(Alliance News) - Everyman Media Group PLC on Tuesday said it expects annual earnings to improve and expressed confidence looking ahead to a "continuously improving" film slate.
Shares in Everyman were up 5.1% to 62.00 pence each in London on Tuesday late morning.
In the 52 weeks that ended December 28, the London-based independent cinema chain expects revenue to rise 17% to GBP90.9 million from GBP77.9 million with value-added tax benefit removed in 2022.
This is alongside earnings before interest, tax, depreciation and amortisation improving 19% to GBP16.2 million from GBP13.6 million with VAT benefit removed. It also expects market share to improve to 4.8% from 4.5%.
Everyman said its performance in the second half of 2023 was marginally affected by the Writers Guild of America and Screen Actors Guild-American Federation of Television & Radio Artists strikes, which led to certain key titles being moved to 2024.
"The board is pleased however to re-confirm market expectations for 2024 and has confidence in the prospects of the business moving forward," Everyman said.
As a consequence, Everyman said it has confidence in the "continuously improving" film slate in 2024, noting titles including 'Wicked', 'Despicable Me 4', 'Paddington in Peru', 'Joker: Folie a Deux', 'Inside Out 2', 'Mufasa: The Lion King', 'Dune: Part II' and an untitled 'Gladiator' sequel.
Everyman also said it remains committed to "measured organic expansion with excellent opportunities available for new sites".
"We have delivered robust, double-digit growth in both revenue and Ebitda against a challenging economic backdrop, delays to new openings and both writers' and actors' strikes. Further operational progress has been made with improvements in all key metrics, illustrating that our proposition remains as relevant as ever," said Chief Executive Officer Alex Scrimgeour.
By Greg Rosenvinge, Alliance News senior reporter
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Everyman Media (EMAN)