TIDMEMAN
RNS Number : 5315A
Everyman Media Group PLC
23 January 2024
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 GBP90.9m (2022:
GBP77.9m (1) with VAT benefit removed).
-- Group EBITDA (2) up 19.1% to approximately GBP16.2m (2022:
GBP13.6m (1) with VAT benefit removed).
-- Market share increased to 4.8% (2022: 4.5%).
-- Agreed a new three-year loan facility of GBP35m 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 price (3) of GBP11.65, a 3.2%
increase versus the prior year (2022: GBP11.29).
-- Food and beverage spend (3) per head of GBP10.29, a 10.2%
increase versus the prior year (2022: GBP9.34).
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."
(1) 2022 reported Revenue (GBP78.8m) and EBITDA (GBP14.5m) both
benefitted from GBP0.9m Temporarily Reduced Rate of VAT.
(2) Adjusted for pre-opening costs, acquisition expenses,
exceptional costs, depreciation, amortization and share based
payments.
(3) Paid 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:
Everyman Media Group plc Tel: 020 3145 0500
Alex Scrimgeour, Chief Executive
Will Worsdell, Finance Director
Canaccord Genuity Limited (NOMAD Tel: 020 7523 8000
and Broker)
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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END
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