Everyman posts five-fold drop in losses to £4.3m but Oppenheimer effect offers hope
British cinema chain Everyman has reported a fivefold increase in losses due to weak ticket sales.
Everyman, which has 41 cinemas, posted pre-tax losses of £4.3m for the first six months of the year, five times the £798k lost in the same period last year.
Shares dipped over one per cent on Wednesday morning.
Admission numbers fell from 1.8m to 1.6 m but Everyman said sales are on the up as the huge popularity of Barbie and Oppenheimer releases begins to take effect.
“The recent and resounding Box Office success of Barbie and Oppenheimer drove exceptional performance throughout July and August, highlighting the value of high-quality original content,” said Alex Scrimgeour, chief executive of Everyman.
“We remain confident in our prospects as we continue to be supported by a slate of high-quality second half releases,” he added.
The company is also banking on three recently opened luxury screens in Salisbury, Northallerton and Plymouth to help drive earnings in the second half of the year.
In August, Everyman agreed a new £35m credit facility with Barclays and National Westminster banks, up from £25m, to ensure it is “soundly financially structured”.