Everyman in line for higher profits as UK cinema admissions improve

·1-min read
No Time To Die has been popular at UK cinemas  (AP)
No Time To Die has been popular at UK cinemas (AP)

Everyman Media Group has forecast higher profits, with the upmarket cinema chain seeing good customer “appetite” to watch films on the big screen.

The AIM-listed firm, which has 35 venues and is known for its sofa seating and wine menus, said admissions since its last update in September are ahead of forecasts.

Since then titles to have been released include the new James Bond film No Time To Die, which has had blockbuster viewing levels in the UK and helped cinema operators to bounce back following lockdowns.

Everyman today said, on the basis of no further Covid-19 restrictions this year, it expects to report 2021 turnover of not less that £46.3 million and underlying profits of at least £7 million.

House broker Canaccord Genuity had respectively been expecting £42.5 million and £4.8 million.

The company, which is led by Alex Scrimgeour, said: “Looking beyond the current financial year, early indications suggest the appetite for cinema remains strong and we are optimistic for the outlook of the sector.”

The shares increased 7.95p, or 5.6%, to 149.95p.

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