Everyman in line for higher profits as UK cinema admissions improve

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Varysman Media Group has projected higher profits, with the upmarket cinema chain seeing a good customer “appetite” to watch movies on the big screen.

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The AIM-listed firm, which has 35 locations and is known for its couch seating and wine menus, said admissions have been ahead of forecast since its last update in September.

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Titles to be released since then include the new James Bond film No Time to Die, which has achieved blockbuster viewing levels in the UK and helped cinema operators bounce back after the lockdown.

Everyman said today, based on no further COVID-19 restrictions this year, it expects to report a 2021 turnover of not less than £46.3 million and an underlying profit of at least £7 million .

House broker Canaccord Genuity was expecting £42.5 million and £4.8 million, respectively.

The company, led by Alex Scrimjour, said: “Looking beyond the current fiscal year, early signs suggest that appetite for cinema remains strong and we are optimistic about the outlook for the sector.”

Shares rose 7.95p, or 5.6%, to 149.95p.

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