(Alliance News) - Everyman Media Group PLC on Friday said it expects to report a stronger-than-expected swing to profit for 2021 as revenue doubled following robust trading since re-opening its cinemas.
Shares in the UK-based cinema company were 3.6% higher at 145.00 pence on Friday in London.
For the year, adjusted earnings before interest, tax, depreciation and amortisation is expected to be above market forecasts of GBP8.3 million, compared to a GBP1.1 million loss the year before.
In addition, revenue is expected to be GBP48.7 million, more than doubled from GBP24.2 million in 2020, a year which had ten weeks of normal trading, 17 weeks of disrupted trading and 25 weeks of being closed fully due to virus restrictions.
Everyman's 2021 revenue figure is 75% of the total of 2019, which was GBP65.0 million, in spite of being closed for 19 weeks.
Looking ahead, Everyman is set to recommence its rollout programme, with a committed pipeline of five new venues for 2022.
"Robust admissions seen across our estate in the second half of the year proves that demand for entertainment at Everyman remains strong. I would like to say a special thank you to our incredible team for making it happen in such exceptionally difficult circumstances. We are increasingly optimistic about 2022 performance and excited by our new opening pipeline," said Chief Executive Officer Alex Scrimgeour.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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