Stefan Bernstein explains how the EU/Greenland critical raw materials partnership benefits GreenRoc. Watch the full video here.

Less Ads, More Data, More Tools Register for FREE

Pin to quick picksEveryman Media Regulatory News (EMAN)

Share Price Information for Everyman Media (EMAN)

London Stock Exchange
Share Price is delayed by 15 minutes
Get Live Data
Share Price: 56.00
Bid: 55.00
Ask: 57.00
Change: 0.00 (0.00%)
Spread: 2.00 (3.636%)
Open: 0.00
High: 0.00
Low: 0.00
Prev. Close: 56.00
EMAN Live PriceLast checked at -

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Half Yearly Report

28 Sep 2015 07:00

RNS Number : 2966A
Everyman Media Group PLC
28 September 2015
 

Everyman Media Group plc

("Everyman" or the "Group")

 

Interim Results (unaudited) for the six-month period ended 30 June 2015

 

Highlights

 

· Revenue for the period up 31% to £8,159,000 (H1 2013: £6,212,000)

 

· Strong growth in admissions and net spend per customer

 

· 6 new venues added in the period, expanding the current estate to 16

 

Company today announces that it has exchanged on new sites in Kings Cross and Chelmsford, both due to open in 2017. These sites further grow the opening pipeline of the Company, adding to those previously announced in Bristol, Harrogate, Cirencester and Stratford-upon-Avon.

 

For further information, please contact:

Everyman Group plc

Crispin Lilly

Tel: 020 3145 0500

Cenkos Securities plc (NOMAD and Broker)

Bobbie Hilliam

Tel: 020 7397 8900

 

Chairman's Statement

I am pleased to report on the Group's half year results for the six-month period ended on 30 June 2015. Revenue for the half year ended 30 June 2015 was up 31% on the comparative six-month period to £8,159,000 (30 June 2014: £6,212,000, 31 December 2014: £14,096,000).

 

The first six months to 30 June 2015 marked an important turning point for the business with new site openings, the broadening of our new site pipeline and an equity raise to fund the acquisition of four Odeon sites. At the same time, the 2014 committed investment in the central Head Office overheads is being realised. The Board believes this increased central resource (including the appointment of our new CEO, FD and other key roles) ensures the successful delivery and growth of the business in the coming years.

 

The Group now operates 16 cinemas, up from 10 cinemas at the beginning of the year. The interim financial results include the full cost, but limited contribution, from our new sites in Birmingham and Canary Wharf, which were opened in the first half of the financial year. Further, the acquisition of the four Odeon sites will impact post period end trading and made no contribution to the interim financial results.

 

Since the period-end trading has been in line with expectations following a strong overall summer in the cinema market.

 

Review of the business

For the half year ended 30 June 2015, the Group's box office was up 31% on the previous year, reflecting favourably versus a market movement of +14%. This resulted in the Group's market share increasing to 0.94 per cent for the period (30 June 2014: 0.82 per cent) (Source: Rentrak EDI).

 

This above market growth reflects some revenue contribution from new sites that opened during the period whilst also taking into account the negative impact of our Reigate site being closed for refurbishment. In July, Reigate was reopened after a total investment of £800,000. The Board is pleased with the increased performance of the site post refurbishment. The Group has also made a similar investment in our existing Winchester venue, which led to the cinema being closed for a period through August 2015.

 

This investment in refurbishment as well as new cinemas reflects the Board's confidence in the full Everyman concept and its ability to drive higher ticket prices and retail spends whilst also growing audiences. The Everyman brand continues to be positioned at the premium end of the UK leisure market and is attracting increased interest from developers looking for a cinema/leisure operator that appeals to a more discerning customer within a more intimate environment.

 

Openings

During this period, the Group opened new sites at the Mailbox in Birmingham (28 February 2015) and Canary Wharf, London (15 May 2015). In addition, on 25 June 2015 the Group completed the acquisition of the first of four venues purchased from Odeon, in Muswell Hill, London. See note 6 for details.

 

Subsequently the acquisition of the other Odeon sites has been completed: Barnet on 16 July 2015, and both Gerrards Cross and Esher on 10 August 2015. The total consideration for the four Odeon venues was £7.1 million, with only £1.9 million falling within the period to 30 June 2015.

 

Pipeline

The Group has continued to find attractive new site opportunities for future investment. Contracts have now been exchanged on sites at Chelmsford (expected to open in 2017), Stratford-upon-Avon (2017) and Kings Cross (2017). These are in addition to those previously announced: Bristol (2016), Harrogate (2016) and Cirencester (2017). It is worth noting that the development at Stratford-upon-Avon is still subject to planning approval.

 

Financial Overview

As previously stated, revenue for the half-year ended 30 June 2015 was up 31% on the comparative six-month period to £8,159,000 (30 June 2014: £6,212,000, 31 December 2014: £14,096,000).

 

The Group's underlying operating profit before pre-opening expenses and share-based payments was £181,000 (30 June 2014: £358,000, 31 December 2014: £557,000). The Group incurred pre-opening expenses of £347,000 in the period (30 June 2014: £54,000, 31 December 2014: £205,000), which reflects the increased level of developing and opening new venues during the period. Overall, the financial performance of the Group after all expenses and taxation is in line with the Board's expectations.

 

The effective tax rate is higher than the standard rate of corporation tax for the six-month period due to the effect of continuing and significant capital expenditure made by the Group.

 

The share-based payment expense for the period was £62,000 (30 June 2014: £84,000, 31 December 2014: £50,000) reflecting share option incentives provided to the Group's senior management and employees.

 

The Group incurred a loss after tax for the period of £430,000 (30 June 2014: a profit of £139,000, 31 December 2014: a profit of £195,000).

 

Cash flows

Cash outflows from operating activities were £773,000 (30 June 2014: inflows of £845,000 and 31 December 2014: an inflow of £2,187,000). Net cash outflow for the period before financing was £8,283,000 (30 June 2014: £276,000, 31 December 2014: £2,389,000). Of this, £5.2 million comprised payments towards the fit out of new developments (Birmingham and Canary Wharf) in addition to £1.9 million paid towards the lease and associated assets of the Odeon sites in the period.

 

In May 2015 the Company raised £19.3 million after expenses from the placing of new ordinary shares to provide additional funding for the Group's expansion programme.

 

Cash held at the end of the period was £17,078,000 (2014: £8,541,000). The cash held will be invested in the continuing development and expansion of the Group's business in 2015 and into 2016. Outflows of £5.2 million were committed to complete the contracted acquisition of the further three venues noted above.

 

The Board does not recommend the payment of a dividend at this stage of the Group's development.

 

Board Changes

On 30 March 2015 the Group appointed Jonathan Peters as Group finance director.

Current Trading

Since the period-end trading has been in line with expectations continuing a strong overall summer in the cinema market off the back of a much stronger slate of blockbuster titles (e.g. 'Jurassic World', 'Minions', 'Inside Out'). In addition, however, less typical summer fare had success with the likes of 'Amy', 'Southpaw' and '45 Years' playing particularly well to Everyman audiences.

The end of the year continues to look strong with a good slate of films in September and October running up to the release of 'Spectre' followed by the conclusion of the Hunger Games franchise, 'Mockingjay Part 2' and then the long awaited 'Star Wars - The Force Awakens'.

The latter will play well into 2016 and is supported by an increasingly encouraging slate for the year.

Paul Wise

Chairman

 

Consolidated statement of comprehensive income for the six-month period ended 30 June 2015 (unaudited)

 

 

 

Six-month period ended

Six-month period ended

Year

 ended

 

 

 

30 June

 2015

30 June

2014

31 December

2014

 

 

Note

£000

£000

£000

 

 

 

 

 

 

 

Revenue

3

8,159

6,212

14,096

 

Cost of sales

 

(3,356)

(2,423)

(5,793)

 

Gross profit

 

4,803

3,789

8,303

 

 

 

 

 

 

 

Administrative expenses

 

(5,031)

(3,569)

(8,001)

 

 

 

 

 

 

 

(Loss)/profit from operations

 

(228)

220

302

 

 

 

 

 

 

 

Adjusted profit from operations (before exceptional items, pre-opening expenses, and share-based payment expense)

 

181

358

557

 

Pre-opening expenses

 

(347)

(54)

(205)

 

Share based payment expense

 

(62)

(84)

(50)

 

(Loss)/profit from operations

 

(228)

220

302

 

 

 

 

 

 

 

Financial income

 

44

36

42

 

Financial expenses

 

(32)

(36)

(78)

 

 

 

 

 

 

 

(Loss)/profit before taxation

 

(216)

220

266

 

 

 

 

 

 

 

Income tax expense

4

(214)

(81)

(71)

 

 

 

 

 

 

 

(Loss)/profit for the period and total comprehensive income attributable to equity holders of the parent company

 

(430)

139

195

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic (loss)/earnings per share - pence

5

(1.00)

0.38

0.54

 

 

 

 

 

 

 

Diluted earnings (loss)/earnings per share - pence

5

(1.00)

0.38

0.53

 

All amounts relate to continuing activities.

There were no other recognised gains and losses in the period.

 

 

 

 

Consolidated statement of financial position at 30 June 2015 (unaudited)

 

 

30 June

30 June

31 December

 

 

 

2015

2014

2014

 

 

 

£000

£000

£000

 

Assets

 

 

 

 

 

Non-current assets

 

 

 

 

 

Property, plant and equipment

 

16,925

8,765

10,819

 

Goodwill

 

1,707

782

782

 

 

 

18,632

9,547

11,601

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

Inventories

 

117

80

91

 

Trade and other receivables

 

2,514

704

2,020

 

Cash and cash equivalents

 

17,078

8,541

6,363

 

 

 

19,709

9,325

8,474

 

 

 

 

 

 

 

Total assets

 

38,341

18,872

20,075

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

Trade and other payables

 

5,519

5,009

6,045

 

Loans and borrowings

 

-

76

76

 

Current corporation tax liabilities

 

-

-

52

 

 

 

5,519

5,085

6,173

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

Loans and borrowings

 

-

224

193

 

Derivative financial instruments

 

171

181

203

 

Deferred tax

 

568

252

354

 

 

 

739

657

750

 

 

 

 

 

 

 

Total liabilities

 

6,258

5,742

6,923

 

 

 

 

 

 

 

Net assets

 

32,083

13,130

13,152

 

 

 

 

 

 

 

Equity and liabilities

 

 

 

 

 

Equity attributable to owners of the Company

 

 

 

 

 

Ordinary shares

 

5,982

3,629

3,629

 

Share premium

 

22,720

5,774

5,774

 

Merger reserve

 

11,152

11,152

11,152

 

Retained deficit

 

(7,771)

(7,425)

(7,403)

 

Total equity

 

32,083

13,130

13,152

Consolidated statement of changes in equity for the six-month period ended 30 June 2015 (unaudited)

 

Share

Share

Merger

Retained

Total

 

 

capital

Premium

reserve

deficit

equity

 

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

Balance at 1 January 2015

 

3,629

5,774

11,152

(7,403)

13,152

 

Loss for the period

 

-

-

-

(430)

(430)

Total comprehensive income for the period

 

-

-

-

(430)

(430)

 

 

 

 

 

 

 

Shares issued in the period

 

2,353

17,647

-

-

20,000

Share issue expenses

 

-

(701)

-

-

(701)

Share-based payments

 

-

-

-

62

62

Total contributions by owners of the parent

 

2,353

16,946

-

62

19,361

 

 

 

 

 

 

 

Balance at 30 June 2015

 

5,982

22,720

11,152

(7,771)

32,083

 

 

 

 

Consolidated statement of changes in equity for the six-month period ended 30 June 2015 (unaudited) continued

 

Share

Share

Merger

Retained

Total

 

 

capital

premium

reserve

deficit

equity

 

 

£000

£000

£000

£000

£000

 

 

 

 

 

 

 

At 1 January 2014

 

3,629

5,774

11,152

(7,648)

12,907

 

 

 

 

 

 

 

Profit for the period

 

-

-

-

139

139

Total comprehensive income for the period

 

-

-

-

139

139

 

 

 

 

 

 

 

Share-based payments

 

-

-

-

84

84

Total contributions by owners of the parent

 

-

-

-

84

84

 

 

 

 

 

 

 

Balance at 30 June 2014

 

3,629

5,774

11,152

(7,425)

13,130

 

Profit for the period

 

-

-

-

56

56

Total comprehensive income for the period

 

-

-

-

56

56

 

 

 

 

 

 

 

Share-based payments

 

-

-

-

(34)

(34)

Total contributions by owners of the parent

 

-

-

-

(34)

(34)

 

 

 

 

 

 

 

Balance at 31 December 2014

 

3,629

5,774

11,152

(7,403)

13,152

 

Consolidated statement of cash flows for the six-month period ended 30 June 2015 (unaudited)

30 June

30 June

31 December

 

2015

2014

2014

 

£000

£000

£000

Cash flows from operating activities

 

 

 

(Loss)/profit from operations

(228)

220

302

Depreciation

523

380

813

Share-based payment

62

84

50

Corporation tax refund

59

-

-

 

416

684

1,165

 

 

 

 

(Increase)/decrease in inventories

(26)

18

7

Increase in trade and other receivables

(605)

(195)

(535)

(Decrease)/increase in trade and other payables

(558)

338

1,550

Net cash (used in)/generated from operating activities

(773)

845

2,187

 

 

 

 

 

Cash flows from investing activities

 

 

 

Purchase of property, plant and equipment

(6,629)

(1,157)

(3,644)

Purchase of goodwill (note 6)

(925)

-

-

Deposit on long-leasehold property

-

-

(975)

Interest received

44

36

43

Net cash used in investing activities

(7,510)

(1,121)

(4,576)

 

 

 

 

Cash flows from financing activities

 

 

 

Proceeds from the issuance of ordinary shares

20,000

-

-

Share issue expenses

(701)

-

-

Repayment of bank borrowings

(269)

(30)

(61)

Interest paid

(32)

(36)

(70)

Net cash generated from/(used in) financing activities

18,998

(66)

(131)

 

 

 

 

 

 

 

 

Net increase/(decrease)in cash and cash equivalents

10,715

(342)

(2,520)

 

 

 

 

Cash and cash equivalents at the beginning of the period

6,363

8,883

8,883

 

 

 

 

Cash and cash equivalents at the end of the period

17,078

8,541

6,363

 

 

 

 

1

General information

 

Everyman Media Group plc and its subsidiaries (together 'the Group') are engaged in the ownership and management of cinemas in the United Kingdom. Everyman Media Group plc (the Company) is a public company domiciled and incorporated in England and Wales (registered number 08684079). The address of its registered office is Studio 4, 2 Downshire Hill, London NW3 1NR.

 

 

2

Basis of preparation

 

These condensed interim financial statements of the Group for the six months ended 30 June 2015 (the Period) have been prepared using accounting policies consistent with International Financial Reporting Standards (IFRSs) as adopted by the European Union. The same accounting policies, presentation and methods of computation are followed in the condensed set of financial statements as applied in the Group's latest audited financial statements for the year ended 31 December 2014. Amendments made to IFRSs since 31 December 2014 have not had a material effect on the Group's results or financial position for the six-month period ended 30 June 2015.

 

While the financial figures included within this half-yearly report have been computed in accordance with IFRSs applicable to interim periods, this half-yearly report does not contain sufficient information to constitute an interim financial report as set out in International Accounting Standard 34 Interim Financial Reporting.

 

These condensed interim financial statements have not been audited, do not include all of the information required for full annual financial statements, and should be read in conjunction with the Group's consolidated annual financial statements for the year ended 31 December 2014. The auditors' opinion on these Statutory Accounts was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under s498(2) or s498(3) of the Companies Act 2006.

 

 

3

Revenue

30 June

30 June

31 December

 

 

2015

2014 

2014 

 

 

£000

£000

£000

 

 

 

 

 

 

Film and entertainment

5,129

3,968

8,818

 

Food and beverages

2,629

1,829

4,126

 

Other income

401

415

1,152

 

 

8,159

6,212

14,096

 

 

4

Income tax

30 June

30 June

31 December

 

 

2015 

2014 

2014

 

 

£000

£000

£000

 

Current tax expense

 

 

 

 

Current tax

-

-

(111)

 

Deferred tax:

 

 

 

 

Origination and reversal of temporary differences

214

81

182

 

Total tax expense

214

81

71

 

The reasons for the difference between the actual tax charge for the period and the standard rate of corporation tax in the United Kingdom applied to (loss)/profit for the period are as follows:

 

 

 

30 June

30 June

31 December

 

 

2015

 

2014

 

2014

 

 

 

£000

£000

£000

 

 

 

 

 

 

(Loss)/profit before tax

(216)

220

266

 

 

 

 

 

 

Applied corporation tax rates:

20.25%

21.50%

21.50%

 

 

 

 

 

 

Tax at the UK corporation tax rate of 20.25%/21.50%/21.50%

(44)

47

57

 

 

 

 

 

 

Expenses not deductible for tax purposes

9

1

26

 

Net effect of share options

12

18

-

 

Effect of change in tax rates

(4)

(18)

-

 

Effect of other timing differences

241

33

(12)

 

Total tax expense

214

81

71

 

 

5

(Loss)/earnings per share

30 June

2015

30 June

2014

31 December

2014

 

 

£000

£000

£000

 

 

 

 

 

 

(Loss)/profit used in calculating basic and diluted earnings/(loss) per share

(430)

139

195

 

 

 

 

 

 

Number of shares

 

 

 

 

Weighted average number of shares for the purpose of basic earnings per share

42,826,972

36,291,024

36,291,024

 

 

 

 

 

 

Weighted average number of shares for the purpose of diluted earnings per share

42,826,972

36,330,945

36,538,391

 

 

 

 

 

 

Basic (loss)/earnings per share (pence per share)

(1.00)

0.38

0.54

 

 

 

 

 

 

Diluted (loss)/earnings per share (pence per share)

(1.00)

0.38

0.53

Basic (loss)/earnings per share amounts are calculated by dividing net (loss)/profit for the period attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the period.

 

Where the Group has incurred a loss in a period the diluted earnings per share is the same as the basic earnings per share as the loss has an anti-dilutive effect. The diluted loss per share for the six-month period ended 30 June 2015 is therefore the same as the basic loss per share for the period and the diluted weighted average number of shares is the same as the basic weighted average number of shares.

 

The Company has 3,538,162 potentially issuable shares all of which relate to the potential dilution from both the Group's 'A' shares and share options issued to the Directors and certain employees, under the Group's incentive arrangements.

 

 

6

Business combinations

 

On 26 June 2015 the Group completed the acquisition of the Muswell Hill venue, the first of four cinema venues from the Odeon Group for which contracts were exchanged in April 2015. The acquisition of the remaining three cinema venues was completed on 16 July and 10 August 2015.

 

There has been no trading from the Muswell Hill venue in the period to 30 June 2015, which is undergoing redevelopment.

 

Each of these venues is capable of operating as a separate business and the purchases have been or will be accounted for in accordance with IFRS3 Business Combinations. The following table summarises the consideration paid for the first of these venues and the fair-value of assets acquired. No liabilities were assumed.

 

 

Cinema venue acquired on 26 June 2015 and included in these financial statements

 

 

Fair-value of assets acquired

 

 

 

 

£000

 

 

 

 

 

 

Plant & machinery

 

 

125

 

Fixtures and fittings

 

 

250

 

 

 

 

375

 

Goodwill

 

 

925

 

Cash consideration paid

 

 

1,300

 

The fair value allocation exercise is on-going and so the allocation of the amounts included is still under assessment.

 

The initial fair-values of the acquired assets were determined by Gerald Eve LLP, Chartered surveyors, London.

 

The valuation was undertaken in accordance with RICS Valuation, Professional Standards January 2014 (Global and UK).

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR BLGDCDBDBGUU
Date   Source Headline
28th Mar 20247:00 amRNSNotice of Results and Investor Presentation
9th Feb 202412:45 pmRNSCorrection: Director/PDMR Shareholding
2nd Feb 20247:00 amRNSHolding(s) in Company
1st Feb 20247:00 amRNSDirector/PDMR Shareholding
31st Jan 20247:00 amRNSDirector/PDMR Shareholding
23rd Jan 20247:00 amRNSTrading Update
15th Dec 20237:00 amRNSAcquisition
23rd Nov 202311:19 amRNSDirector/PDMR Shareholding
22nd Nov 20231:36 pmRNSDirector/PDMR Shareholding
20th Oct 20237:00 amRNSDirector/PDMR Shareholding
3rd Oct 20237:00 amRNSDirector/PDMR Shareholding
2nd Oct 20237:00 amRNSDirector/PDMR Shareholding
27th Sep 20237:00 amRNSInterim Results
18th Aug 20232:20 pmRNSDirector/PDMR Shareholding
18th Aug 202312:00 pmRNSGrant of Options and Changes to Option Terms
18th Aug 20237:01 amRNSNew banking facilities
18th Aug 20237:00 amRNSTrading Update and Notice of Results
15th Jun 20234:41 pmRNSResults of Annual General Meeting
10th May 20231:30 pmRNSHolding(s) in Company
5th May 20231:45 pmRNSHolding(s) in Company
4th May 20237:00 amRNSPosting of Annual Report and Notice of AGM
12th Apr 20237:00 amRNSFinal Results to 29 December 2022
24th Mar 20237:00 amRNSNotice of Results
1st Feb 20235:11 pmRNSGrant of Options
25th Jan 20234:56 pmRNSDirector/PDMR Shareholding
23rd Jan 20239:00 amRNSDirector/PDMR Shareholding
23rd Jan 20237:00 amRNSTrading Update
8th Dec 20227:39 amRNSHolding(s) in Company
18th Nov 20227:00 amRNSDirectorate Change
25th Oct 20227:00 amRNSGrant of Options
28th Sep 20227:00 amRNSInterim Results
20th Sep 20227:00 amRNSDirector Appointment
11th Aug 20227:00 amRNSDirector/PDMR Shareholding
9th Aug 20227:00 amRNSDirector/PDMR Shareholding
29th Jul 20227:00 amRNSDirector/PDMR Shareholding
29th Jul 20227:00 amRNSHolding(s) in Company
27th Jul 20227:00 amRNSTrading Update
7th Jul 20227:00 amRNSDirector/PDMR Shareholding
28th Jun 20227:01 amRNSDirectorate Change
28th Jun 20227:00 amRNSDirectorate Change
17th Jun 20227:00 amRNSDirector/PDMR Shareholding
16th May 20225:30 pmRNSPosting of Annual Report and Notice of AGM
31st Mar 20227:00 amRNSDirectorate Change
25th Mar 20227:00 amRNSFinal Results to 30 December 2021
31st Jan 20228:31 amRNSTotal Voting Rights
21st Jan 20227:00 amRNSTrading Update
20th Jan 20225:15 pmRNSExercise of Options
31st Dec 20217:00 amRNSBoard Change
22nd Nov 20217:00 amRNSTrading Update
28th Sep 202111:45 amRNSDirector/PDMR Shareholding replacement

Due to London Stock Exchange licensing terms, we stipulate that you must be a private investor. We apologise for the inconvenience.

To access our Live RNS you must confirm you are a private investor by using the button below.

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.