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LONDON (Alliance News) - Everyman Media Group PLC on Monday said it swung to a pretax loss in the first half due to spending to ramp up its operations, though it said net admissions and its net spend per customer both improved, and it said it has snapped up two new sites.
Everyman, which operates a portfolio of smaller cinemas in the UK under the Everyman and Picturehouse brands, said its pretax loss in the first half to the end of June was GBP216,000, compared to a GBP220,000 profit a year earlier, due to a combination of higher share-based payments and pre-opening expenses it incurred as it opened six new sites in the half, bringing its total estate to 16.
The group continued its expansion drive on Monday, saying it has exchanged contracts for sites in King's Cross in north London and Chelmsford in Middlesex. The two will be added to its pipeline, which already covers new cinemas in Bristol, Harrogate, Cirencester and Stratford-Upon-Avon.
Revenue rose to GBP8.2 million in the half from GBP6.2 million on the back of a 31% rise in box office sales, well ahead of the 14% growth in the wider market. This meant its UK market share increased to 0.94% at the end of June, up from 0.82% at the same point a year earlier.
The company said trading since the end of the half has been in line with its expectations, with the expected momentum from a strong summer blockbuster season augmented by a good performance from some smaller films. The company echoed other cinema operators in its optimistic outlook for the rest of the year, with major films like 'Star Wars - The Force Awakens', 'The Hunger Games: Mockingjay Part 2' and 'Spectre', the latest James Bond film, comprising a strong slate.
Shares in Everyman were up 1.5% to 98.9999 pence on Monday morning.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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