- First-half sales up 40% versus pre-pandemic
- On track to meet full-year expectations
- Accelerated plan for new venues
Premium cinema chain Everyman Media (EMAN:AIM) said it continued to experience strong demand in the first half to 30 June with revenues up 40% to £40.7 million compared with the first half of 2019 (i.e. pre-pandemic).
Despite a general dearth of major film releases Everyman said it enjoyed three of the 10 highest ever box office releases in the last year.
Admissions increased by 20% or 300,000 compared with 2019, increasing its UK market share to 4.5% from 1.5%.
The company said momentum was building going into the second half after opening a four-screen venue in Egham in September with plans to open in Durham in November while a further four venues are confirmed for 2023.
GUIDANCE REITERATED
The company said it was on track to ‘at least’ meet full-year expectations. According to Refinitiv data analysts have penciled in 2022 revenues of £78.5 million, around 21% above pre-pandemic.
CEO Alex Scrimgeour commented: ‘The first half of the financial year has been a period of progress on all fronts, with healthy admissions growth and robust spend per head, suggesting we are now back on track following the turbulence of recent years.
‘We have started the second half of 2022 in line with expectations and the outlook for the remainder is promising. The acceleration of our openings strategy is now well underway and we are excited about the wealth of opportunities emerging to bolster and supplement the Everyman brand outside of the core proposition.’
The strong recovery and positive momentum was well received by investors with shares marked up 3% to 99.9p.
BACK TO PROFIT
Higher admissions and new venues drove the business back to profit with adjusted EBITDA of £7.5 million, around 14% higher than the same period in 2019.
While the average ticket price of £11.09 was slightly lower than before the pandemic, spending on food and beverages grew 29% to almost £9.
The business ended the period with net debt of £8.6 million, versus £11.8 million in 2021, while maintaining ‘significant’ headroom on banking facilities which stood at £25.5 million.
LEARN MORE ABOUT EVERYMAN GROUP
