Cinema chain Everyman Media today reported 2018 trading in line with expectations as it eyes a series of new openings.
The boutique cinema group, which currently operates 26 venues across the country, said trading for the 52 weeks to 3 January was on track to hit forecasts.
The company said business was boosted by five openings in 2018, including a new branch in Crystal Palace.
Everyman said it has already signed lease agreements on four new venues across England and has committed to opening 14 further branches by 2022.
Seven of these openings, including a new venue in Broadgate in the City, are planned for this year.
Everyman was founded in 2000 as a single venue in Hampstead, before expanding after its 2008 acquisition of Screen Cinemas, the company behind Islington's Screen on the Green cinema.
The AIM-listed company has secured a five-year loan of £30m from Barclays and Santander to help fund the expansion. This replaces a previous £20m loan from Barclays.
Yesterday cinema titan Cineworld saw its shares tumble after reporting stagnant sales, despite record numbers of visitors and a boost from box office hits such as Black Panther.
Everyman chief executive Crispin Lilly joined the company in 2014 after a 10-year stint at Cineworld.
“The directors maintain a positive outlook for the cinema industry and for the company in 2019,” Everyman said.
Shares in Everyman slipped a marginal one per cent following the update.