Counties said that its Covent Garden portfolio was now worth 4.6% more at £1.7bn, with analysts at Stifel noting that its performance was “more positive than we had expected”.

CAPC finished 3% up at 177.60p in London.

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