Cinema chain sees profits snap into sharp focus
Upmarket cinema chain Everyman swung into profit in the first half of the year as the group signalled plans for further expansion.
The group, which has 21 cinemas, saw revenue rise 55 per cent to £18.8 million in the six months to 29 June, while profit came in at a modest £438,000, an improvement on the £670,000 loss suffered in the same period last year.
Adjusted earnings, the group’s preferred measure, more than doubled from £1.3m to £3m.
Everyman opened a new venue in Stratford-upon-avon in the period, and exchanged contracts on five further sites at Glasgow, York, Liverpool, Newcastle and Borough Market. The firm has committed to nine further venues as it continues to invest in expansion.
Cinemas tend to make a greater proportion of their earnings in the second half, making box office hits more crucial as the year comes to a close. The group is currently showing films such as A Ghost Story and Atomic Blonde.