Last checked at 29 Jul 2021 07:00
29 July 2021
Everyman Media Group PLC
("Everyman" or the "Group")
Trading Update
Everyman Media Group PLC, the independent, premium cinema group provides the following trading update for the 26 weeks ended 1 July 2021
· | 33 venues re-opened safely on 17 May 2021, with Glasgow re-opening on 6 June and Belsize Park closed for refurbishment |
· | The business returned to profit and cash generation on re-opening and for the remainder of the period, social distancing measures remained in place until 19 July |
· | £21m liquidity headroom |
All venues were closed for the first 20 weeks of FY21 due to the Covid-19 Lockdown. During this time, the business continued to focus on conserving cash and preparing to welcome customers safely back to our venues. In addition, the Company used the closure period to upgrade a number of kitchens to improve speed of service and carried out small refurbishments to enhance the customer experience on re-opening.
Admissions in the period since re-opening until 1 July reached 66% of 2019 levels, ahead of director expectations. This is despite restrictions such as the Rule of Six, table service, 50% capacity restrictions in venues, and social distancing all being in place during this period.
The Company is pleased to report that market share has grown since re-opening, re-enforcing the strength of the Everyman offer.
The Directors continue to believe that the business is well positioned to return to pre-COVID-19 Lockdown levels of trading and to grow beyond.
Everyman Media Group PLC expects to announce its half year results on 23 September 2021.
Alex Scrimgeour, Chief Executive Officer of Everyman Media Group PLC, said:
"We are delighted to have welcomed back so many Everyman customers since re-opening in May, subsequently delivering a period of profitable, cash-generative trading. The speed and confidence with which the Everyman community has returned, together with our increased market share, demonstrates the ongoing appeal of our offering. People are clearly still looking to spend a great time out with friends and family, in an environment which instils confidence and provides high quality hospitality; now more than ever.
With significant available liquidity and more positive market conditions we are excited to be again turning our focus to plans for growth. We're expecting you, Mr. Bond."
For further information, please contact:
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Everyman Media Group plc | Tel: 020 3145 0500 |
Alex Scrimgeour, Chief Executive Officer |
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Elizabeth Lake, Chief Financial Officer |
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Canaccord Genuity Limited (NOMAD and Broker) | Tel: 020 7523 8000 |
Bobbie Hilliam |
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Richard Andrews |
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Georgina McCooke |
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Alma PR (Financial PR Advisor) | Tel: 020 3405 0205 |
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Susie Hudson |
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Harriet Jackson Joe Pederzolli |
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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.
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/