Last checked at 18 Aug 2023 07:00
18 August 2023
Everyman Media Group PLC
("Everyman" the "Company" or the "Group")
Trading Update and Notice of Results
Everyman Media Group PLC (AIM: EMAN) provides the following trading update for the 26 weeks ending 29 June 2023.
Trading continues to be in line with expectations and the Board remains confident that the financial performance of the Company for the full year ending 28 December 2023 will be in line with market expectations1. Everyman continues to grow both operationally and financially and remains an affordable and popular choice for consumers.
Key highlights
· Group Revenue of £38.3m (2022: £40.7m) against a strong H1 2022 comparator. The majority of key 2023 releases fall in H2 2023, leading to a second half weighting to annual financial performance.
· Group EBITDA of £5.8m (2022: £7.5m), with the prior period benefitting from the reduced rate of VAT in the first quarter of last year worth £0.9m in EBITDA, and popular film releases.
· Three new venues opened at the end of H1, taking the Group estate to a total of 41 venues.
Post period and outlook
· Barbie and Oppenheimer released in the final week of July, delivered record admissions and enabled the Group to achieve an exceptional month of trading:
o Group Revenue of £10.6m (July 2022: £7.1m)
o Group EBITDA of £2.6m (July 2022: £1.3m)
Looking forward, the H2 dominant film slate for 2023 has already seen the early success of Barbie and Oppenheimer at the Box Office, with the positive impact of both titles continuing into August. There is a strong pipeline of further titles set to be released including Dune: Part Two, Wonka, The Hunger Games: The Ballad of Songbirds & Snakes, Napoleon, and Killers of the Flower Moon.
The Group now operates 41 cinemas, having opened three new, promising venues in the period: a four-screen venue in Northallerton in May 2023, a three-screen venue in Plymouth and a four-screen venue in Salisbury in June 2023. The Group expects to open a new two-screen venue in Marlow in October 2023 and the pipeline for 2024 remains well-developed.
The Group intends to publish its interim results for the 26 weeks ended 29 June 2023 on Wednesday 27th September 2023.
Alex Scrimgeour, Chief Executive Officer of Everyman Media Group Plc, said:
"Everyman remains an affordable and popular choice for consumers. The record week of admissions we saw in July demonstrates both the value of original content, and the fact that cinema remains as relevant as ever. Alongside this, we continue to see increasing demand for our high-quality food and beverage offering. The all-encompassing Everyman experience leaves us very well placed to satisfy consumer demand for premium entertainment.
None of what we do would be possible without the incredible Everyman team both in our venues and head office. I would like to take this opportunity to thank them all for their hard work and willingness to go that extra mile for our customers. We have added three carefully selected new venues to our estate and we look forward to building on the significant momentum we have seen in July and August."
1 Current market forecasts for the year ended 28 December 2023 are revenue of £94.4m and Adjusted EBITDA of £17.2m.
For further information, please contact:
Everyman Media Group PLC | Tel: +44 (0)20 3145 0500 |
Alex Scrimgeour, Chief Executive | |
Will Worsdell, Finance Director | |
Canaccord Genuity Limited - (Nominated Adviser and Broker) | Tel: +44 (0)20 7523 8000 |
Bobbie Hilliam | |
Harry Pardoe | |
Alma (Financial PR Advisor) | Tel: +44 (0)20 3405 0205 |
Rebecca Sanders-HewettDavid Ison | |
Joe Pederzolli | |