REG - Everyman Media Grp - Interim Results
24/09/2025 07:00
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RNS Number : 5222A Everyman Media Group PLC 24 September 2025
24 September 2025
Everyman Media Group PLC
("Everyman" or the "Group")
Interim Results
Strong increases across all metrics, with financial performance on track for
the full year
Everyman Media Group PLC, the independent, premium cinema group, reports its
unaudited interim results for the 26 weeks ended 03 July 2025.
Summary of financial performance
· Admissions of 2.2m (H1 2024: 1.9m), up 15%
· Group Revenue of £56.5m (H1 2024: £46.9m), up 21%
· Group EBITDA(1) of £8.2m (H1 2024: £6.2m), up 33%
· Paid-for Average Ticket Price of £12.46 (H1 2024: £11.76), up 6.0%
· Food and Beverage Spend per Head of £11.09 (H1 2024: £10.47), up 5.9%
· Net Debt of £24.2m (H1 2024: £25.8m), down 6.2%, with further net debt
repayment from operational cash flow expected in H2 2025
Commercial and strategic highlights
· Growth in Market Share to 5.8% (H1 2024: 5.6%), up 3.6%
· Further increase in Membership to 66,814 (H1 2024: 45,684), up 46%
· Opened a three-screen venue in Brentford in February 2025 and, post-period
end, a five-screen venue at The Whiteley in Bayswater in August 2025. The
Group now operates 49 cinemas and 171 screens
· Delivered new in-house Guest Services Centre, improving customer service and
insights while reducing operating costs
· Strengthening of Senior Leadership Team in May 2025 with the appointment of an
experienced Operations Director and an experienced Technology Director
Confidence for the full year
· Strong pipeline of content for the remainder of the year, including Downton
Abbey: The Grand Finale in September, Wicked: For Good in November,
and Avatar: Fire and Ash in December, supported by strong original content
well-suited to the Everyman audience.
· Despite the hottest UK summer on record and a continuing challenging economic
environment, the Group is currently trading in line with market expectations
for the full year ending 1 January 2026(2).
(1) Adjusted for pre-opening costs, exceptional items and share-based
payments.
(2) Current market forecasts for the year ended 1 January 2026 are revenue of
£121.6m and Adjusted EBITDA of £20.0m.
Alex Scrimgeour, Chief Executive of Everyman Media Group Plc, said:
"We are pleased to report a strong trading performance in the first half,
underpinned by healthy admissions growth, continued momentum across our
revenue streams and further gains in market share. We are delighted with the
positive progress of recent operational priorities, including the
strengthening of our Senior Leadership team, the continued success of our
membership model and customer service enhancements which drive both user
experience and our financial performance.
Everyman's unique brand of hospitality continues to resonate with our customer
base. As such, we move into the second half of the year in a strong position -
bolstered by a compelling customer offering, reduced leverage and a strong
film slate, with major H2 releases including Downton Abbey: The Grand
Finale, Wicked: For Good, and Avatar: Fire and Ash."
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 and Broker) Tel: 020 7523 8000
Bobbie Hilliam
Elizabeth Halley-Stott
Alma (Financial PR Advisor) Tel: 020 3405 0205
Rebecca Sanders-Hewett
Joe Pederzolli
Emma Thompson
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/
(http://investors.everymancinema.com/)
Chief Executive's Statement
Trading in the first half of 2025 was in line with management expectations,
with revenue of £56.5m (H1 2024: £46.9m) and EBITDA of £8.2m (H1 2024:
£6.2m).
The 21% increase in revenue and 33% increase in EBITDA reflected a more
consistent film slate in 2025, with content in the first half of last year
significantly impacted by the WGA and SAG-AFTRA strikes of 2023.
Franchise titles such as Bridget Jones: Mad About the Boy - our biggest
opening weekend ever with a record 11.8% market share on a major release(1) -
and Mission: Impossible - The Final Reckoning were complemented by strong
original content such as A Complete Unknown and Ryan Coogler's Sinners, which
resonated particularly well with the Everyman audience.
In H1 2025, the Group grew its market share to 5.8% (H1 2024: 5.6%),
demonstrating the continued strength of the differentiated Everyman
proposition. Despite the hottest UK summer on record and a continuing
challenging economic environment, the Group is currently trading in line
with market expectations for the full year. As in previous years, we expect a
second-half weighting to the film slate.
Strategic and Operational Progress
During the period, we launched our new in-house customer contact centre,
replacing an outsourced solution. As part of the transition, we introduced
several initiatives aimed at improving customer experience and reducing
contact volumes. These included the use of AI to automate responses to
frequently asked questions and the addition of a "Help" search bar on our
website, which leverages historical data to address customer queries. These
enhancements have led to a 36% reduction in customer contact and will continue
to result in shorter wait times, lower operational costs, and a more
streamlined experience for our guests.
We are also pleased to announce the appointment of two new members of the
Senior Leadership Team in the first half of the year. Rebecca Tooth joined
Everyman in May as Operations Director, bringing over 20 years of experience
in the hospitality sector, most recently as Managing Director of Coppa Club
and, prior to that, Chief Operating Officer of Bill's Restaurants.
Also in May, we welcomed Leo Brend as Technology Director, bringing 13 years'
experience as Technology Director at Curzon Cinemas. One of Leo's first
initiatives will be the launch of food and beverage self-ordering via
Everyman's iOS and Android app, set to go live in the fourth quarter of 2025.
This will complement our existing at-seat service and QR code-based ordering,
with the aim of increasing transactions per customer, driving higher spend per
head and improving guest experience. Leo will also lead the Group's ongoing
digital transformation, AI strategy, cyber security and the launch of new
digital products.
As ever, we remain focused on enhancing the Everyman brand. In H1 2025, our
efforts centred on expanding social media presence and driving brand
engagement. Compared to H1 2024, our combined social following grew by 5.6%,
with Instagram leading at 110,112 followers - an 11.6% increase - maintaining
our position as the largest Instagram channel in UK cinema. Facebook followers
rose by 4.4%, and TikTok grew by 5.9%.
Reducing leverage
As previously announced, the Group remains committed to managing net debt and
reducing leverage whilst continuing its measured organic expansion. In line
with this strategy, no further venues will open in 2025, with two openings
planned for 2026 and a further two in 2027. Year end net debt is therefore
expected to be lower than the £24.2m reported at interim period end, with
further material reductions expected in 2026 and beyond.
Everyman currently operates 49 cinemas with 171 screens. During the period,
the Group opened a three-screen venue in Brentford. Post period-end, a
five-screen flagship opened at The Whiteley, Bayswater. Both venues embody
Everyman's distinctive and evolving design identity, with The Whiteley forming
part of Norman Foster's transformative West London redevelopment, which also
includes luxury residences and the UK's first Six Senses hotel.
Performance review
The Group uses the key performance indicators of Admissions, Paid-for Average
Ticket Price and Food & Beverage Spend per Head to monitor the progress of
the Group's activities.
26 weeks 26 weeks
ended ended
03 July 2025 27 June 2024
Admissions 2.2m 1.9m
Paid-for Average Ticket Price £12.46 £11.76
Food & Beverage Spend per Head £11.09 £10.47
Admissions
Admissions in H1 2025 totalled 2.2 million, an increase from 1.9 million in
the prior year period. The uplift reflects a more consistent film slate, with
key contributors including Bridget Jones: Mad About the Boy, Mission:
Impossible - The Final Reckoning, A Complete Unknown and A Minecraft Movie.
Unlike H1 2024, the current period was unaffected by industry disruption, with
the prior year comparatives impacted by the WGA and SAG-AFTRA strikes.
Membership remains an important performance driver. Period-end membership
reached approximately 67,000, representing a 46% year-on-year increase.
Members demonstrate visit frequency over five times that of non-members,
exhibit higher food and beverage spend per head, and continue to act as our
strongest brand advocates.
Food & Beverage Spend per Head and Average Ticket Price
Food and Beverage spend per head increased to £11.09 (H1 2024: £10.47), an
increase of 5.9%. The growth was driven by continued menu development, the
higher spend profile of members, the addition of venues in premium locations,
and selective pricing adjustments implemented to mitigate cost increases,
including rises in the National Living Wage and National Insurance.
Paid-for average ticket price increased to £12.46 (H1 2024: £11.76), an
increase of 6.0%. The increase reflects new venue openings in higher-priced
locations, pricing actions to offset cost inflation, and a release schedule
more heavily weighted towards blockbuster titles, which typically carry a
price premium on opening.
Outlook
We remain optimistic about the future, underpinned by a strong first-half
performance, with revenue, operational cash generation and market share all
demonstrating meaningful growth.
Our strategy continues to focus on reducing leverage, supported by a measured
and disciplined approach to new venue openings. Following the successful
launches of Brentford and The Whiteley in 2025, two further venues are planned
for 2026, with another two to follow in 2027.
Looking ahead, we anticipate a strong second half, with major releases
including Downton Abbey: The Grand Finale in September, Wicked: For
Good in November, and Avatar: Fire and Ash in December. Further ahead, the
2026 slate is equally promising, featuring - amongst many others -The Devil
Wears Prada 2, Toy Story 5, The Mandalorian & Grogu (a Star Wars title),
Christopher Nolan's The Odyssey, and an untitled Steven Spielberg film.
As audiences are met with an expanding stream of high-quality content,
Everyman's premium and differentiated model leaves it uniquely positioned to
benefit going forward.
Alex Scrimgeour
Chief Executive
24 September 2025
(1) Major release defined as grossing at least £15m at the UK Box Office.
Finance Director's Statement
26 Weeks Ended 03 July 2025 26 Weeks Ended 27 June 2024
£000 £000
Revenue 56,480 46,856
Gross Profit 37,112 31,166
Gross Profit Margin 65.7% 66.5%
Other Operating Income 243 243
Administrative Expenses (37,253) (33,181)
Operating Profit / (Loss) 102 (1,772)
Financial Expenses (3,492) (3,172)
Profit / (Loss) Before Taxation (3,390) (4,944)
Tax Credit / (Charge) 351 1,091
Profit / (Loss) For the Period (3,039) (3,853)
Adjusted EBITDA* 8,200 6,178
EBITDA margin 14.5% 13.2%
*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 for H1 2025 increased to £56.5m (H1 2024: £46.9m). This growth
was driven by stronger admissions, rising to 2.2m (H1 2024: 1.9m), supported
by a compelling film slate. The standout title was Bridget Jones: Mad About
the Boy, which delivered our second-highest week of admissions ever, with
other strong performers including Mission: Impossible - The Final Reckoning,
the Bob Dylan biopic A Complete Unknown, and Ryan Coogler's horror release
Sinners. Admissions were further boosted by the opening of three new venues
across the second half of 2024 and first half of 2025.
Revenue growth was compounded by increases to Food & Beverage Spend per
Head and Average Ticket Price. Food & Beverage Spend per Head rose 5.9% to
£11.09 (H1 2024: £10.47), while Average Ticket Price increased 6.0% to
£12.46 (H1 2024: £11.76). The uplift in F&B was driven by continued menu
innovation, including new items like the Double Smash Burger and Salt Beef
Dog, alongside new drinks such as the Hibiscus Strawberry Daiquiri and Matcha
Latte. Ticket price growth reflected a higher proportion of blockbuster
releases, which typically command premium pricing. We also implemented modest
price increases across both F&B and tickets to help offset the significant
rises in National Living Wage and Employer's National Insurance Contributions
announced in the 2024 Autumn Statement.
Gross Profit Margin declined slightly to 65.7% (H1 2024: 66.5%), primarily due
to higher Film Hire costs associated with the increased number of blockbuster
titles.
Administrative Expenses rose to £37.3m (H1 2024: £33.2m), reflecting the
expansion of our estate from 45 venues at the end of H1 2024 to 48 at the end
of H1 2025. This growth brought associated increases in fixed costs,
depreciation, and pre-opening expenses.
Labour was the Group's largest cost increase, rising by approximately £3m
year-on-year. This was driven by the 9.7% National Living Wage increase in
April 2024 and a further 6.7% rise in April 2025, alongside higher Employer's
National Insurance Contributions. Labour costs also rose due to the increased
number of venues and higher admissions compared to the prior year.
Despite these cost pressures, the Group improved its post-IFRS 16 EBITDA
margin to 14.5% (H1 2024: 13.2%). This was supported by savings in credit card
fees, a new utilities contract, and successful challenges to our 2023 Business
Rates Revaluations. As a result, post-IFRS 16 EBITDA rose to £8.2m (H1 2024:
£6.2m).
Net finance costs
The Group's finance charge included £2.4m (H1 2024 £2.1m) representing
interest charges relating to the unwinding of the IFRS 16 lease liability
during the period and £1.1m of bank interest (H1 2024: £1.1m). The increase
is due predominantly due to the number of new venues opened in the second half
of 2024 and first half of 2025.
Taxation
The Group's tax credit was £0.4m (H1 2024: £1.2m) and relates to the
recognition of an increase in the Group's deferred tax asset as a result of
further unrelieved carried forward taxable losses. The recognition of the
deferred tax asset is supported by sufficient forecast future taxable profits.
Share based payments
The share-based payment expense for the period was £0.3m (H1 2024: £0.6m)
reflecting share option incentives provided to the Group's management and
employees.
Cash flows
Cash held at the end of the period was £4.8m (H1 2024: £2.2m).
Net cash generated from operating activities was £4.7m (H1 2024: £3.3m). The
current year figure includes a £3.6m working capital outflow, relating to a
decrease in trade and other payables. This reflects the timing of Film Hire
payments relating to the busy winter trading period last year, most of which
fell due in the early months of 2025.
Net cash used in investing activities was £9.0m (H1 2024: £5.3m). This
primarily reflects investment in the new Brentford venue, which opened in
February 2025, as well as final payments for the Cambridge and Stratford
sites, which opened in November and December 2024 respectively. It also
includes initial payments for The Whiteley, which opened in August 2025.
Net cash used in financing activities was £0.7m (H1 2024: £2.4m). The lower
balance is predominantly driven by higher landlord contributions received
during the period.
As a result of the above, the net cash outflow for the period was £5.0m (H1
2024: £4.5m outflow).
The Board does not recommend the payment of a dividend at this stage in the
Group's development.
Net Debt
Net debt at the end of the period was £24.2m (H1 2024: £25.8m), compared to
£18.1m at the end of 2024. The increase reflects the timing of capital
expenditure - particularly with The Whiteley under construction at the end of
H1 - and the £1m acquisition of the beneficial long leasehold interest in our
Barnet venue in March. As in previous years, film content is forecast to be
weighted towards the second half. As a result, the Group expects a reduction
in both net debt and leverage by the end of 2025.
Will Worsdell
Finance Director
24 September 2025
Consolidated statement of profit and loss and other comprehensive income for
the period ended 03 July 2025 (unaudited)
26 weeks ended 26 weeks ended Year
ended
03 July 27 June 02 January
2025 2024 2025
Note £000 £000 £000
Revenue 3 56,480 46,856 107,173
Cost of Sales (19,368) (15,690) (38,106)
Gross profit 37,112 31,166 69,067
Other Operating Income 243 243 506
Administrative expenses (37,253) (33,181) (72,935)
Operating profit/ (loss) 102 (1,772) (3,362)
Financial expenses (3,492) (3,172) (6,855)
Loss before taxation (3,390) (4,944) (10,217)
Tax credit 4 351 1,091 1,682
Total comprehensive loss for the period (3,039) (3,853) (8,535)
Basic loss per share (pence) 5 (3.33) (4.23) (9.36)
Diluted loss per share (pence) 5 (3.33) (4.23) (9.36)
All amounts relate to continuing activities.
Non-GAAP measure: adjusted EBITDA
Adjusted EBITDA 8,200 6,178 16,170
Before:
Depreciation and amortisation (7,366) (7,088) (14,867)
Exceptional costs (364) (70) (316)
Disposal of property, plant and equipment - - (241)
Gain on disposal of lease 288 - -
Impairment - - (2,626)
Pre-opening expenses (330) (225) (888)
Share-based payment expense (326) (567) (594)
Operating Profit / (Loss) 102 (1,772) (3,362)
Consolidated balance sheet at 03 July 2025 (unaudited)
Registered in England and Wales
08684079
03 July 27 June 02 January
2025 2024 2025
£000 £000 £000
Assets
Non-current assets
Property, plant and equipment 108,090 101,701 104,586
Right-of-use assets 61,480 66,613 63,515
Deferred tax assets 4,809 3,896 4,487
Intangible assets 9,269 9,485 9,247
Trade and other receivables 303 258 333
183,951 181,953 182,168
Current assets
Inventories 875 779 964
Trade and other receivables 6,798 7,518 7,386
Cash and cash equivalents 4,845 2,190 9,883
12,518 10,487 18,233
Total assets 196,469 192,440 200,401
Liabilities
Current liabilities
Trade and other payables 24,655 19,177 28,125
Lease liabilities 2,887 3,751 2,146
27,542 22,928 30,271
Non-current liabilities
Other interest-bearing loans and borrowings 29,000 28,000 28,000
Other provisions 1,596 1,631 1,596
Lease liabilities 104,592 98,774 104,082
135,188 128,405 133,678
Total liabilities 162,730 151,333 163,949
Net assets 33,739 41,107 36,452
Equity attributable to owners of the Company
Share capital 9,118 9,118 9,118
Share premium 57,112 57,112 57,112
Merger reserve 11,152 11,152 11,152
Other reserve 83 83 83
Retained earnings (43,726) (36,358) (41,013)
Total equity 33,739 41,107 36,452
Consolidated statement of changes in equity for the period ended 03 July 2025
(unaudited)
Share Share Merger Other Retained Total
capital Premium reserve Reserve earnings equity
£000 £000 £000 £000 £000 £000
Balance at 02 January 2025 9,118 57,112 11,152 83 (41,013) 36,452
Loss for the period - - - - (3,039) (3,039)
Total comprehensive income - - - - (3,039) (3,039)
Share-based payments - - - - 326 326
Total transactions with owners of the parent - - - - 326 326
Balance at 03 July 2025 9,118 57,112 11,152 83 (43,726) (33,739)
Balance at 28 December 2023 9,118 57,112 11,152 83 (33,072) 44,393
Loss for the year - - - - (8,535) (8,535)
Total comprehensive income - - - - (8,535) (8,535)
Share- based payments - - - - 594 594
Total transactions with owners of the parent - - - - 594 594
Balance at 02 January 2025 9,118 57,112 11,152 83 (41,013) 36,452
Consolidated cash flow statement for the period ended 03 July 2025 (unaudited)
03 July 27 June 02 January
2025 2024 2025
£000 £000 £000
Cash flows from operating activities
Loss for the period (3,039) (3,853) (8,535)
Adjustments for:
Financial expenses 3,492 3,172 6,855
Tax credit (351) (1,091) (1,682)
Operating profit / (loss) 102 (1,772) (3,362)
Depreciation and amortisation 7,366 7,088 14,867
Loss on disposal of property, plant and equipment - - 241
Impairment - - 2,626
Gain on disposal of lease (288) - -
R&D Tax Credit 28
Equity-settled share-based payment expenses 326 567 594
7,534 5,883 14,966
Changes in working capital
Decrease/(increase) in inventories 89 79 (106)
Decrease/(increase) in trade and other receivables 618 (2,387) (2,330)
Increase/(decrease) in trade and other payables (3,575) (304) 9,045
Net cash generated from operating activities 4,666 3,271 21,575
Cash flows from investing activities
Acquisition of property, plant and equipment (8,577) (5,050) (15,433)
Acquisition of intangible assets (408) (263) (640)
Net cash used in investing activities (8,985) (5,313) (16,073)
Cash flows from financing activities
Repayment of bank borrowings - - (3,000)
Drawdown of bank borrowings 1,000 2,000 5,000
Lease payments - interest (2,367) (2,116) (4,363)
Lease payments - capital (1,950) (1,840) (3,330)
Landlord capital contributions 3,723 575 5,680
Loan arrangement fee - - -
Interest paid (1,125) (1,032) (2,251)
Net cash used in financing activities (719) (2,413) (2,264)
Cash and cash equivalents at the beginning of the period 9,883 6,645 3,238
Net increase / (decrease) in cash and cash equivalents (5,038) (4,455) 6,645
Cash and cash equivalents at the end of the period 4,845 2,190 9,883
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
03 July 2025 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 02 January 2025.
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 02 January 2025. 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
Current performance remains aligned with management expectations. Continued
improvement in the frequency of year-on-year wide releases and further
investment from streaming platforms in cinema-focused content both contribute
to a positive outlook. Taking into account the 2026 film slate, management
anticipates that admissions will continue to trend towards pre-pandemic
levels. In addition, both Paid-for Average Ticket Price and Spend per Head
have shown consistent growth.
On 17 August 2023, the Group signed a new three-year loan facility of £35m
with Barclays Bank Plc and National Westminster Bank Plc, repayable on 16
August 2026. The facility is extendable by up to a further two years, subject
to lender consent. The RCF has leverage and fixed charge cover covenants. The
Board has reviewed forecast scenarios and is confident that the business can
continue to operate with sufficient headroom.
In light of the above, the Board consider it appropriate to adopt the going
concern basis of accounting in preparing the financial statements.
3 Revenue 26 weeks ended 26 weeks ended Year ended 02
03 July 27 June January
2025 2024 2025
£000 £000 £000
Film and entertainment 27,287 22,506 51,849
Food and beverages 24,096 19,772 45,881
Other income 5,097 4,578 9,443
56,480 46,856 107,173
Revenue
26 weeks ended
26 weeks ended
Year ended 02
03 July
27 June
January
2025
2024
2025
£000
£000
£000
Film and entertainment
27,287
22,506
51,849
Food and beverages
24,096
19,772
45,881
Other income
5,097
4,578
9,443
56,480
46,856
107,173
In the 26-week period ended 03 July 2025, £0.2m Other Operating Income was
received (H1 2024: £0.2m). This consisted mainly of landlord compensation
payments.
4 Taxation 26 weeks ended 26 weeks ended Year ended 02
03 July 27 June January
2025 2024 2025
£000 £000 £000
Deferred tax (credit)/expense
Temporary differences on property, plant and equipment 364 432 (188)
Temporary differences on IFRS 16 accumulated restatement 23 23 43
Available losses (675) (1,425) (1,398)
Other temporary and deductible differences (63) (121) (139)
Total tax credit (351) (1,091) (1,682)
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 tax rate 26 weeks ended 26 weeks ended Year ended 02
03 July 27 June January
2025 2024 2025
£000 £000 £000
(Loss) before taxation (3,390) (4,944) (10,217)
Tax at the UK corporation effective tax rate of 25% (HY1 2024: 25%) (848) (1,236) (2,554)
Permanent differences (expenses not deductible for tax purposes) 528 367 1,310
Deferred tax not previously recognised (31) - 30
Changes in prior year capital allowance estimate - - (468)
Adjustment in respect of previous periods - (222) -
Total tax credit (351) (1,091) (1,682)
Taxation
26 weeks ended
26 weeks ended
Year ended 02
03 July
27 June
January
2025
2024
2025
£000
£000
£000
Deferred tax (credit)/expense
Temporary differences on property, plant and equipment
364
432
(188)
Temporary differences on IFRS 16 accumulated restatement
23
23
43
Available losses
(675)
(1,425)
(1,398)
Other temporary and deductible differences
(63)
(121)
(139)
Total tax credit
(351)
(1,091)
(1,682)
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 tax rate
26 weeks ended
26 weeks ended
Year ended 02
03 July
27 June
January
2025
2024
2025
£000
£000
£000
(Loss) before taxation
(3,390)
(4,944)
(10,217)
Tax at the UK corporation effective tax rate of 25% (HY1 2024: 25%)
(848)
(1,236)
(2,554)
Permanent differences (expenses not deductible for tax purposes)
528
367
1,310
Deferred tax not previously recognised
(31)
-
30
Changes in prior year capital allowance estimate
-
-
(468)
Adjustment in respect of previous periods
-
(222)
-
Total tax credit
(351)
(1,091)
(1,682)
5 Earnings per share 26 weeks ended 26 weeks ended Year
ended
03 July 27 June 02 January
2025 2024 2025
£000 £000 £000
Loss used in calculating basic and diluted earnings per share (3,039) (3,853) (8,535)
Number of shares (000's)
Weighted average number of shares for the purpose of basic earnings per share 91,181 91,178 91,178
Number of shares (000's)
Weighted average number of shares for the purpose of diluted earnings per 91,181 91,178 91,178
share
Basic earnings per share (pence) (3.33) (4.23) (9.36)
Diluted earnings per share (pence) (3.33) (4.23) (9.36)
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 6.1m potentially issuable shares (H1 2024: 7.7m) 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.
Weighted average number of shares for the purpose of basic earnings per share
91,181
91,178
91,178
Number of shares (000's)
Weighted average number of shares for the purpose of diluted earnings per
share
91,181
91,178
91,178
Basic earnings per share (pence)
(3.33)
(4.23)
(9.36)
Diluted earnings per share (pence)
(3.33)
(4.23)
(9.36)
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 6.1m potentially issuable shares (H1 2024: 7.7m) 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.
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