14th Sep 2016 07:31
LONDON (Alliance News) - Everyman Media Group PLC reported a wider pretax loss in the first half of 2016 due to increased costs, but revenue rose as it continues to expand its estate.
The cinema operator said its pretax loss in the first six months of the year widened to GBP295,000 from GBP216,000 the year before, due to an increase in administrative expenses and depreciation and amortisation costs.
Revenue, however, grew to GBP12.1 million from GBP8.2 million, as one new cinema in Bristol was added to the portfolio. A further two cinemas, one in the King's Cross area in London and one in Harrogate, have been opened since the period-end, expanding the total estate to 19 cinemas.
"Since the period-end, trading has been in line with expectations continuing a reasonable overall summer in the cinema market. 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," the company said in a statement.
Shares in Everyman Media were trading down 2.3% at 107.00 pence on Wednesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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