Cinema software company Vista Group has trimmed its losses as moviegoer attendance recovered globally.
(File image) Photo: 123rf
Key numbers (for the 12 months ended 31 December 2021 versus a year ago)
- Loss $9.9 million versus $57.1m
- Revenue $98.1m versus $87.5m
- Underlying profit $6.5m versus $11.4m loss
Group chief executive Kimbal Riley said the company was excited to deliver a strong operating performance and it significantly enhanced its competitive position.
Its loss improved by 83 percent and revenue was up by 12 percent, with the company also benefiting from the commercialisation of its cloud-based cinema software, Vista Cloud.
"When we raised capital in 2020, we committed to thrive, not just to survive, through this pandemic," Riley said.
"The operating performance, particularly in the second half of 2021, combined with adding the first customer to Vista Cloud and the purchase of Retriever Solutions, are the greatest evidence we could provide of delivering on that commitment."
The company said the box office was strong off the back of Spider-Man: No Way Home and the market had largely stabilised, with cinemas largely open and blockbuster movies released on schedule.
"North American box office for [the fourth quarter of 2021] was greater than $2 billion, closing in on [the fourth quarter of 2019] levels. The moviegoer passion for the big screen has not been dented by the pandemic," the company told the sharemarket.
Vista Group said it continued to maintain 51 percent market share of the 20-plus screens segment excluding China.
It said assuming the current level of box office recovery kept up throughout 2022 with cinema remaining open, some volume restrictions and a stable film release schedule, it expected revenue for the full year to 31 December 2022 to be in the range of $118m and $123m.