Hefty refurbishments leave Everyman cinemas with £430,000 loss in six months

 
Madeline Ratcliffe
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The group said the acquisitions and refurbishments had weighed down profits
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yman cinema group announced it made a loss of £430,000 despite a 31 per cent increase in revenues in the six months to 10 June.

The premium cinema operator’s revenues were £8.16m, boosted by an increase in ticket sales and net spend per customer, but up from £6.2m in the first half of last year. In the first half of last year, the company made a profit of £139,000.

The group said the £5.2m acquisition of four new cinemas over the period, including in Canary Wharf, and £800,000 refurbishments had weighed down profits.

Chairman Paul Wise defended the expenditure, saying it allowed the company to charge higher ticket prices.

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