Everyman looks to expand after going back in the black thanks to ticket sales spike
Everyman Media has said it is “cautiously optimistic” about the year ahead as the upmarket cinema chain posted soaring revenues and eyes six new sites across the UK.
The London-listed entertainment chain posted revenues of £78.8m for the year up from £49.0m in 2021 as it was bolstered by new partnerships from Jaguar, Green & Black’s and The Times.
The operator announced adjusted EBITA was up to £14.5m from £8.3m in 2021, which was a pandemic hit year.
Everyman, which has 38 sites across the UK, also reported ticket sales rise to 3.4m up from two million in 2021, despite fears that a post-pandemic era has turned consumers off heading to the cinema.
Operating profit was £402k against a £2.2m operating loss in 2021, with Everyman now are “trading in line” with expectations for the year and has confirmed the opening of six new venues.
“We opened two new venues in Edinburgh and Egham in 2022 and are excited to welcome audiences to new openings in Durham, Salisbury, Northallerton, Plymouth, Marlow and Bury St Edmunds in the second half of 2023,” Alex Scrimgeour, chief executive of Everyman Media Group, said.
“As a result of our strong performance in year, we are actively returning to an agenda of managed organic expansion. The company is also assessing acquisition opportunities of existing cinemas which are suitable to be converted into Everyman venues.”
“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.”
Jocelyn Paulley, leisure partner at Gowling WLG, added: “The independent cinema business has outperformed its rivals with superior food and drink, comfortable sofa seats and high-end screens which has helped drive numbers up.
“Although other cinema chains are struggling, the experience Everyman offers has made it worthwhile for customers and investors will be hoping it can maintain this momentum and showcase itself as the leading cinema chain in the coming years.”