Shares in Everyman Media Group slid by as much as 20% in early trading.

Upmarket cinema chain Everyman is set to fall short of sales and earnings targets as it blamed poor box office in recent months.

Shares in Everyman Media Group slid by as much as 20% in early trading as a result.

The chain, which runs 49 cinemas across the UK, said box office performance in the fourth quarter of the year has been “weaker than anticipated”.

Industry data indicated that UK box office revenue in October was down 9% year-on-year, and as much as 33% lower in November.

Everyman also flagged that it is continuing to operate in a “challenging economic environment”, with pressure on consumer spending.

It told shareholders that it expects revenue “of no less than £114.5 million” for the year to January 1,

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