Two rival cinema operators sustained sharp drops in revenue last year due to the impact of Covid-19.
As cinema owners eagerly anticipate the opening of the new James Bond film, No Time to Die, this Thursday to kick start a busy number of months, new accounts for two firms underline the severe Covid-19 impact on the business over the past 18 months.
Accounts for the Paul and Mark Anderson led Omniplex (Cork) Ltd show that revenues more than halved from €16.79 million to €7.65 million in the 12 months to the end of October last.
The company – which operates cinemas in Cork, Tralee, Longford, Waterford, Carlow, Sligo, Monaghan and Drogheda – recorded an 82.5 per cent drop in pre-tax profit from €4.38 million to €767,478 last year.
The accounts also show the importance of cinema shop income to the business model.
Last year, shop receipts at Omniplex (Cork) Ltd of €2.23 million accounted for 29 per cent of revenues. Box office receipts of €5.1 million generated 67 per cent of income while “screen advertising and other income” made up the remaining €281,532 in revenues.
The profit last year takes account of non-cash depreciation costs of €1.15 million.
Numbers employed remained at 140 while staff costs reduced from €2.17 million to €1 million as the accounts confirm that staff endured lay-offs and reduced hours during the year.
At the end of October last, the company had accumulated profits of €28.6 million and a note attached to the accounts states the directors believe the company is well positioned to return to full trading capacity once the period of uncertainty passes.
The business recorded a loss of €162,839 for the 12 months to the end of October last as accumulated profits reduced from €61.039 million to €60.876 million.
A note attached to the accounts states that the company has recommenced to trade and the directors expect a return to normalised trading in a short time frame.