Everyman Media Group PLC Trading Update (5315A)

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: [phone] 
Alex Scrimgeour, Chief Executive 
Will Worsdell, Finance Director 
 
Canaccord Genuity Limited (NOMAD                                 Tel: [phone] 
 and Broker) 
Bobbie Hilliam 
Harry Pardoe 
 
Alma PR (Financial PR Advisor)                                   Tel: [phone] 
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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