Covid brings down the curtain on Everyman profits
Cinema chain Everyman swung to a loss as ticket sales plunged in response to widespread closures caused by the pandemic.
The Aim-listed company recorded a pre-tax loss of £11.7m for the 26 weeks to July, compared to £600,000 profit for the period last year.
That was driven by a 44pc fall in admissions to 828,945, as the independent chain closed all 35 sites to meet the lockdown measures.
Revenues also fell 48pc to £15m for the half year, but the UK's fourth largest cinema business has showed signs of recovery after it finished re-opening all venues on Aug 21.
It said admissions were about 40pc of those seen last year, with Everyman taking a 10pc UK market share of the Christopher Nolan blockbuster Tenet.
Despite the rebound, investors sent shares down more than 2pc to 75p.
Executive chairman Paul Wise said it had been a "very strong start to the year" underpinned by rising revenues, but the pandemic had "halted that growth abruptly".
"Our sole subsequent challenge was to make swift, prudent adjustments to prepare for the current environment.
"Despite of the challenging current environment, we retain our confidence in people's appetite to be entertained. And that film accounts for a large proportion of that appetite.
"People are fundamentally sociable, and we remain confident that, when it is appropriate, people worldwide will return to cinema, and specifically to Everyman."
The chain, which was founded in 2000 when the original Everyman Cinema in Hampstead was bought out of administration, notched 47pc revenue growth in the first two months before the pandemic hit.
It said trading was "inevitably soft" as its cinemas started reopening in July, but Tenet was on track to deliver a "very encouraging" £16m to £18m.
