Everyman opens more cinemas

Everyman, a UK based independent cinema network, is expanding to more venues around the UK.

During the period, the cinema company opened new venues in Bristol, Harrogate and Kings Cross, expanding the current estate to 19 cinemas. The Kings Cross venue was opened temporarily in July 2016 and a permanent three-screen venue will be opened by the company in late 2017.

Beyond the half year period, the group continues to find new site opportunities for future investment. Contracts have been conditionally exchanged on sites at Horsham, Durham and Wokingham and are expected to be open to the public by 2018 and 2019. These are in addition to sites previously announced in Chelmsford and Stratford-upon-Avon.

Continuous expansion has benefited the firm through maturing revenues earned by the six venue openings and two refurbishments in the previous year.

The group’s revenue rose 49% to £12.1m and adjusted earnings before tax depreciation and amortisation (EBITDA) rose 91% to £1.4m. The group however incurred a loss after tax of £670,000 which is comparatively higher than the loss incurred in the previous period of £430,000.

Since the period-end, trading has been in line with the board’s expectations following a good overall summer release slate in the cinema market, which offset a weak comparable period in 2015.

The group's box office also did well, rising 50% on the previous year, which resulted in the group's market share increasing to 1.46% for the period.

“We believe that it is a good period for film-making, with increasing confidence in the quality and quantity of film content over the coming years” said the board.

The share price fell 3.65% to 105.50p at 1458 BST on Wednesday.