Everyman Media Group PLC said Thursday that it swung to a pretax loss for 2020 due to the impact from the coronavirus pandemic, but that it remains confident its offering will remain in demand upon relaxation of lockdown restrictions.
The U.K. cinema operator reported a pretax loss for last year of 22.2 million pounds ($30.5 million) compared with a profit of GBP2.3 million a year before. Revenue plunged to GBP24.2 million from GBP65.0 million for 2019.
Everyman said last year included 10 weeks of normal conditions, 25 weeks of full closure, and 17 weeks of disrupted trading due to Covid-19 restrictions. The company plans to reopen all its venues on May 17, in line with the roadmap set out by the U.K. government.
Everyman said it is optimistic for the coming year as the film slate is strong and varied, but warned that its financial performance will be influenced by a number of factors outside its control. As a result, the company said it isn’t providing guidance at this stage, although it will do so when appropriate.