17th Mar 2014 11:41
LONDON (Alliance News) - Everyman Media Group PLC Monday swung into a pretax loss for 2013, hit by costs relating to its flotation on AIM last November.
The independent cinema operator posted a pretax loss of GBP781,000, swung from a pretax profit of GBP255,000, despite seeing revenue rose to GBP11.5 million from GBP9.1 million, as administrative expenses rose and it posted expenses relating to its launch on AIM.
The company said it had a 0.74% share of all box office revenues in UK cinemas during the year, and believes that there is scope for it to increase box office sales, retail spend per customer and other revenue streams as it looks to expand its estate of cinemas.
Everyman has a portfolio of ten venues and 20 screens. It will be opening new sites at the Mailbox in Birmingham in last 2014, and in Canary Wharf in the middle of 2015. It has also acquired additional space adjacent to its existing site in Hampstead, which it said will be used to expand its food offer.
The company said that since the year end the company has been trading in line with expectations. Everyman did not recommend paying a dividend at this stage in its development.
Shares in Everyman were trading up 1.7% at 90.00 pence Monday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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