Everyman Media swings to FY profit

12th Apr 2023 07:17

(Sharecast News) - Movie theatre operator Everyman Media Group swung to profit in the twelve months ended 29 December, leaving the group "confident" in its ability to deliver another year of "strong operational and financial progress".

Everyman Media said revenues had surged from £49.0m to £78.8m, pushing adjusted underlying earnings up from £8.3m to £14.5m and an operating profit of £402,000, up from the prior year's operating loss of £2.2m.

The AIM-listed group stated paid for average ticket prices had risen from £11 to £11.29, while food and beverage spend per person increased from £9.07 to £9.34. Everyman's market share was maintained at 4.5% and admissions rose from 2.0m to 3.4m.

Looking forward, Everyman said its financial performance in the new year was in line with expectations, with admissions in 2023 expected to benefit from an increased number of wide releases, commitment to the theatrical window from distributors, and new investment from streamers.

Chief executive Alex Scrimgeour said: "We were encouraged by strong growth in admissions in the year, marking a return to business as usual. Everyman remains a popular and affordable choice for consumers, combining great film, hospitality and atmosphere to provide an exceptional cinema experience.

"Supported by an increasingly strong pipeline of new releases, commitment to the theatrical window from studios and new investment from streamers in films for theatrical release, we view our prospects with increasing confidence. Moving through 2023 and beyond, the Everyman proposition feels as relevant as ever."

As of 1020 BST, Everyman shares were up 1.03% at 66.17p.

Reporting by Iain Gilbert at Sharecast.com