Everyman Media Group PLC Trading Update (4712N)

TIDMEMAN

RNS Number : 4712N

Everyman Media Group PLC

23 January 2023

23 January 2023

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 29 December 2022.

Financial Highlights

   --    Group revenue of GBP79.7m, an increase of 62.5% versus the prior year (2021: GBP49.0m). 

-- Group EBITDA(1) ahead of market expectations at approximately GBP14.5m, an increase of 74.7% vs. the prior year (2021: GBP8.3m).

   --    Market share maintained at 4.5% (2021: 4.5%). 

Operational Highlights

-- Two new venues were opened in the year, Edinburgh and Egham. The Group now operates 38 venues with a total of 130 screens (2021: 36 venues with a total of 119 screens).

-- Paid for average ticket price(2) of GBP11.29, a 2.6% increase versus the prior year (2021: GBP11.00).

-- Food and beverage spend(3) per head of GBP9.34, a 3.0% increase versus the prior year (2021: GBP9.07).

Current Trading and Outlook

   --    Performance in the new financial year has been encouraging. 

-- Covid-related delays in film production resulted in a reduced slate of film content during 2022. Despite this, the Company was able to exceed trading expectations due to the unique Everyman experience which continues to attract existing and new customers. The Directors expect both the volume and quality of new releases to significantly increase in 2023.

-- Due to the above, whilst the Directors are cognisant of the difficult macro-economic environment and consumer backdrop, they continue to have significant confidence in the future.

-- The Group remains committed to organic expansion with excellent opportunities available for new sites. The Directors however are taking a more measured approach to new site opening. The Group is opening a new venue in Durham in February 2023, with four further venues expected to open during the year in Salisbury, Northallerton, Plymouth and Marlow.

Alex Scrimgeour, Chief Executive Officer of Everyman Media Group Plc, said:

"The UK's appetite for film and the Everyman brand remains reassuringly strong. Our proposition is aligned with prevailing long-term consumer trends focused on affordable, high quality entertainment. Whilst Tom Cruise's much lauded Top Gun: Maverick marked a symbolic post-COVID return to business as usual, there have been other challenges to face along the way caused by global instability and associated inflation. To therefore exceed financial expectations is a credit to the incredible teams in our venues and head office.

We will continue to deliver against our expansion strategy in 2023 and, with film production now in a good place, are confident of another year of progress."

(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.

(2) Paid for average ticket price has been adjusted to remove the benefit of VAT reductions in both 2022 and 2021 in order to provide a like-for-like comparison. The directors believe that this metric, which excludes any complimentary and unpaid tickets, is more representative of actual customer spend and will be used as a KPI moving forward.

(3) Food and beverage spend per head has been adjusted to remove the benefit of VAT reductions in both 2022 and 2021 in order to provide a like-for-like comparison. The prior year metric has been adjusted to include Deliveroo income, which had previously been excluded. This is consistent with the treatment for the current year.

 
 
 
  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] 
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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January 23, 2023 02:00 ET (07:00 GMT)