Everyman looks to reduce costs amid lockdown

Cinema operator Everyman Media said on Thursday that changes to Covid-19 restrictions since its last update caused it to be slightly less optimistic about trading than it had been in late September.

With all of the group's venues being closed since 30 December, Everyman said it was again concentrating on reducing capital expenditure and operating costs to a minimum, while also working closely with its landlords to secure further rent concessions.

At the end of 2020, the AIM-listed group had net debt of £8.5m, with the continued support of its providers.

Chief executive Paul Wise said: "Whilst the pandemic continues to severely impact our business and industry, we have a strong balance sheet, an exciting incoming CEO in Alex Scrimgeour, supportive staff, customers and shareholders.

"We remain optimistic for the coming year post-lockdown and continue to have confidence in people's appetite to socialise and to be entertained; we believe we will be in a strong position once it is safe to welcome back our customers and teams."

As of 1020 GMT, Everyman shares were down 0.89% at 111.50p.