Cinema operator, Everyman has announced its trading update for the 52 weeks to 29 December 2016, with above market expectations results.
A combination of factors have contributed to these results including the better than anticipated performance of some of the new venues and continued improvements in existing locations.
2016 saw the six new venues and two refurbishment projects from 2015 start to mature, and in addition the Company opened four new venues. The most recent opening has been in Chelmsford in December (5 screens) and the Company's 20th location - representing a 100% increase in estate size over the past two years.
Other new venue openings during the year included Harrogate (September, 5 screens) and Bristol (May, 3 screens) as well as the temporary single screen pop-up venue at Kings Cross, ahead of the main venue opening there late 2017.
The company has continued to find attractive new venue opportunities for future investment and the directors are increasingly confident of further growing this attractive pipeline.
Since the 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 the total committed pipeline back to six after recent openings.
In addition to Kings Cross, Everyman will open a new venue in Stratford-upon-Avon this year.