Odeon Cinemas has recorded a £232.7 million reduction in the value of its UK theatre portfolio, citing a significant decline in customer attendance. The impairment, reflected in the company’s annual accounts for the year ending December 2025, stems from revised expectations for future visitor numbers as the cinema industry continues to face challenges in regaining pre-pandemic audience levels.

The company, which operates over 100 sites across the UK, reported a "downward revision of market attendance volume" as the primary reason for the write-down. This development comes amid a broader industry trend, with cinema admissions in Britain falling to 123.5 million tickets sold in 2025—a 2% decrease from 2024 and 30% below figures seen in 2019, according to data from the British Film Institute.

Odeon, now under the ownership of US-based AMC Entertainment, holds a historic place in British cinema history. Founded in 1928 by Oscar Deutsch, the chain’s flagship Leicester Square venue, renowned for its Art Deco design, has operated since 1937 and remains a cornerstone of the brand.

Despite the downward revision in 2025, early indicators suggest a tentative recovery in 2026. AMC reported that Odeon’s attendance rose by 8% in the first two months of this year, reaching approximately 11.9 million visitors, although the overall European market saw a larger increase of 12% during the same period.

An Odeon spokesperson emphasized that the impairment is related to historical financial results and reflects a short-term decline in attendance affecting the wider cinema sector. The company’s outlook appears cautiously optimistic as it monitors evolving consumer habits and the performance of forthcoming film releases.