Everyman Cinemas Boosts Profit Forecast As Crowds Turn To Blockbusters
Everyman Cinemas boosts profit forecast as a series of blockbuster movies soar ticket sales
Everyman Cinemas will crush earnings forecasts after a string of blockbuster movies boosted ticket sales.
Since the company’s last update in September, more people have visited the cinemas than expected.
The latest James Bond film No Time To Die, Denis Villeneuve’s adaptation of Dune and Marvel superhero film Eternals have all lured customers back to the big screen.
Recovery: The film industry hopes a strong roster of films — including King Richard (pictured), starring Will Smith as the father of Venus and Serena Williams — will keep sales high
The industry hopes a strong lineup of films — including King Richard, starring Will Smith as the father of Venus and Serena Williams — will keep sales high.
Everyman said it’s optimistic and there’s still a big “hunger for cinema.” In the absence of further Covid restrictions, Everyman now expects to make £7m in profit – significantly higher than the £4.8million previously forecast.
Turnover will be ‘at least’ £46m – an increase over estimates of £42.5m.
Shares were up 2.8 percent, or 4p, to 146p yesterday.
AIM-listed Everyman had to close its locations from January to May this year.
The cinemas were also closed for months at a time in 2020 – and even while they were open, social distancing limited the number of customers it could allow on screens.
The company charges more than many competitors – with the average ticket costing £11.18. It has 35 function rooms, which offer small screens with plush sofas and armchairs.
Customers can eat freshly cooked food such as pizza and drink wine during the screening of the film.
The future of the film industry was called into question during the pandemic, when many feared that people would want to watch movies at home all the time.
But Everyman’s numbers follow a bumper update from Cineworld last week, which said October sales were 27 percent higher than October 2019.
Cineworld fell 5.1 percent or 3.1p to 58.1p yesterday.