We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for streaming realtime charts, analysis tools, and prices.
| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Everyman Media Group Plc | LSE:EMAN | London | Ordinary Share | GB00BFH55S51 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 52.25 | 52.00 | 52.50 | 52.25 | 52.25 | 52.25 | 20,935 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Business Services, Nec | 90.86M | -2.7M | -0.0296 | -17.65 | 47.64M |
From Jan 2022 to Jan 2025
TIDMEMAN
RNS Number : 9129A
Everyman Media Group PLC
28 September 2022
28 September 2022
Everyman Media Group PLC
("Everyman" or the "Group")
Interim Results
Strong trading with financial performance expected to at least meet market expectations for full year and beyond
Everyman Media Group PLC, the independent, premium cinema group, reports its unaudited interim results for the 26 weeks ended 30 June 2022.
Strong financial performance
-- Revenue of GBP40.7m (H1 2021: GBP7.7m) -- Adjusted EBITDA(1) of GBP7.5m (H1 2021: GBP1.4m loss) -- Operating profit of GBP0.8m (H1 2021: GBP7.7m loss) -- Cash generated from operating activities GBP9.1m (H1 2021: GBP0.3m)
Encouraging strategic and operational progress
-- 300,000 additional admissions (1.8m) vs. H1 2019, a 20% increase -- 4.5% market share, +1.5% vs. H1 2019 -- Opened five-screen venue in Edinburgh in April 2022 -- Bristol and Birmingham venues refurbished, maintaining high standards and differentiation
Robust financial position
-- Net assets at 30 June 2022 GBP48.2m (H1 2021 GBP44.7m). -- Cash balance at 30 June 2022 GBP5.9m (H1 2021: GBP1.7m). -- Net debt (including cash balance) at 30 June 2022 GBP8.6m (H1 2021: GBP11.8m) -- Significant remaining headroom on facilities at GBP25.5m (H1 2021: GBP26.5m)
Momentum building into the second half
-- Opened a four-screen venue in Egham in September 2022 -- Durham due to open in November 2022; four further venues confirmed for 2023 -- Four venues refurbished post-period end -- On track to at least meet expectations for the full year
(1) Adjusted for pre-opening costs, acquisition expenses, depreciation, amortisation, share based payments and costs incurred directly related to Covid-19 (.) IFRS 16 has been applied.
Alex Scrimgeour, Chief Executive of Everyman Media Group PLC, said:
"The first half of the financial year has been a period of progress on all fronts, with healthy admissions growth and robust spend per head, suggesting we are now back on track following the turbulence of recent years. Despite reduced film output due to the effect of low production during the pandemic, we've enjoyed three of the ten highest-ever box office releases in the past twelve months.
Looking ahead, we are optimistic about our prospects. We are confident that film production is back up to full speed and that the flow of excellent content will be bigger and better going forward, beginning with an attractive pipeline of new releases over the remainder of this year and next.
We have started the second half of 2022 in line with expectations and the outlook for the remainder is promising. The acceleration of our openings strategy is now well underway and we are excited about the wealth of opportunities emerging to bolster and supplement the Everyman brand outside of the core proposition.
Cinema will always be an important part of the fabric of the UK as a place to be entertained, and has historically remained as such during more difficult economic conditions and recession. We are confident that our unique brand of Everyman hospitality remains as relevant as ever."
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 Georgina McCooke Alma PR (Financial PR Advisor) Tel: 020 3405 0205 David Ison Joe Pederzolli
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").
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/
Chief Executive's Statement
The first half of 2022 was very positive for Everyman despite the impact of the Omicron outbreak at the beginning of the period, with Group revenue of GBP40.7m, an increase of GBP11.8m vs. H1 2019. This was the last comparative period where the estate was open for a full 26 weeks. We welcomed nearly 1.8m customers into our venues, an increase of 0.3m vs. H1 2019, with our market share increasing from 3.0% to 4.5% accordingly. This demonstrates that the appetite for the Everyman offer remains strong, and is growing.
A number of titles performed particularly well in the period. Chief among them was Top Gun: Maverick at the end of May, a long-anticipated sequel to the 1986 original which has now grossed over GBP80m at the UK Box Office, with Everyman receiving a 5.8% market share to date. Other strong titles included The Batman in March and Doctor Strange in the Multiverse of Madness in May. Post-period end, NT Live: Prima Facie became our most successful Event Cinema ever, with Everyman taking an incredible 18.2% market share and the highest number of national admissions. For Where the Crawdads Sing, we took four of the top five venues nationally, and a 10.9% market share.
Building our team
In the period, we have bolstered our committed and enthusiastic team to over 1,200, including key hires in Procurement and Finance as well as local venue managers to support our growth ambitions.
Will Worsdell joined the Board as Finance Director in June, having formerly held senior Finance roles at several leisure and hospitality businesses, including Head of Commercial Finance at Côte Brasserie, and will support the Group as we continue to grow.
Baroness Ruby McGregor-Smith joined the Board as a Non-Executive Director post-period end on 20 September 2022. Ruby brings a wealth of experience to Everyman, having formerly been the Chief Executive of Mitie Group Plc, a strategic outsourcing company. Amongst other roles, Ruby is the Chair of MindGym Plc, the President of the British Chambers of Commerce and has also been a non-executive board member at the Department for Culture, Media and Sport and the Department for Education.
Enhancing the Everyman experience
We also continue to innovate on the core Everyman offer. In H1 2022 we added a series of multi-venue streaming events in partnership with AppleTV+, bringing exclusive programming to Everyman audiences across the country, including a high profile Q&A with actor Gary Oldman. We put on a strong events calendar, with - amongst others - opening parties held for both Downton Abbey: A New Era and Elvis and charity screenings to support those displaced by the war in Ukraine. We also branched out into immersive cinema, with events held for Nightmare Alley in January and, post-period end, for See How They Run. Such events elevate the Everyman experience further, and once again lead the exhibition circuit into more ambitious territory.
Post-period end, "Summer in the City" has seen Everyman pop-ups return to Screen on the Canal at Granary Square, London, The Secret Garden at The Grove Hotel, Hertfordshire, and, for the first time, to the iconic courtyard at Somerset House. These open-air venues have brought the magic of film and the Everyman brand to thousands of people over the July to September period.
Our food and beverage offer continues to evolve. With a focus on giving our customers more choice, we have added new vegan items and sharing dishes to our menus. An estate-wide rollout of new handheld devices has enabled our customers to order from their seats more seamlessly and efficiently, and we are seeing the impact of this on average spends.
Growing the estate
As at 28 September 2022, Everyman currently has 38 cinemas and 129 screens. We opened a new five-screen venue in Edinburgh on 2 April and, most recently, a new four-screen venue in Egham on 23 September.
Demonstrating our continued confidence in Everyman's prospects, our roll-out pipeline continues, with a new venue due to open in Durham in November 2022. The pipeline for 2023 is well-developed, with four further venues confirmed and another two nearing exchange.
The Board is constantly evaluating new opportunities to grow the Everyman estate, be that a new build, the conversion of an existing building or the acquisition of other cinemas, the key consideration always being that any new venue meets the Board's investment criteria. The Company is not currently actively evaluating the acquisition of any portfolio of cinemas.
To maintain our high standards and differentiation against the market we have continued to invest in our existing estate and, in the year to 28 September 2022, have fully refurbished our venues in Bristol, Birmingham, Canary Wharf, Esher and Hampstead.
Performance Review
The Group uses the key performance indicators of Admissions, Box Office Average Ticket Price and Food & Beverage Spend per Head to monitor the progress of the Group's activities.
Hot Features
Premium
26 weeks 26 weeks 26 weeks
ended ended ended
30 June 2022 1 July 2021 4 July 2019
(26 weeks (6 weeks (26 weeks open)
open) open)
Admissions 1,771,064 284,245 1,475,425
Box Office Average Ticket GBP11.09 GBP11.18 GBP11.27
Price*
Food & Beverage Spend GBP8.96 GBP8.88 GBP6.95
per Head*
* Average ticket price has been adjusted to reflect the reduction in VAT from 20% to 12.5% in H1 2022 (until 1 April 2022) and from 20% to 5% in H1 2021.
**Spend per head has been adjusted to reflect the reduction in VAT from 20% to 12.5% across certain items in H1 2022 (until 1 April 2022), and from 20% to 5% in H1 2021. Deliveroo income has also been removed to enable like for like comparison with H1 2019.
Admissions
Admissions continued to gather positive momentum in the first half of 2022. Comparison to the same period in 2021 is challenging due to government-mandated closure of all venues until 17(th) May last year. However, admissions increased by 20% vs. the first half of 2019, driven by organic growth and the opening of nine new venues in the intervening period.
On a non-VAT adjusted basis, Box Office revenue increased by 22% vs. the first half of 2019 and Everyman was the only national operator in growth, with the broader UK cinema industry experiencing a 20% decline. This shows that appetite for the Everyman experience continues to grow and that customers are returning to our cinemas in greater numbers.
Average Ticket Price and Spend per Head
With the VAT benefit removed, Spend per Head increased by 28.9% when compared to the same period in 2019, driven by continued investment in our menu and technology, giving our customers more choice and enabling quicker and more efficient service to seats.
The fall in average ticket price, whilst modest at 1.5%, has been driven by the opening of nine new venues between H1 2019 and the end of the period. With some exceptions, new venues open in lower pricing tiers, which can temporarily reduce average ticket price until those venues mature. Since H1 2019 we have also opened more venues outside of London, where ticket prices are typically lower.
Outlook
We continue to be optimistic about the future. As we move through the second half, with encouraging admissions levels to date and a strong film slate anticipated in Q4, we remain on track to at least meet expectations for the full year. The economic backdrop at present is characterised by uncertainty, but we believe our premium, differentiated offering and strong balance sheet stand us in good stead.
We remain confident in our offering and our ability to continue to grow sales, innovate and expand, and look forward to welcoming more and more customers to an Everyman over time.
Alex Scrimgeour
Chief Executive
28 September 2022
Finance Director's Statement
26 Weeks 26 Weeks 26 Weeks
Ended 30 Ended 1 July Ended 4 July
June 2022 2021 2019
GBP000 GBP000 GBP000
Revenue 40,718 7,652 28,924
Gross Profit 25,462 4,752 17,848
----------- -------------- --------------
Gross Profit Margin 62.5% 62.1% 61.7%
Government Support 155 3,233 -
Administrative Expenses (24,780) (16,143) (16,250)
Operating Profit / (Loss) 837 (7,658) 1,598
----------- -------------- --------------
Financial Expenses (1,635) (1,528) (1,153)
Profit / (Loss) Before
Taxation (798) (9,186) 445
----------- -------------- --------------
Tax Credit / (Charge) - 132 115
Profit / (Loss) For the
Period (798) (9,054) 560
=========== ============== ==============
Adjusted EBITDA* 7,502 (1,407) 6,631
=========== ============== ==============
*Adjusted EBITDA refers to Operating Profit adjusted for the removal of depreciation, amortisation, profit / loss on disposal of fixed assets, pe-opening expenses, lease termination costs, impairment charges and share-based payment expenses.
Revenue and Operating Profit
Group revenue in H1 2022 was GBP40.7m compared to GBP7.7m in the same period last year and GBP28.9m in the first six months of 2019, due to the upward trajectory of admissions and the opening of nine new venues between H1 2019 and the end of the period.
Additionally, in July 2020 the Chancellor introduced a temporary reduced rate of VAT for the hospitality sector, from which Everyman was able to benefit. In H1 2022 the reduced rate of VAT was 12.5%, until 31 March 2022, at which point the standard rate of VAT resumed. For the entirety of H1 2021 the reduced rate of VAT was 5%.
The table below shows revenue adjusted for the removal of the VAT benefit in each relevant period.
26 Weeks 26 Weeks 26 Weeks
Ended 30 Ended 1 July Ended 4 July
June 2022 2021 2019
GBP000 GBP000 GBP000
VAT-adjusted Revenue 39,788 6,830 28,924
Box Office 19,645 3,178 16,629
Food & Beverage 16,358 2,524 10,261
Other 3,785 1,128 2,034
The temporary reduced rate of VAT resulted in a GBP0.9m revenue benefit in H1 2022 and a GBP0.8m revenue benefit in H1 2021.
With the VAT benefit removed, like-for-like Box Office and Food & Beverage revenue increased by 2.1% vs. the same period in 2019.
Gross Profit Margin in H1 2022 was 62.5%, or 61.7% with the aforementioned VAT benefit removed. This is consistent with prior years.
We received significantly less government support in the period, the only contribution being GBP0.2m in the form of the Omicron Hospitality and Leisure Grant. In 2021 we received GBP2.8m from the Coronavirus Job Retention Scheme and GBP0.9m in the form of Coronavirus Business Support Grants.
Administrative Expenses increased from GBP16.3m in H1 2019 to GBP24.8m in H1 2022. This is commensurate with the increase in venues: 28 were open at the end of H1 2019 and 37 at the end of H1 2022. Our largest cost increase was Labour (a GBP4m increase vs. H1 2019), driven by the aforementioned new openings, a larger Head Office team to support the growing business and an 21% increase in National Living Wage from the beginning of H1 2019 to the end of H1 2022 driving pay increases for our teams.
Utilities costs were GBP0.9m during the period (H1 2019: GBP0.6m), increasing in line with the growing estate. A significant proportion of utilities contracts are fixed until October 2023.
Net finance costs
The Group's net bank interest payable was GBP288k in H1 2022, a GBP38k increase on the same period last year, as a result of the higher base rate and increased loan commitment fees due to the GBP10m extension of the facility in March 2021.
The Group's finance charge in H1 2022 was GBP1.4m (H1 2021 GBP1.3m) and is interest charges relating to the unwinding of the IFRS 16 lease liability in the period.
Share based payments
The share-based payment expense for the period was GBP784k (H1 2021: GBP1,129k) reflecting share option incentives provided to the Group's management and employees.
Cash flows
Net cash generated in operating activities was GBP9.1m (H1 2021: GBP0.3m; year ended 30 December 2021: GBP12.2m). The net cash inflow for the period was GBP1.7m (H1 2021: GBP1.3m; year ended 30 December 2021: GBP3.8m). This is largely represented by capital expenditure of GBP7.5m relating to build costs for new venues, existing venue refurbishment and new systems to support the growing business.
Cash held at the end of the period was GBP5.9m (1 July 2021: GBP1.7m, 30 December 2021: GBP4.2m). The cash held will be invested in the continuing development and expansion of the Group's business.
The Group has access to a GBP40m facility of which GBP14.5m was drawn at the end of the period.
The Board does not recommend the payment of a dividend at this stage of the Group's development.
Capital Expenditure
During the period, the Group opened a new five-screen venue in Edinburgh, on 2 April 2022. Post-period end, the Group opened a new four-screen venue in Egham, on 23 September 2022. We are on track to open a four-screen venue in Durham in November 2022, and six further venues in 2023.
The Group continues to invest in its existing estate to maintain high standards and differentiation against the wider market. During the period we refurbished our venues in Bristol and Birmingham and, post-period end, in Canary Wharf, Esher and Hampstead.
Capital investment during the period was GBP6.7m, of which GBP5.6m was on venues. The remainder related to infrastructure and head office costs to support the continued growth of the business. Key projects during the period included new handheld devices and kitchen screens in venues, to improve the speed, efficiency and accuracy of our food & beverage offer to customers.
Will Worsdell
Finance Director
28 September 2022
26 weeks 26 weeks Year
ended ended ended
30 June 1 July 30 December
2022 2021 2021
Note GBP000 GBP000 GBP000
Revenue 3 40,718 7,652 49,027
Cost of Sales (15,256) (2,900) (18,129)
--------- --------- ------------
Gross profit 25,462 4,752 30,898
--------- --------- ------------
Covid-19 government support 155 3,733 3,800
Impairment of goodwill, property,
plant and machinery - - 2,504
Administrative expenses (24,780) (16,143) (39,363)
--------- --------- ------------
Operating profit/(loss) 837 (7,658) (2,161)
--------- --------- ------------
Financial expenses (1,635) (1,528) (3,255)
--------- --------- ------------
Profit/(Loss) before taxation (798) (9,186) (5,416)
Tax credit/(charge) 4 - 132 (14)
--------- --------- ------------
Profit/(Loss) for the period (798) (9,054) (5,430)
Other comprehensive income for the
period - - 69
--------- --------- ------------
Total comprehensive profit/(loss)
for the period (798) (9,054) (5,361)
--------- --------- ------------
Basic loss per share (pence) 5 (0.88) (9.99) (5.96)
--------- --------- ------------
Diluted loss per share (pence) 5 (0.88) (9.99) (5.96)
--------- --------- ------------
All amounts relate to continuing
activities.
Non-GAAP measure: adjusted EBITDA
Adjusted EBITDA 7,502 (1,407) 8,281
Before:
Depreciation and amortisation (5,671) (5,248) (11,727)
Exceptional items (215) - -
Costs related to Covid 19 - (265) -
Covid 19 related rent concessions - 411 -
Disposal of property, plant and equipment - (8) -
Pre-opening expenses 5 (12) (147)
Impairment of fixed assets - - 2,504
Share-based payment expense (784) (1,129) (1,072)
Operating profit/(loss) 837 (7,658) (2,161)
----------------------------------------------------- --------- ---------
Consolidated balance sheet at 30 June 2022 (unaudited)
Registered in England
and Wales
08684079
30 June *Restated 30 December
1 July
2022 2021 2021
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 84,923 78,825 81,848
Right-of-use assets 59,449 55,261 58,593
Intangible assets 9,283 9,188 8,906
Deferred tax assets - 145 -
Trade and other receivables 173 265 177
--------- ---------- -------------
153,828 143,684 149,524
--------- ---------- -------------
Current assets
Inventories 662 470 711
Trade and other receivables 3,877 2,944 5,649
Cash and cash equivalents 5,903 1,665 4,240
--------- ---------- -------------
10,442 5,079 10,600
--------- ---------- -------------
Total assets 164,270 148,763 160,124
--------- ---------- -------------
Liabilities
Current liabilities
Other interest-bearing loans
and borrowings 252 48 119
Other provisions - - 393
Trade and other payables 17,133 11,822 15,994
Lease liabilities 2,985 2,981 2,633
20,370 14,851 19,139
--------- ---------- -------------
Non-current liabilities
Other interest-bearing loans
and borrowings 14,500 13,500 12,500
Other payables - 8 -
Other provisions 1,066 1,010 1,118
Lease liabilities 80,112 74,724 79,147
95,678 89,242 92,765
--------- ---------- -------------
Total liabilities 116,048 104,093 111,904
--------- ---------- -------------
Net assets 48,222 44,670 48,220
--------- ---------- -------------
Equity attributable to owners
of the Company
Share capital 9,118 9,223 9,117
Share premium 57,112 57,064 57,097
Merger reserve 11,152 11,152 11,152
Other reserve 83 (6) 83
Retained earnings (29,243) (32,763) (29,229)
--------- ---------- -------------
Total equity 48,222 44,670 48,220
--------- ---------- -------------
*see Note 2 for details of restatement
Consolidated statement of changes in equity for the period ended 30 June 2022 (unaudited)
Share Share Merger Other Retained Total
capital Premium reserve Reserve earnings equity
GBP000 GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 31 December
2021 9,117 57,097 11,152 83 (29,229) 48,220
Loss for the period - - - - (798) (798)
Shares issued in the
period 1 15 - - - 16
Share-based payments - - - - 784 784
Total transactions with
owners of the parent 1 15 - - 784 800
-------- -------- --------- -------- ----------- --------
Balance at 30 June
2022 9,118 57,112 11,152 83 (29,243) 48,222
-------- -------- --------- -------- ----------- --------
Balance at 1 January
2021 *restated 9,110 57,038 11,152 (6) (24,871) 52,423
Loss for the period - - - - (9,054) (9,054)
Retranslation of foreign
currency - - - - 33 33
Shares issued in the
period 113 26 - - - 139
Share- based payments - - - - 1,129 1,129
Total transactions with
owners of the parent 113 26 - - 1,129 1,268
-------- -------- --------- -------- ----------- --------
Balance at 1 July 2021 9,223 57,064 11,152 (6) (32,763) 44,670
-------- -------- --------- -------- ----------- --------
*see Note 2 for details of restatement
Consolidated cash flow statement for the period ended 30 June 2022 (unaudited)
30 June 1 July 30 December
2022 2021 2021
Note GBP000 GBP000 GBP000
Cash flows from operating activities
(Loss) for the period (798) (9,054) (5,430)
Adjustments for:
Financial expenses 1,635 1,528 3,255
Income tax credit 4 - (132) 14
--------- --------- ------------
Operating loss 837 (7,658) (2,161)
--------- --------- ------------
Depreciation and amortisation 5,671 5,248 11,727
Impairment of goodwill, property,
plant and equipment and right-of-use
assets - - (2,504)
Gains on derecognition of lease (99) - -
contract
Loss on disposal of property, plant
and equipment - 8 488
Rent concessions - (411) (701)
Equity-settled share-based payment
expenses 784 1,129 1,072
--------- --------- ------------
7,193 (1,684) 7,921
Changes in working capital
Decrease/(increase) in inventories 48 (89) (326)
Decrease/(increase) in trade and
other receivables 1,026 (49) (2,844)
Increase in trade and other payables 1,108 2,124 7,067
(Decrease)/increase in provisions (242) - 384
--------- --------- ------------
Net cash / (used in) generated from
operating activities 9,133 302 12,202
Cash flows from investing activities
Acquisition of property, plant and
equipment (6,839) (777) (7,391)
Acquisition of intangible assets (654) (277) (422)
Net cash used in investing activities (7,493) (1,054) (7,813)
--------- --------- ------------
Cash flows from financing activities
Proceeds from the issuance of ordinary
shares 17 50 20
Proceeds from the exercise of share
options - - 66
Proceeds from bank borrowings 2,000 6,000 6,000
Repayment of bank borrowings - (1,500) (2,500)
Lease payments - interest (1,386) (1,257) (2,587)
Lease payments - capital (1,620) (956) (1,526)
Landlord capital contributions 1,300 - 500
Interest paid (288) (248) (519)
--------- --------- ------------
Net cash generated/(used in) from
financing activities 23 2,089 (546)
--------- --------- ------------
Exchange gain on cash and cash equivalents - - 69
Cash and cash equivalents at the
beginning of the period 4,240 328 328
Net increase in cash and cash equivalents 1,663 1,337 3,843
Cash and cash equivalents at the
end of the period 5,903 1,665 4,240
--------- --------- ------------
Notes to the financial statements
1 General information
Everyman Media Group PLC and its subsidiaries (together, 'the
Group') are engaged in the ownership and management of cinemas
in the United Kingdom. Everyman Media Group PLC (the Company)
is a public company limited by shares domiciled and incorporated
in England and Wales (registered number 08684079). The address
of its registered office is Studio 4, 2 Downshire Hill, London
NW3 1NR.
2 Basis of preparation and accounting
policies
These condensed interim financial statements of the Group for
the period ended 30 June 2022 have been prepared using accounting
policies consistent with UK adopted International Accounting Standards.
The same accounting policies, presentation and methods of computation
are followed in the condensed set of financial statements as applied
in the Group's latest audited financial statements for the year
ended 30 December 2021.
The financial statements presented in this report have been prepared
in accordance with IFRSs applicable to interim periods. However,
as permitted, this interim report has been prepared in accordance
with the AIM Rules for Companies and does not seek to comply with
IAS34 "Interim Financial Reporting".
These condensed interim financial statements have not been audited,
do not include all of the information required for full annual
financial statements and should be read in conjunction with the
Group's statutory consolidated annual financial statements for
the year ended 30 December 2021. The auditor's opinion on these
financial statements was unqualified, did not draw attention to
any matters by way of emphasis and did not contain a statement
under s498(2) or s498(3) of the Companies Act 2006.
Going Concern
As part of the adoption of the going concern basis, Everyman continues
to consider the uncertainty caused by the macroeconomic environment.
The Group's financing arrangements include a GBP30m rolling credit
facility (RCF), and a government-backed Coronavirus Large Business
Interruption Loan Scheme ("CLBILS") of GBP10m, both repayable
on or before 15 January 2024. As at 30 June 2022 the Group had
drawn GBP14.5m of this facility and had cash of GBP5.9m, therefore
the net debt position was GBP8.6m, with the undrawn facility at
GBP25.5m.
The facility has leverage and fixed cover charge covenants, and
previous liquidity and EBITDA covenants ended on 31 May 2022.
The Board has reviewed forecast scenarios and is confident that
the business can continue to operate with sufficient headroom.
These forecasts consider scenarios in which there is no further
growth in admissions beyond 2022 levels and include realistic
assumptions around wage increases and inflation. Utilities contracts
are fixed until October 2023 for the majority of venues.
In light of this, the Board consider it appropriate to adopt the
going concern basis of accounting in preparing the financial statements.
Restatement of accounting for leases
Restatement of prior As previously Restatement Restatement Restated
year reported numbers reported 1 2 1 July
1 July 2021
2021
GBP'000 GBP'000 GBP'000 GBP'000
-------------- ------------ ------------ ---------
Balance Sheet
Right-of-use assets 54,368 893 - 55,261
Current Lease liabilities (3,057) 50 26 (2,981)
Non-current Lease liabilities (73,556) (1,168) - (74,724)
Trade and other payables (11,832) 10 - (11,822)
Trade and other receivables 2,928 16 - 2,944
Retained earnings (32,590) (199) 26 (32,763)
-------------- ------------ ------------ ---------
Net Assets and Total
Equity 44,843 (199) 26 44,670
-------------- ------------ ------------ ---------
Restatement 1
The previously reported results have been restated in respect
of two leases as follows:
Canary Wharf
An assumption was made that rent would increase from March 2020,
however, this was not the case. As a result, the opening lease
liability and right of use asset required amendment, as the discounted
cashflows were greater than actually payable.
Correcting this led to a reduction in the right of use asset of
GBP223,000 with a corresponding decrease in the lease liability
of GBP344,000 and increase in retained earnings of GBP160,000.
This also gave rise to a decrease in depreciation charge of GBP45,000
and decrease in finance charge of GBP24,000. An adjustment to
the gain on concession was made to reduce the gain by GBP21,000.
Chelmsford
Implicit in the lease is a contractual 2.5% compound increase
in rent every 5 years. This meets the definition of an in-substance
fixed payment and so should be accounted for when discounting
the future cash flows upon recognition of the lease.
Accounting for this amendment has led to an increase in right
of use asset of GBP1,174,000 with a corresponding increase of
GBP1,462,000 to the lease liability and a decrease in retained
earnings of GBP197,000. This also gave rise to an increase in
depreciation charge of GBP103,000 and an increase in finance charge
of GBP107,000.
The net impact of both adjustments in Restatement 1 is a reduction
in Group profit across 2019 and 2020 of GBP199,000.
Restatement 2
After finalisation of the prior period financial statements there
was a change to the Practical Expedient for rental concessions
to include those effecting lease payments up to 30 June 2022.
The original practical expedient was limited to arrangements that
impacted rent payments up to 30 June 2021. This meant that some
concessions that had previously been treated as modifications
could now be accounted for using the Practical Expedient.
Accounting for the relevant concessions using the practical expedient
gave rise to a decrease in the group lease liability of GBP26,000.
Gain on concessions was increased by GBP26,000, which is the net
impact to Group profit in 2020 for Restatement 2.
3 Revenue 26 weeks 26 weeks Year ended
ended ended 30
30 June 1 July December
2022 2021 2021
GBP000 GBP000 GBP000
Film and entertainment 20,234 3,631 25,150
Food and beverages 16,699 3,643 20,360
Other income 3,785 378 3,517
------------- ------------ --------------
40,718 7,652 49,027
------------- ------------ --------------
In the 26-week period ended 30 June 2022, GBP0.2m Other Operating Income was received (H1 2021: GBP3.7m). This consisted of Omicron Hospitality & Leisure Grant.
4 Taxation 26 weeks 26 weeks Year ended
ended ended 30
30 June 1 July December
2022 2021 2021
GBP000 GBP000 GBP000
Current tax - - -
Adjustments in prior years - - -
------------ --------- -----------
- - -
Deferred tax (credit)/expense
Origination and reversal of temporary
differences (18) 104 416
Adjustments in respect of prior years 18 25 (101)
Effect of tax rate change - (261) (301)
Deferred tax not previously recognised - - -
------------ --------- -----------
Total tax (credit)/charge - (132) 14
------------ --------- -----------
The reasons for the difference between the actual tax charge
for the period and the standard rate of corporation tax in the
United Kingdom applied to the loss for the period are as follows:
Reconciliation of effective 26 weeks 26 weeks Year ended
tax rate ended ended 30
30 June 2 July December
2022 2021 2021
GBP000 GBP000 GBP000
(Loss) before taxation (798) (9,186) (5,416)
Tax at the UK corporation tax rate of
19% (152) (1,745) (1,029)
Permanent differences (expenses not
deductible for tax purposes) 463 422 750
Deferred tax not previously (433) - -
recognised
Impact of difference in overseas tax
rates 1 - 1
De-recognition of losses - 1,885 605
Other short term timing differences 3 31 -
Effect of change in expected future
statutory rates on deferred tax 104 (261) (217)
Impact of a drop in share-based payments
intrinsic value (4) (489) 5
Adjustment in respect of previous periods 18 25 (101)
------------ --------- -----------
Total tax (credit)/charge - (132) 14
------------ --------- -----------
5 Earnings per 26 weeks 26 weeks Year
share ended ended ended
30 June 1 July 30
December
2022 2021 2021
GBP000 GBP000 GBP000
Profit/(Loss) used in calculating basic
and diluted earnings per share (798) (9,054) (5,430)
Number of shares (000's)
Weighted average number of shares for
the purpose of basic earnings per share 91,177 90,597 91,129
------------ --------- -----------
Number of shares (000's)
Weighted average number of shares for
the purpose of diluted earnings per
share 91,177 90,597 91,129
------------ --------- -----------
Basic earnings per share
(pence) (0.88) (9.99) (5.96)
------------ --------- -----------
Diluted earnings per share
(pence) (0.88) (9.99) (5.96)
------------ --------- -----------
Basic earnings per share amounts are calculated by dividing net
profit/(loss) for the period attributable to Ordinary equity
holders of the parent by the weighted average number of Ordinary
shares outstanding during the year.
The Company has 6.9m potentially issuable shares (H1 2021: 7.5m)
all of which relate to the potential dilution from the Group's
share options issued to the Directors and certain employees and
contractors, under the Group's incentive arrangements. In the
current period these options are anti-dilutive as they would
reduce the loss per share and so haven't been included in the
diluted earnings per share.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
END
IR SEDFUWEESELU
(END) Dow Jones Newswires
September 28, 2022 02:02 ET (06:02 GMT)
1 Year Everyman Media Chart |
1 Month Everyman Media Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
