Last checked at 21 Jan 2022 07:00
21 January 2022
Everyman Media Group PLC
("Everyman" the "Company" or the "Group")
Trading Update
Everyman Media Group plc (AIM: EMAN) is pleased to provide the following pre-audit trading update for the 52-week period ended 30 December 2021.
· Group revenue of £48.7m (2020: £24.2m), an increase of 101% year-on-year with 33 weeks trading, driven by strong admissions since re-opening
o Compares to 2020 which saw 10 weeks of normal trading, 17 weeks of disrupted trading and 25 weeks of full closure due to COVID-19 restrictions
o 2021 revenue was at 75% of the 2019 FY total (£65.0 m) despite having 19 weeks closed, particularly pleasing given 2019 was a record year for the Group
· Due to a better than expected performance in December, EBITDA1 is expected to be ahead of current market forecast at approximately £8.3m (2020: £1.1m loss).
Everyman now operates 36 venues, with one new venue at Borough Yards opened in the period, in December 2021. The total number of screens now operated by the Group is 119 (2020: 117).
Since re-opening on 17 May 2021 the Group has been EBITDA positive and operating cash generative each month. The outlook for the business is positive, reinforced by healthy admissions since re-opening and the Group's roll-out programme set to recommence in earnest with a committed pipeline of five new venues for the current financial year: Edinburgh, Plymouth, Durham, Marlow and Egham.
Alex Scrimgeour, Chief Executive Officer of Everyman Media Group PLC said:
"Robust admissions seen across our estate in the second half of the year proves that demand for entertainment at Everyman remains strong. I would like to say a special thank you to our incredible team for making it happen in such exceptionally difficult circumstances. We are increasingly optimistic about 2022 performance and excited by our new opening pipeline. We are looking forward to a stimulating and diverse slate of films which will entertain our Everyman community."
(1) Adjusted for pre-opening costs, acquisition expenses, depreciation, amortisation, share based payments and costs incurred directly related to Covid-19 . IFRS 16 has been applied.
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The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended) ("UK MAR").
About Everyman Media Group PLC:
Everyman is the fourth largest cinema business in the UK by number of venues, and is a premium, high growth leisure brand. Everyman operates a growing estate of venues across the UK, with an emphasis on providing first class cinema and hospitality.
Everyman is redefining cinema. It focuses on venue and experience as key competitive strengths, with a unique proposition:
· Intimate and atmospheric venues, which become a destination in their own right
· An emphasis on a strong quality food and drink menu prepared in-house
· A broad range of well-curated programming content, from mainstream and independent films to theatre and live concert streams, appealing to a diverse range of audiences
· Motivated and welcoming teams
For more information visit http://investors.everymancinema.com/