Cinema operator, Everyman Media Group, has released a trading update for the 2021 FY year to 30th December 2021 and said they saw admissions ahead of expectations.
Assuming there are no more COVID restrictions in 2021, Everyman expects revenue to be no less than £46.3m producing EBITDA of no less than £7m.
This would be a dramatic increase from the £24.2m revenue recorded in 2020 FY but well below the £64.9m recorded in 2019 FY.
Everyman shares rose to 145p in early trade on Monday.
“Everyman’s shares jumped 8% after it said more people have been visiting its posh cinemas than expected, giving a nice boost to earnings. Cinema demand is highly dependent on the quality of the film slate and there have been quite a few popular titles released in recent months to help put bums on seats,” said Russ Mould, investment director at AJ Bell.