The return of cinema-goers around the globe has helped boost the revenue of software company Vista Group International.
The company reported revenue up 12 per cent to $98.1 million in the year to December 31, compared to its 2020 year. At the same time expenses fell 9 per cent to $91.1m resulting in its earnings before interest, tax, depreciation and amortisation (ebitda) climbing back into the black at $6.5m compared to an ebitda loss of $11.4m in 2020.
Kimbal Riley, Vista Group chief executive, said the result reflected a strong second half with blockbusters returning to cinemas including Spider-Man: No Way Home breaking many pre-pandemic records globally, even with restrictions in many countries.
The North American box office bought in more than $2 billion in the fourth quarter of 2021, closing in on levels last seen in the fourth quarter of 2019, before the global Covid-19 pandemic hit. “The movie-goer passion for the big screen has not been dented by the pandemic.” In a statement, the company said while its market share remained difficult to confirm, estimates for Vista Cinemas were that it had retained its 51 per cent shares of the global market excluding China.