HomeFinanceEveryman Cinemas ups profit forecast as crowds flock to blockbusters

Everyman Cinemas ups profit forecast as crowds flock to blockbusters



Everyman Cinemas ups profit forecast as string of blockbuster films sends ticket sales soaring


Everyman Cinemas will smash profit forecasts after a series of blockbuster films sent ticket sales soaring.

More people have been visiting its cinemas than expected since the company’s last update in September.

The latest James Bond film No Time To Die, Denis Villeneuve’s adaptation of Dune and Marvel superhero movie Eternals have all lured customers back to the big screen.

Recovery: The film industry is hoping a strong slate of films – including King Richard (pictured), starring Will Smith as the father of Venus and Serena Williams – will keep sales high

Recovery: The film industry is hoping a strong slate of films – including King Richard (pictured), starring Will Smith as the father of Venus and Serena Williams – will keep sales high

The industry is hoping a strong slate of films – including King Richard, starring Will Smith as the father of Venus and Serena Williams – will keep sales high.

Everyman said it is optimistic and that there is still a major ‘appetite for cinema’. If there are no further Covid restrictions, Everyman now expects to make £7million profit – substantially higher than the £4.8million previously forecast. 

Turnover will be ‘at least’ £46million – up from estimates of £42.5million.

Shares rose 2.8 per cent, or 4p, to 146p yesterday.

AIM-listed Everyman was forced to close its venues from January until May this year.

Its cinemas were also closed for months at a time during 2020 – and even while open, social distancing restricted the number of customers it could allow into screens.

The company charges more than many competitors – with the average ticket costing £11.18. It has 35 venues, which offer small screens with plush sofas and armchairs. 

Customers are able to eat freshly cooked food like pizza and drink wine while the film is showing.

The future of the cinema industry was thrown into doubt during the pandemic, when many feared that people would want to watch films at home all the time.

But Everyman’s figures follow a bumper update from Cineworld last week, which said that in October its sales were 27 per cent higher than in October 2019.

Cineworld fell 5.1 per cent, or 3.1p, to 58.1p yesterday.




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