Cineworld-owned Picturehouse Cinemas narrows losses while staff approve fresh strike action
Arty cinema chain Picturehouse chain reduced its losses in 2016, but faces further strike action in a dispute between staff and owner Cineworld.
For the year ending 31 December 2016, Picturehouse Cinemas Ltd recorded boosted revenues of £28.7m, up from £17.8m the year before. But the cost of sales more than doubled from £6.5m to £14.6m.
Losses after tax for the year narrowed to just over £4m compared to £5.7m in 2015.
Picturehouse, which was bought by Cineworld in 2012, restructured last year to bring some cinemas operated by subsidiary companies under the same Picturehouse entity. The directors said this had no impact on trade at the venues.
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But the results come as the cinema chain braces for yet more staff walkouts.
Picturehouse has been facing industrial action organised by its workers intermittently since 2013, over staff’s demands to be paid the London living wage.
Members of Bectu, the union for the media and entertainment industry, approved a fresh round of strikes last week, affecting five Picturehouse cinemas in London. Originating at the Brixton Ritzy, the action has now spread to the Central London, Crouch End, East Dulwich and Hackney branches, as well as one venue in Brighton.
The strike will be the latest in a series, the most recent taking place last month. Bectu representatives are calling for Picturehouse to resume talks with the union.
Cineworld has been approached for comment.
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