Last checked at 17 Mar 2020 12:00
17 March 2020
Everyman Media Group PLC
("Everyman" the "Company" or the "Group")
COVID-19 update
As announced on 15 January 2020, the Company had a good 2019 demonstrating the strength of the Everyman brand and financial model. The Company intends to release full year results for the financial year ended 2 January 2020 on 19 March 2020.
Trading over recent days has been impacted by COVID-19 and the delay of major movie releases. Following guidance provided by the UK government yesterday, the Board of Everyman has taken the decision to close its venues to guests until further notice. The health of our staff and our customers is the boards highest priority.
All appropriate measures have been put in place to reduce the impact on the Group, including cost reduction and the postponement of new sites, refurbishments and other capital expenditure projects. The Group has significant headroom in its loan facility and is in dialogue with its lenders on covenants to maintain liquidity through this period of uncertainty.
Whilst site closures will clearly have an impact on the Group's ability to operate whilst restrictions are in place, this does not change the Board's confidence in Everyman and its proposition over the long term.
The Company also today announces that Streisan Bevan will be stepping down from the Board, with effect from 18 April 2020. The Board would like to thank Streisan for her contribution.
The information contained within this Announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
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