Everyman Media Full Year Profit Trebles Amid Optimism For 2018

LONDON (Alliance News) - Cinema operator Everyman Media Group PLC said Wednesday annual profit nearly trebled as revenue and admissions grew rapidly, amid optimism that 2018 will offer further strong growth.

For the year ended December 28, pretax profit expanded nearly three-fold to GBP1.6 million from GBP540,000 the year prior. This was after revenue grew 37% to GBP40.6 million from GBP29.6 million the year before.

During the year, Everyman opened a further three new Everyman cinemas resulting in 22 in total comprising 69 screens and 6,267 seats. Contracts have been exchanged for a further nine new sites.

Admissions over the year rose 32% to 2.2 million from 1.7 million the year prior. Average ticket prices rose 3% to GBP11.28 from GBP10.94 the year before.

Everyman does not currently pay a dividend.

"Since the year end trading has been in line with expectations and the film release schedule for 2018 looks both strong and diverse," Everyman Chairman Paul Wise said.

"Whilst the pipeline for further new venues continues to develop well, the opportunities for growth organically from our existing estate are becoming increasingly important for the business," Wise added. "The directors believe that developing like for like growth, alongside continued footprint growth, will stand us in good stead to deliver venues that are used and appreciated by communities around the country and to grow the business for our shareholders."

Shares in Everyman were 1.5% higher at 195.96 pence on Wednesday.