Alternative cinema chain Everyman Media Group (LON:EMAN) reported performance in line with expectations for the year to July, sending shares up over 5 percent.

The group, who are spearheading the “rise of independent cinema”, ended the period with 22 cinemas in operation, including a new four screen cinema in York.

In an update, Everyman said contracts had been exchanged for venues in Cardiff (four screens) and London Broadgate (three screens), both of which are expected to open in 2019.

‘The board is confident of a successful outcome for the full year and the pipeline is continuing to be developed in line with the Board’s expectations,’ Everyman Media Group said.

The group was founded in 2000 after the acquisition of the original Everyman cinema in Hampstead, and has grown steadily since. Its share price has risen significantly over the past five years, and is currently up 5.39 percent at 215.00 (1011GMT).