Everyman Media Group 2017 trading in line

Cinema operator Everyman Media Group said on Wednesday that trading in 2017 has been line with market expectations as it maintained a positive outlook for this year and beyond.

In an update for the 52 weeks to 28 December, Everyman said it opened its permanent three-screen venue in Kings Cross in November, while the reconstruction of its Oxted location has been completed, adding a further two screens to the venue.

A four-screen venue in York opened on 30 December, after the year-end following its acquisition and refurbishment in 2017 and the company expects to open five further venues in 2018.

Everyman said it has continued to source "exciting opportunities for future investment" in new venues, and the directors are confident of being able to grow the pipeline further.

Contracts have now been exchanged on a four-screen venue in Altrincham, due to open this year, four-screen venues in Lincoln and Cirencester, both opening next year, and a three-screen location in Tunbridge Wells, with opening targeted for 2020.

At 1415 GMT, the shares were down 2.3% to 216.90p.