Everyman Media Group claimed a reduction in its first-half losses, praised its “strong” customer base and stated that it expects to “at least meet” market expectations for the remainder of the year.
The upscale cinema group’s pre-tax losses fell to £798,000 during the year, down from £9.2million the previous year, on revenues of £40.7million, up from £7.7million.
Top Gun: Maverick did well at the end of May, with Everyman obtaining a 5.8% market share of total receipts to date, according to the group.
Other notable releases in March and May included The Batman and Doctor Strange in the Multiverse of Madness, respectively.
The company’s adjusted EBITDA for the period increased from a loss of £1.4 million to £7.5 million.
Its cinemas often have fewer screens than competitors, sofa-like seating, and amenities like food and drink brought to seats.
Alex Scrimgeour, the CEO of Everyman, stated, “Cinema will always be an integral part of the fabric of the United Kingdom as a place to be amused, and has traditionally stayed as such during terrible economic times and recession.”
We are convinced that our distinctive brand of Everyman hospitality will always be relevant.
Everyman stated that it was difficult to compare admissions to the same period in 2021 owing to Covid-related closures.
However, compared to the first half of 2019, admissions increased by 20% due to organic expansion and the launch of nine additional facilities.
300,000 more admissions were granted compared to the first half of 2019.
Scrimgeour stated, “The first half of the fiscal year has been a period of progress on all fronts, with good admissions growth and robust spend per head, indicating that we are now back on track after the turmoil of the past few years.”
Three of the ten highest-grossing films of all time were released in the past twelve months, despite a decrease in film production due to the pandemic’s effects on production.
We are confident about our prospects. We are convinced that film production is back at full speed and that the flow of good content will increase and improve in the future, beginning with an attractive pipeline of new releases for the remainder of this year and the following.
Scrimgeour stated that Everyman had begun the second half of the year as anticipated and that the outlook for the remainder of the year was ‘good.’
Canaccord Genuity, which has a ‘buy’ rating on the company, stated that the results were strong and proved that Everyman had recovered from the epidemic.
It stated, “Investments made in the customer offering over the past three years, along with a good film release schedule and a renewed site development strategy, have contributed to a record half-year success in terms of sales and EBITDA.
‘Its expanded F&B service and curated film selection of major and independent titles offer clients a real point of uniqueness and have contributed to significant market share gains.
In the next twenty-four months, several new locations will open, representing a huge expansion opportunity for the business.
In late morning trade, Everyman shares rose 2.98 percent, or 2.89 pence, to 99.9 pence, but the group’s share price has dropped about 30 percent over the previous year.
