Everyman Cinemas has released its half year results for the six-month period ended 30 June 2016. Revenue for the half year ended 30 June 2016 was up 49% on the comparative six-month period to £12,128,000 (30 June 2015: £8,159,000, full year to 31 December 2015: £20,316,000).
The first six months to 30 June 2016 saw the firm open a new venue in Bristol together with significant maturing revenue growth coming from the six venue openings and two refurbishments in 2015. A temporary one-screen venue opened in July 2016 in Kings Cross, which will remain in place until the permanent venue is completed in late 2017. A five-screen venue opened in Harrogate in September 2016.
The group now operates 19 venues, up from 16 at the beginning of the year.
Chairman Paul Wise stated, 'Since the period-end, trading has been in line with expectations following a good overall summer release slate in the cinema market set against a weak comparable period in 2015.'
For the half year ended 30 June 2016, the Group's box office was up 50% on the previous year, reflecting favourably versus a market movement of +0.5%. This resulted in the Group's market share increasing to 1.46% for the period (30 June 2015: 0.94%) (Source: Rentrak EDI).
This market growth reflects revenue contribution from new sites that opened during the period and through 2015. The growth and performance of these new venues supports the Board's continued confidence in the full Everyman concept and our continued investment in our future pipeline.
Wise continued, 'We feel that Everyman is enhancing its position as a well-respected brand in the UK leisure market and is attracting increased interest from developers looking for a cinema/leisure operator that appeals to a more discerning customer within a more intimate environment.'
During this period, the firm opened a new three-screen venue on Whiteladies Road in Bristol in May 2016. It has subsequently opened a temporary venue in Kings Cross in July 2016, and a permanent venue in Harrogate in September 2016. Kings Cross is a small one-screen venue close to the site where a new three-screen venue will open in late 2017.
Everyman has continued to find attractive new site opportunities for future investment. Contracts have now been conditionally exchanged on sites at Horsham (expected to open in 2018), Durham (2019) and Wokingham (2019). These are in addition to those previously announced: Chelmsford (December 2016), Stratford-upon-Avon (2017) and Kings Cross (2017).