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23 Jan 2024 07:00
23 January 2024
Everyman Media Group PLC
("Everyman" or the "Group")
Trading Update
Everyman Media Group Plc (AIM: EMAN) is pleased to announce the following unaudited trading update for the 52-week period ended 28 December 2023.
Financial Highlights
· Group revenue up 16.7% to approximately £90.9m (2022: £77.9m1 with VAT benefit removed).
· Group EBITDA2 up 19.1% to approximately £16.2m (2022: £13.6m1 with VAT benefit removed).
· Market share increased to 4.8% (2022: 4.5%).
· Agreed a new three-year loan facility of £35m with Barclays Bank Plc and National Westminster Bank Plc, ensuring that the Group is soundly financially structured and well positioned to take advantage of opportunities moving forward.
· The Group's performance in H2 2023 was marginally affected by the well-documented WGA and SAG-AFTRA strikes, which led to certain key titles moving to 2024. The Board is pleased however to re-confirm market expectations for 2024 and has confidence in the prospects of the business moving forward.
Operational Highlights
· Four new venues were opened in the year, in Marlow, Salisbury, Northallerton and Plymouth.
· Acquisition of the Tivoli venues in Bath and Cheltenham from Empire Cinemas Limited on 15 December 2023.
· The Group now operates 44 venues with a total of 152 screens (2022: 38 venues with a total of 130 screens).
· Paid for average ticket price3 of £11.65, a 3.2% increase versus the prior year (2022: £11.29).
· Food and beverage spend3 per head of £10.29, a 10.2% increase versus the prior year (2022: £9.34).
Current Trading and Outlook
· The Group has confidence in the continuously improving film slate during 2024. Titles include Wicked, Despicable Me 4, Paddington in Peru, Joker: Folie à Deux, Inside Out 2, Mufasa: The Lion King, Dune: Part II and an untitled Gladiator sequel.
· The Group remains committed to measured organic expansion with excellent opportunities available for new sites. New openings include Bury St Edmunds in Q1 2024, Durham and Stratford (London) in Q3 2024 and Cambridge in Q4 2024. Further, as demonstrated with Tivoli, the Company will continue to consider opportunistic acquisitions.
Alex Scrimgeour, Chief Executive Officer of Everyman Media Group Plc, said:
"We have delivered robust, double-digit growth in both revenue and EBITDA against a challenging economic backdrop, delays to new openings and both writers' and actors' strikes. Further operational progress has been made with improvements in all key metrics, illustrating that our proposition remains as relevant as ever.
I would like to take this opportunity to thank our incredible venue teams and head office without whom the positive achievements of this year would not have been possible."
12022 reported Revenue (£78.8m) and EBITDA (£14.5m) both benefitted from £0.9m Temporarily Reduced Rate of VAT.
2Adjusted for pre-opening costs, acquisition expenses, exceptional costs, depreciation, amortization and share based payments.
3Paid for average ticket price and food and beverage spend per head have been adjusted to remove the benefit of the Temporarily Reduced Rate of VAT in 2022 in order to provide a like-for-like comparison.
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").
For further information, please contact:
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Everyman Media Group plc | Tel: 020 3145 0500 |
Alex Scrimgeour, Chief Executive | |
Will Worsdell, Finance Director | |
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Canaccord Genuity Limited (NOMAD and Broker) | Tel: 020 7523 8000 |
Bobbie Hilliam | |
Harry Pardoe | |
Alma PR (Financial PR Advisor) | Tel: 020 3405 0205 |
Rebecca Sanders-Hewett David Ison |
|
Joe Pederzolli | |
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/
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