Everyman cinema chain swings into profit as it signals expansion plans
Upmarket cinema chain Everyman swung into profit in the first half of the year as the group signalled plans for further expansion.
The group, which has 21 cinemas, saw revenue rise 55% to £18.8 million in the six months to June 29, while profit came in at a modest £438,000, an improvement on the £670,000 loss suffered in the same period last year.
Adjusted earnings, the group's preferred measure, more than doubled from £1.3 million to £3 million.
Everyman opened a new venue in Stratford-upon-Avon in the period, and exchanged contracts on five further sites at York, Liverpool, Newcastle, Glasgow and Borough Market.
The firm has committed to nine further venues as it continues to invest in expansion.
Chairman Paul Wise said that current trading is in line with expectations, which is reflective of a "reasonable overall summer in the cinema market".
He added: "Everyman differentiates by focusing on delivering a high-quality offer, through its venues, content, staff and food and beverages.
"The board's long-held belief in this model as being the bedrock for significant growth within the UK has been further strengthened in the last six months and our ambitions continue to grow."
Cinemas such as Everyman tend to make a greater proportion of their earnings in the second half of the year, making box office hits more crucial as the year comes to a close.
The group is currently showing films such as A Ghost Story, The Hitman's Bodyguard and Atomic Blonde.