Boutique cinema chain Everyman saw shares rise on Tuesday after a strong forward-looking trading statement, boosted by several new cinema openings across the UK in 2016.
The company opened four new venues in 2016, as well as seeing two refurbishment projects and six new openings from 2015 start to mature. Everyman’s most recent opening was a 5 screen cinema in Chelmsford in December, which became the group’s 20th location – representing a 100 per cent increase in estate size over the past two years.
Cinemas were also opened in Harrogate in September, Bristol in May and a temporary single screen “pop-up” venue at Kings Cross.
In a statement, the company said they have “continued to find attractive new venue opportunities for future investment and the directors are increasingly confident of further growing this attractive pipeline.”
“Since our last announcement in September 2016, contracts have now been exchanged on a venue in Edinburgh, a five screen location as part of the new St James Development bringing our total committed pipeline back to six after our recent openings. In addition to Kings Cross, we will open our new venue in Stratford-upon-Avon this year.
“The directors expect this momentum to continue into 2017 as more and more people enjoy watching films in an Everyman environment.”
The Everyman cinema group was founded in 2000 after entrepreneur Daniel Broch bought the original Everyman Cinema in Hampstead. It has since then grown exponentially, taking the Everyman brand to national recognition. In April 2016, the group raised £20 million in capital to expand the business.
Everyman Media Group (LON:EMAN) shares are currently up 1.01 percent at 100.00 (0948GMT).