LONDON (Alliance News) - Independent cinema chain Everyman Media Group PLC Monday posted a rise in profit in the half-year to the end ofJune as it captured a larger portion of UK box office revenues, boosting revenues.
The company posted a pretax profit of GBP220,000, up from GBP183,000, as revenue rose to GBP6.2 million from GBP5.4 million in the previous year.
Everyman said that during the half-year it had received 0.82% of the UK's box office revenues, up from 0.70% in the previous year. Following the year-end the company acquired additional space adjacent to its existing site in Hampstead. It has plans to open new sites at the Mailbox in Birmingham in early 2015, and at Canary Wharf in London in mid 2015.
It has exchanged contracts for new sites in Bristol and Harrogate, and said it has a number of other sites in the pipeline at various stages of negotiation.
The company said that since the period end it has been trading in line with expectations, and cited a "strong pipeline of new opportunities." Looking ahead, it said it "continues to believe there is significant growth potential for an independent cinema chain within the UK."
Everyman has opted not to pay a dividend at this stage in its development, it said.
Chief Executive Andrew Myers is due to leave the business at the end of 2014, and will be succeeded by Crispin Lilly before the end of the year.
Shares in Everyman were trading down 2.6% at 90.10 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Everyman Media (EMAN)