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LONDON (Alliance News) - Everyman Media Group PLC on Monday said it swung to a loss in 2015 after booking higher costs relating to the opening of new cinemas, but revenue rose as it continues to build the brand and expand its pipeline.
The cinema operator said it made a pretax loss in 2015 of GBP734,000, having made a GBP266,000 pretax profit in 2014, resulting from pre-opening costs of new cinemas and administrative expenses.
Revenue, however, increased to GBP20.3 million from GBP14.1 million, boosted by an increase in admissions to 1.2 million from 0.8 million, as the estate grew to 16 sites following the opening of six new cinemas.
Everyman plans to open a new site in Bristol in May, followed by five further sites over the next two years. It has also exchanged contracts on a new site in Durham which is expected to open in 2019.
Since the year end, trading has been in line with expectations and the film release schedule for 2016 is "encouraging", Everyman said.
Everyman added that it has entered into a new GBP8 million three-year revolving loan facility with Barclays, to allow the expansion of its cinema estate.
"We continue to challenge ourselves internally to develop, improve and build upon the existing strengths of our underlying business, as well as delivering our expansion plans. It is an exciting time and we believe we will continue to deliver good returns to our shareholders," Chairman Paul Wise said in a statement.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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