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Everyman Media profit jumps amid expansion
Everyman Media, the owner of the Everyman cinema chain, reported a big jump in full-year profit on Wednesday as it continues to expand.
In the year to 28 December 2017, pre-tax profit rose to £1.6m from £540,000 the year before as revenue increased 37% to £40.6m. Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation were up 67% to £6.6m and admissions pushed up 32% to 2.2m.
The company, which made £17m through an equity placing back in October to help fund its expansion, opened a further three new Everyman venues in the last 12 months, growing the estate to 22 sites.
Everyman said trading since the year end has been in line with expectations and the film release schedule for 2018 looks "strong and diverse".
Chairman Paul Wise said: "With two new openings in the year in Stratford-upon-Avon and Kings Cross, together with the completion of some significant refurbishments in Muswell Hill and Oxted, 2017 marked another year of strong growth. The business delivered in line with the board's expectations across all key areas.
"Whilst the pipeline for further new venues continues to develop well, the opportunities for growth organically from our existing estate are becoming increasingly important for the business. The directors believe that developing like for like growth, alongside continued footprint growth, will stand us in good stead to deliver venues that are used and appreciated by communities around the country and to grow the business for our shareholders."
At 1252 GMT, the shares were up 5.7% to 204p.