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Everyman Media Group PLC on Wednesday said its annual loss narrowed as revenue increased, while it intends to open six new cinemas across its financial 2023. In the financial year that ended December 29, the London-based independent cinema chain said pretax loss narrowed to £3.5 million from £5.4 million. This was in line with revenue soaring 61% to £78.8 million from £49.0 million. Cost of sales rose more modestly to £28.3 million from £18.1 million, while administrative expenses also did not offset rising revenue, increasing to £50.7 million from £39.4 million. ‘We were encouraged by strong growth in admissions in the year, marking a return to business as usual. Everyman remains a popular and affordable choice for consumers, combining great film, hospitality and atmosphere to provide an exceptional cinema experience,’ said Chief Executive Officer Alex Scrimgeour. Two new cinemas opened in April and September 2022 respectively, taking the group to a total of 130 screens, up from 119 in 2021, across 38 venues, it said. Looking ahead, Everyman said six new cinemas are confirmed to open in 2023, alongside an ‘exciting’ pipeline of further opportunities for 2024 and 2025. ‘We opened two new venues in Edinburgh and Egham in 2022 and are excited to welcome audiences to new openings in Durham, Salisbury, Northallerton, Plymouth, Marlow and Bury St Edmunds in the second half of 2023,’ Scrimgeour said. ‘As a result of our strong performance in year, we are actively returning to an agenda of managed organic expansion. The company is also assessing acquisition opportunities of existing cinemas which are suitable to be converted into Everyman venues.’ Everyman also said trading during its financial 2023 so far has been in line with expectations, with admissions expected to benefit from an increased number of wide releases, commitment to the theatrical window from distributors and new investment from streamers. It said it anticipates continued financial improvement from higher admissions, strong management of costs and new site openings, despite the current difficult macroeconomic environment and its impact on consumer spends. ‘We view our prospects with increasing confidence. Moving through 2023 and beyond, the Everyman proposition feels as relevant as ever,’ Scrimgeour added. Shares in Everyman were up 2.3% to 67.00 pence each in London on Wednesday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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