Everyman Media FY EBITDA surges
By Iain Gilbert
Date: Monday 23 Jan 2023
(Sharecast News) - Cinema company Everyman Media said on Monday that full-year underlying earnings had come in ahead of expectations amid a surge in revenues.
Everyman stated group underlying earnings had shot up 74.7% year-on-year to £14.5m, driven by a 62.5% increase in group revenues to £79.7m.
The AIM-listed group also said it had maintained its market share at 4.5%, even as average ticket price rose 2.6% to £11.29 and food and beverage spend per head increased 3% to £9.34.
Everyman added that its performance in the new financial year had been "encouraging" and said its board had "significant confidence in the future" despite being cognisant of the "difficult" macroeconomic environment and consumer backdrop.
Chief executive Alex Scrimgeour 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."
As of 0925 GMT, Everyman shares were up 6.72% at 91.78p.
Reporting by Iain Gilbert at Sharecast.com
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