Everyman Cinemas is set to surpass profit projections following a string of blockbuster movies that sent ticket sales skyrocketing.
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
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.
Yesterday’s share price was 146p. This is a 4.8% increase.
Everyman, which was AIM-listed, had to close all of its locations from January through May.
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. There are 35 locations that offer smaller screens and comfortable armchairs.
Customers can eat fresh food such as pizza while they watch the movie.
Following the pandemic many were concerned that the industry would be unable to survive and people might want to see films at their homes all day.
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 lost 5.1 percentage points, or 3.00p, yesterday to 58.1p