Hefty refurbishments leave Everyman cinemas with £430,000 loss in six months
Everyman cinema group announced it made a loss of £430,000 despite a 31 per cent increase in revenues in the six months to 10 June.
The premium cinema operator’s revenues were £8.16m, boosted by an increase in ticket sales and net spend per customer, but up from £6.2m in the first half of last year. In the first half of last year, the company made a profit of £139,000.
The group said the £5.2m acquisition of four new cinemas over the period, including in Canary Wharf, and £800,000 refurbishments had weighed down profits.
Chairman Paul Wise defended the expenditure, saying it allowed the company to charge higher ticket prices.