28th Sep 2022 12:06
(Alliance News) - Everyman Media Group PLC on Wednesday said its outlook for the rest of the year is promising, following progress in the first half.
In the six months ended June 30, the London-based independent cinema chain said revenue multiplied to GBP40.7 million from GBP7.7 million a year prior. This narrowed its pretax loss to GBP798,000 from GBP9.2 million.
Everyman attributed its first-half performance to several factors, including a healthy 20% growth in admissions since 2019, and "robust spend per head".
The company said that with film production back up to speed after Covid disruptions, it was optimistic about meeting market expectations for the second half.
Chief Executive Alex Scrimgeour added that he believes the company is now back on track following several turbulent years. "Cinema will always be an important part of the fabric of the UK as a place to be entertained, and has historically remained as such during more difficult economic conditions and recession."
The company declared no interim dividend.
Everyman shares were trading 3.0% higher at 99.90 pence each in London on Wednesday morning.
By Holly Beveridge; [email protected]
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