Barbenheimer double-feature lifts Everyman in July

18th Aug 2023 09:06

(Sharecast News) - Everyman Media Group said in an update on Friday that trading in the first-half was consistent with prior forecasts.

The AIM-traded firm said that as a result, it was optimistic about matching market expectations for the full-year ending 28 December.

It said group revenue totalled £38.3m for the 26 weeks ended 29 June, slightly down from £40.7m in the first half of 2022.

The board put the dip down to the fact that most major film releases for 2023 were scheduled for the second half of the year.

It said EBITDA for the period stood at £5.8m - down from £7.5m in 2022.

The board said the prior year saw benefits from a reduced VAT rate in its first quarter, contributing £0.9m to EBITDA.

Additionally, 2022 enjoyed the release of a number of popular films in this period.

On the operational front, Everyman said it continued its expansion, inaugurating three new cinema venues towards the end of the first half.

That addition had brought the total number of venues under Everyman Media Group's umbrella to 41.

The board said the release of films such as Barbie and Oppenheimer in the last week of July saw record admissions.

As a result, July boasted group revenue of £10.6m - a significant jump from £7.1m in the same month last year.

EBITDA for the month also surged, to £2.6m from £1.3m.

Everyman said it was hopeful about the latter half of 2023, with films including Dune: Part Two, Wonka, The Hunger Games: The Ballad of Songbirds & Snakes, Napoleon, and Killers of the Flower Moon lined up for release, which should bolster the company's financial performance.

"Everyman remains an affordable and popular choice for consumers," said chief executive officer Alex Scrimgeour.

"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."

Scrimgeour said the "all-encompassing Everyman experience" left the firm 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."

Everyman Media Group said it would publish its interim results for the 26 weeks ended 29 June on 27 September.

At 0812 BST, shares in Everyman Media Group were down 1.67% at 59p.

Reporting by Josh White for Sharecast.com.