REG - Everyman Media Grp - Preliminary Results to 02 January 2025
15/04/2025 07:02
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RNS Number : 9884E Everyman Media Group PLC 15 April 2025
15 April 2025
Everyman Media Group PLC
("Everyman" the "Company" or the "Group")
Preliminary Results to 02 January 2025
Everyman Media Group plc (AIM: EMAN) today announces its audited financial
results for the year ended 02 January 2025.
Highlights
Robust performance across key metrics despite heavily interrupted film slate
· Admissions of 4.3m (2023: 3.75m), up 15.0%
· Group revenue of £107.2m (2023: £90.9m), up 17.9%
· Adjusted EBITDA of £16.2m (2023: £16.2m), flat year on year*
· Food and Beverage Spend Per Head of £10.64 (2023: £10.29), up 3.4%
· Paid for Average Ticket Price of £11.98 (2023: £11.65), up 2.8%
· Market share increased to 5.4% (2023: 4.8%), up 12.5%
· Cash and cash equivalents of £9.9m at year end (2023: £6.6m) and net banking
debt reduced to £18.1m (2023: £19.4m), in line with the Group's strategy to
reduce leverage.
Operational and strategic progress
· Three organic openings during the year, including a three-screen venue in Bury
St Edmunds, a five-screen venue in Cambridge and a three-screen venue in
Stratford International.
· The Group's Membership base grew by 65% over the year, driving an increase in
guest frequency and engagement with the brand.
· Innovation of the Food & Beverage offer continued, with new drinks and
sharing dishes contributing to the year-on-year increase in Spend per Head.
Outlook
· Positive momentum in Q1 2025, with trading driven by Bridget Jones: Mad about
the Boy.
· Measured expansion continues, with a new venue in Brentford opened in March
2025 and The Whiteley (Bayswater) to follow in Q3 2025.
· The Group expects to further reduce leverage over the coming year, while
maintaining its expansion.
· Having experienced significant disruption in 2024 arising from a lack of
content due to the WGA and SAG-AFTRA strikes, management expects a much
improved and consistently-phased film slate in 2025 and beyond.
· Key titles over the period include Mission Impossible: The Final Reckoning,
Lilo & Stitch, F1, Superman, Downton Abbey 3, Wicked: For Good, and
Avatar: Fire and Ash.
Alex Scrimgeour, Chief Executive Officer of Everyman Media Group PLC said:
"Despite a heavily disrupted film slate in the first half of the year, we
delivered strong growth across all key revenue generating metrics in 2024,
with admissions, average spend and market share all up year-on-year. Our
distinctive blend of film and hospitality continues to resonate with audiences
and with a rapidly expanding membership base, it is clear that guests continue
to choose Everyman.
Our measured approach to expansion remains a priority, with two exciting new
venues opening in 2025 and several further opportunities in the pipeline. With
the impact of recent industry strikes now behind us, we are confident of
strong performance in 2025 underpinned by a well-balanced, consistently-phased
film slate."
*GAAP measures: Operating loss pre non-cash impairment charges of £0.7m
(2023: £0.7m profit), driven by depreciation charges from new openings.
Including impairment charges, operating loss was £3.4m (2023: £0.1m).
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
Harry Pardoe
Alma (Financial PR Advisor) Tel: 020 3405 0205
Rebecca Sanders-Hewett everyman@almastrategic.com
Joe Pederzolli
Emma Thompson
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/
Chairman's Statement
Review of the Year
I am pleased to report another year of operational and strategic progress.
Admissions rose to 4.3 million, a 15.0% increase on last year (2023: 3.7
million). Average ticket price climbed to £11.98, a 2.8% rise on last year
(2023: £11.65), while Food & Beverage Spend per Head increased to
£10.64, up 3.4% on last year (2023: £10.29). Most encouragingly, our market
share grew to 5.4%, a 12.5% increase on last year (2023: 4.8%).
2024 was not without challenges. The Screen Actors Guild-American Federation
of Television and Radio Artists ("SAG-AFTRA") and Writers Guild of America
("WGA") strikes of 2023 resulted in a disappointing number of releases in the
second quarter.
In the fourth quarter we faced a number of other challenges. Most notable was
the failure of Joker: Folie a Deux to excite cinemagoers in October, reaching
just £10.3m at the UK Box Office in comparison to 2019's Joker, which grossed
over £58.0m. Whilst trading in November and December was very strong in
absolute terms, congestion in the film slate prevented major releases from
reaching their full box office potential.
We are mindful of the ongoing cost challenges facing the broader hospitality
sector and continue to ensure that our cost base is efficient.
During 2024 we opened three new venues, in Bury St Edmunds, Cambridge and
Stratford International. As ever, each of these venues highlight the
outstanding quality and unique aesthetic that has become associated with
Everyman.
I would like to extend my thanks to our venue and Head Office teams, who
performed outstandingly in 2024.
Outlook
Despite the challenges arising from the announcement of increases to National
Living Wage and the lowering of National Insurance thresholds in November's
Autumn Statement, we look to 2025 with confidence. With the impact of the
SAG-AFTRA and WGA strikes firmly behind us, we look forward to a robust lineup
of releases distributed more evenly throughout the year.
We continue with our programme of measured organic expansion. New venues
include Brentford and The Whiteley (Bayswater), a landmark re-development of
the historic West End shopping centre. Notwithstanding the broader consumer
environment, we are optimistic about the year ahead. We remain mindful of net
debt and further reducing leverage over the next two years.
Philip
Jacobson
Non-Executive Chairman
14 April 2025
Chief Executive's Statement
Business Model and Growth Strategy
The Everyman brand is positioned as a premium offering within the UK leisure
market. The Group's venues are predominantly located in vibrant town-centres,
and designed to provide a welcoming, high-quality environment. Everyman's core
focus is on delivering exceptional hospitality, which is reflected in its
venues, food and beverage options, staff, and film programming.
The Group continues to see significant long-term growth potential across the
UK. Measured expansion remains a focus, with new site openings and selective
acquisition opportunities under evaluation. Everyman is committed to
continually enhancing the customer experience, in-venue service, film curation
and investing in the development of its food and beverage range. Targeted
marketing supports these efforts, helping to build brand awareness and drive
sustained revenue growth.
Financial Overview
Despite a heavily interrupted film slate due in the main to the impact of the
WGA and SAG-AFTRA strikes, we saw strong growth in all key revenue generating
metrics in 2024. Admissions increased to 4.3m, a 15.0% increase on last year
(2023: 3.7m). Average Ticket Price increased to £11.98, a 2.8% increase on
last year (2023: £11.65) and Food & Beverage Spend per Head increased to
£10.64, a 3.4% increase on last year (2023: £10.29). More pleasing still,
our Market Share increased to 5.4%, a 12.5% increase on last year (2023:
4.8%).
We faced some significant cost headwinds in 2024, the most notable being a
£1.5m increase in People costs, directly attributable to the National Living
Wage. Additionally, having rolled off a favourable long-term contract, we
faced a £1.2m increase in the cost of our Utilities. Despite these headwinds
and challenges associated with the 2024 film slate, Adjusted EBITDA was in
line with the prior year at £16.2m (2023: £16.2m).
The Group's operating loss increased to £3.4m (2023: £0.1m) mainly as a
result of additional depreciation charges on the expanded estate and an
impairment charge of £2.6m (2023: £0.7m). The loss before tax increased to
£10.2m (2023: £5.5m) due to additional interest charges on lease liabilities
relating to the increased number of venues. These metrics are explored in more
detail in the Finance Director's Statement.
We continued our programme of measured organic expansion, opening three new
venues in Bury St Edmunds, Cambridge and Stratford International. As such, the
cash flow statement for the year includes £15.4m on the acquisition of
Property, Plant & Equipment (2023: £18.6m). This amount also includes
work in progress on our venues in Brentford and The Whiteley (Bayswater),
which both open in 2025.
The Group has been able to finance the majority of its expansion through
£21.6m of operating cash flow (2023: £17.9m) and received lease incentives
of £5.7m (2022: £4.1m) in the form of landlord contributions to venue fit
out costs. This illustrates the ongoing appeal to have Everyman as an anchor
leisure tenant.
We were pleased to reduce net banking debt to £18.1m (2022: £19.4m). With
capital expenditure on new openings excluded, the Group would have generated
significant free cash flow.
Everyman continues to see the property acquisition landscape as highly
favourable, with the majority of transactions attracting significant lease
incentives and generating strong investment returns. The Board continues to be
mindful of making the most of these attractive market conditions whilst
maintaining sensible levels of banking debt and reducing leverage. As a
result, following the opening of a new venue in Brentford in March, the Board
expects to open one further venue in 2025, at The Whiteley in Bayswater. Two
further venues are expected to open in 2026, plus our fully fitted-out venue
in Durham, pending completion of the wider Milburngate scheme.
The Directors consider that the Group balance sheet remains robust, with
sufficient working capital to service ongoing requirements and to support our
growth going forward.
KPIs
The Group uses the following key performance indicators, in addition to total
revenues, to monitor the progress of the Group's activities:
Year ended Year ended
02 January 28 December
2025 2023
(53 weeks) (52 weeks)
Admissions 4,312,708 3,749,120
Paid for average ticket price £11.98 £11.65
Food and beverage spend per head £10.64 £10.29
New Venues
During 2024 the Group opened three new venues: a three-screen venue in Bury St
Edmunds in February 2024, a five-screen venue in Cambridge in November 2024
and a three-screen venue in Stratford International in December 2024.
Management is confident that they will create significant value moving
forward, with new venues typically taking four years to reach full maturity.
In 2025, the Group plans to open venues at The Whiteley (Bayswater) and
Brentford. Beyond 2025, other venues are in advanced stages of negotiation;
however, the Board remains mindful of measured expansion funded mainly through
free cash flow.
Our fully fitted out venue in Durham is ready to open, pending practical
completion of the wider Milburngate scheme. Our current expectation is that
the venue will open in Q4 2026.
At the end of the year, the Group operated 47 venues with 163 screens:
Location Number of Screens Number of Seats
Altrincham 4 247
Bath 4 229
Birmingham 3 328
Bristol 4 476
Bury St.Edmunds 3 228
Cambridge 5 321
Cardiff 5 253
Chelmsford 6 411
Cheltenham 5 369
Clitheroe 4 255
Edinburgh 5 407
Egham 4 275
Esher 4 336
Gerrards Cross 3 257
Glasgow 3 201
Harrogate 5 410
Horsham 3 239
Leeds 5 611
Lincoln 4 291
Liverpool 4 288
London, 14 venues 40 3,383
Manchester 3 247
Marlow 2 161
Newcastle 4 215
Northallerton 4 274
Oxted 3 212
Plymouth 3 190
Reigate 2 170
Salisbury 4 311
Stratford-Upon-Avon 4 384
Walton-On-Thames 2 158
Winchester 2 236
Wokingham 3 289
York 4 329
163 12,991
The Market
The SAG-AFTRA and WGA strikes, which ran from May to November 2023, resulted
in delays to both the production and promotion of certain titles. The
disruption was most pronounced in the second quarter of 2024 which, following
the delay of Deadpool & Wolverine from May to July, saw few major releases
of particular note. As a direct result of the strikes, 2024 was the poorest
performing second quarter since 2008, with the UK Box Office 25% down on 2022
and 16% down on 2023.
In October we saw the critical and commercial disappointment of Joker: Folie a
Deux, which grossed just £10.3m at the UK Box Office. This was a drop of over
80% on the original Joker, which reached over £58m in 2019. The failure of
the film to connect with audiences resulted in a dry October slate and a
difficult start to the fourth quarter.
There were, however, a number of highlights to the 2024 film slate. We started
the year with a strong awards season, with titles such as Poor Things, The
Holdovers and All Of Us Strangers playing particularly well to the Everyman
audience. Dune: Part II captivated our guests during March and Deadpool &
Wolverine was the summer's major release, grossing £58m in the UK.
November saw the major blockbusters Paddington in Peru, Gladiator II, Wicked
and Moana 2 release in consecutive weeks. Whilst each title delivered in
excess of £30m at the UK Box Office, the compressed nature of their release
dates prevented the films from reaching their full box office potential.
The Group was pleased that market share for the year was 5.4%, up from 4.8% in
2023. Positive momentum in market share has continued into the new year.
Key Business Developments
We grew our Membership base during the period, reaching 56,486 members by the
end of the year (2023: 34,151), an increase of over 65%. Focus groups
conducted during 2023 underscored the potential value of expanding our
membership base; as a result, we introduced a new strategy that included
on-screen, out-of-home, and digital advertising, and the introduction of
ticket bundles (which allow members to extend the number of visits within
their existing membership term). While Membership remains an important driver
of brand advocacy, its primary benefit is increased guest frequency, which
supports higher admissions and, consequently, contributes to incremental
Revenue and EBITDA.
In September we launched our new App, which delivered improvements in
functionality and user experience, as well as adding Android to existing iOS
compatibility for the first time. The new App also gives users the ability to
purchase Memberships and Gift Cards, as well as including additional features
such as favourite venues and watchlists. Since launch we have seen a 52%
increase in downloads and a 22% increase in sessions, as well as a 37%
increase in transactions completed.
Our Food & Beverage offer continues to go from strength to strength.
During the year we added new sharing dishes such as Serrano Ham and Cheese
Croquetas, Achiote Chicken Skewers and Honey and Mustard Sausages, as well as
a new Korean Fried Chicken Burger, Fig & Prosciutto Pizza and a Baked
Camembert. New drinks included Rum Punch, Raspberry Mojito and Watermelon and
Elderflower Coolers. We also completed the successful roll out of at-seat QR
codes which give guests the ability to order Food & Beverage from mobile
devices. This feature has significantly increased repeat orders, with 18.3% of
orders placed through this process being second orders before the film starts.
This is one of the key contributing factors to the year-on-year increase in
Food & Beverage Spend per Head.
Our Food and Beverage is highly complementary and enhances the Everyman
proposition. We expect that continued innovation will continue to drive
increases in spend per head going forward.
People
Everyman would not be the business that it is without our exceptional and
dedicated venue and Head Office teams. We are consistently focused on training
initiatives in order to deliver our unique brand of hospitality and
exceptional guest experiences. In 2024, we made improvements to our digital
training platform, launched our Kitchen Apprenticeship programme and
established an operational training team.
We opened three venues in 2024 and warmly welcome our latest team members who
are delivering the Everyman experience in these new locations. We also extend
our thanks to our experienced teams, who have expertly trained our new people.
We are delighted that so many people are choosing to start and develop their
careers at Everyman, and internal progression remains a significant focus for
us.
Outlook
Despite what has been a challenging year, we remain excited about the future
of Everyman. With our Membership base increasing at an accelerated pace and
our market share continuing to improve, it remains evident that the Everyman
model has become the most relevant form of cinema.
We continue our programme of prudent expansion. The deal landscape remains
favourable and landlords continue to seek out Everyman as a high quality,
premium leisure tenant. In 2025 we will open two new venues, and a further
three in 2026, with several further exciting opportunities in the pipeline. We
continue to focus on controlling net debt and reducing leverage, with the
majority of organic expansion financed through free cash flow.
We look forward to a well-rounded and more consistently-phased film slate in
2025, with disruption from the SAG-AFTRA and WGA strikes now concluded.
Bridget Jones: Mad About the Boy has delivered an encouraging start to the
year, and further key titles include Mission Impossible: The Final Reckoning
and Lilo & Stitch in May, F1 in June, Superman in July, Downton Abbey 3 in
September, Wicked: Part 2 in November and Avatar: Fire and Ash in December.
Alex
Scrimgeour
CEO
14 April 2025
Strategic Report
The Directors present their strategic report for the Group for the year ended
02 January 2025 (comparative period: 52 weeks 28 December 2023).
Review of the business
The Group made a loss after tax of £8.5m (2023: £2.7m). Non-GAAP adjusted
EBITDA was £16.2m (2023: £16.2m).
The Finance Director's Statement contains a detailed financial review. Further
details are also shown in the Chief Executive's Statement and consolidated
statement of profit and loss and other comprehensive income, together with the
notes to the financial statements.
Principal risks and uncertainties
The Board considers risk assessment to be important in achieving its strategic
objectives. There is a process of evaluation of performance targets through
regular reviews by senior management to forecasts. Project milestones and
timelines are reviewed regularly.
1 Film release schedule - The level of the Group's box office revenues
fluctuates throughout the course of any given year and are largely dependent
on the timing of film releases, over which the Group has no control. The film
slate in 2024 was impacted by the 2023 WGA and SAG-AFTRA strikes, notably
resulting in a shortage of content in the second quarter of the year. The
Group mitigates variable box office revenue through high-quality programming,
widening the sources for new content and creating other strands such as
Throwbacks and Everyman Beyond, which showcase older and independent titles.
The Group also focuses on creating a great overall experience at venues,
independent from the films themselves.
2 Consumer environment - A reduction in consumer spending because of broader
economic factors could impact the Group's revenues. Higher interest rates have
sustained during 2024, putting pressure on disposable incomes, although the
Board considers that the impact on the Group has been minimal. Historically,
the cinema industry has been resilient to difficult macroeconomic conditions,
with it remaining an affordable treat during such times for most consumers.
The Group continues to monitor long term trends and the broader leisure
market.
Alternative media channels - The proliferation of alternative media channels,
including streaming, has introduced new competitive forces for the film-going
3 audience, which was accelerated by the pandemic. To date this has proven to be
a virtuous relationship, both increasing the investment in film production and
further fuelling an overall interest in film with customers of all ages. The
Board considers that the Everyman business model works well alongside other
film channels. It remains an ever-present caution that to maintain this
position we must continue to deliver an exceptional experience to deliver real
added value for our customers.
4 Inflation - There is a risk to the cost base from inflation, given the current
economic and geopolitical environment. To mitigate this, the Group enters into
long-term contracts and works very closely with suppliers to improve
efficiencies and limit costs. In addition, and thanks to its size, the Group
can take advantage of lower price points for higher volumes, and payroll costs
are closely monitored and managed to the level of admissions.
5 Climate change - The Group's business could suffer because of extreme or
unseasonal weather conditions. Cinema admissions are affected by periods of
abnormal, severe, or unseasonal weather conditions, such as exceptionally hot
weather or heavy snowfall. Climate change is also high on the agenda for
investors and increasingly institutional investors are looking closely at the
actions being taken by business to reduce carbon emissions. The Group is
working towards developing a net zero carbon emissions strategy to mitigate
this risk. The Group is compliant with climate-related financial disclosure
requirements under the Companies (Strategic Report) (Climate-Related Financial
Disclosure) Regulations 2022 ("CRFD"), which are aligned to the Taskforce on
Climate-Related Financial Disclosures framework ("TCFD").
6 Data and cyber security - The possibility of data breaches and system attacks
would have a material impact on the Group through potentially exposing the
business to a reduction in service availability for customers, potentially
significant levels of fines, and reputational damage. To mitigate this risk,
the IT infrastructure is upgraded to ensure that the latest security patches
are in place and that ongoing security processes are regularly updated. This
is supported by regular pen testing and back-ups.
7 Film piracy - Film piracy, aided by technological advances, continues to be a
real threat to the cinema industry generally. Any theft within our venues may
result in distributors withholding content to the business. Everyman's
typically smaller, more intimate auditoria, with much higher occupancy levels
than the industry average, make our venues less appealing to film thieves.
8 Reputation - The strong positive reputation of the Everyman brand is a key
benefit, helping to ensure the successful future performance and growth which
also serves to mitigate many of the risks identified above. The Group focuses
on customer experience and monitors feedback from many different sources. A
culture of partnership and respect for customers and our suppliers is fostered
within the business at all levels. We continue to see our market share
increase and receive extremely positive customer feedback.
Financial risks
The Group has direct exposure to interest rate movements in relation to
interest charges on bank borrowings, with a 1% increase in rates resulting in
an increase in interest charges of £0.3m on current forecast borrowings over
the next twelve months. The Board manages this risk by minimising bank
borrowings and reviewing forecast borrowing positions.
The Group takes out suitable insurance against property and operational risks
where considered material to the anticipated revenue of the Group.
Finance Director's Statement
Summary
· Group revenue of £107.2m (2023: £90.9m)
· Gross profit of £69.1m (2023: £58.1m)
· Non-GAAP adjusted EBITDA of £16.2m (2023: £16.2m)
· Operating loss of £3.4m (2023: £0.1m loss)
· Operating loss excluding impairment charges of £0.7m (2023: £0.7m profit)
· Net banking debt £18.1m (2023: £19.4m)
Revenue and Operating Profit
Admissions for the 53 weeks ending 02 January 2025 were 4.3m, an increase of
15.0% on the prior year (2023: 3.7m). The uplift was driven by three organic
new openings during the year (Bury St Edmunds, Cambridge and Stratford
International) as well as the full year impact of prior year openings (Marlow,
Salisbury, Northallerton, Plymouth, Bath and Cheltenham).
The Group notes that the second quarter of the year was adversely impacted by
the 2023 SAG-AFTRA and WGA strikes, which resulted in delays to the film slate
and a shortage of content. The Group also notes the poor performance of Joker:
Folie a Deux, which achieved £10.3m at the UK Box Office in contrast to the
first Joker film's £58.3m in 2019.
Paid-for Average Ticket Price was £11.98, a 2.8% increase vs. the prior year
(2023: £11.65) and Food & Beverage Spend per Head was £10.64, a 3.4%
increase vs. the prior year (2023: £10.29). The Group has remained
conservative with passing on price increases to guests in 2024, and was
therefore pleased to see growth in these two metrics.
We also saw a strong revenue benefit from growth in our Membership base which,
as detailed in the Chief Executive's Statement, grew by 65% to over 56,000 at
the end of the year (2023: 34,000).
As a result of the above, revenue for the period was £107.2m, a 17.9%
increase on the prior year (2023: £90.9m).
The Group is pleased to report that Gross Margin increased to 64.4% (2023:
64.0%). This was mainly as a result of continued strong cost control by our
Film and Procurement teams, but also as a result of the aforementioned growth
in Membership, which is a high margin income stream.
Other operating income was £0.5m (2023: £0.6m) and related entirely to
landlord compensation.
Administrative Expenses for the period were £72.9m (2023: £58.8m). This was
driven in the main by increased admissions, as well as the impact of new venue
openings and associated fixed asset depreciation.
The Group saw cost inflation in two key areas, both of which were
substantially outside of management control. People Costs are inherently
linked to increases in National Living Wage, which increased by 9.8% in April
2024, driving a £1.5m increase in cost across both hourly-paid and salaried
employees. In addition, the Group's previous fixed-rate Utilities contracts
came to an end in October 2023. Whilst lower than initial management
expectations, higher global electricity rates drove a £1.2m cost increase in
2024. The Group anticipates that Utilities costs will fall during 2025.
The Board carried out an impairment review at the year end, based on a
judgement of future cash flows from venues considered to have indicators of
impairment. As a result of this, Administrative Expenses includes an
impairment charge of £2.6m (2023: £0.7m). This is based on the Board's
assessment that, at the Balance Sheet date, the present value of future cash
flows was less than the carrying amount of the Right-of-Use Asset and
Property, Plant and Equipment. The Board anticipates that the UK Box Office
will continue to improve during 2025 and 2026 and will closely monitor the
impact of this on any venues with carried forward impairment to Right-of-Use
Assets and Property, Plant and Equipment, in the event that any charges
previously incurred can be reversed.
With impairment charges excluded, the operating loss for the year was £0.7m
(2023: £0.7m profit). With Adjusted EBITDA consistent year-on-year, the
decrease is substantially due to higher depreciation charges relating to the
expanded estate.
Finance Expense
Financial expenses were £6.9m (2023: £5.4m) and relate mainly to interest
charges on the Group's banking facilities and on lease liabilities. £1.0m of
the increase relates to the impact of new leases entered into during the year,
and £0.4m relates to an increased draw down on the Group's Revolving Credit
Facility and higher underlying interest rates.
Taxation
The Group's loss for the year includes a £1.7m credit (2023: £2.8m credit)
relating to the recognition of a Deferred Tax Asset. The Group has consulted
the FRC's thematic review of Deferred Tax Assets published in September 2022
and concluded that an asset should be recognised on the basis of a sufficient
level of probable future taxable profits.
The Group continues to recognise the Deferred Tax Asset due to increased
certainty over future trading performance as we emerge further from the
pandemic, and following the conclusion of the WGA and SAG-AFTRA strikes, which
no longer pose the threat of long-term disruption to the film slate.
Non-GAAP adjusted EBITDA
In addition to performance measures directly observable in the financial
statements, the following additional performance measures are used internally
by management to assess performance:
· Non-GAAP Adjusted EBITDA
· Admissions
· Paid-for Average Ticket Price
· Food & Beverage Spend per Head
Management believes that these measures provide useful information to evaluate
performance of the business as well as individual venues, to analyse trends in
cash-based operating expenses, and to establish operational goals and allocate
resources.
Non-GAAP adjusted EBITDA was £16.2m (2023: £16.2m).
Non-GAAP adjusted EBITDA is defined as earnings before interest, taxes,
depreciation, amortisation, profit or loss on disposal of Property, Plant
& Equipment, impairment, share based payments, pre-opening expenses and
exceptional costs.
The reconciliation between operating (loss) / profit and non-GAAP adjusted
EBITDA is shown at the end of the consolidated statement of profit and loss
and other comprehensive income.
Cash Flows
The Directors believe that the Balance Sheet remains well capitalised, with
sufficient working capital to service ongoing requirements. Net cash generated
in operating activities was £21.6m (2023: £17.9m) with a net cash inflow for
the year of £3.2m (2023: £2.9m).
Operating Cash Flow included a working capital outflow of £9.0m (2023:
£2.4m) relating to an increase in Trade and Other Payables. This amount arose
mainly due to the very high levels of trading during November and December
2024 and associated timing differences for payments relating to Costs of Sales
and Administrative Expenses.
Cash flow used in investing activities was £16.1m (2023: £14.2m). This
related mainly to payments for new venues in Bury St Edmunds, Cambridge and
Stratford International, as well as work in progress on new venues in
Brentford and at The Whiteley (Bayswater).
The Group financed the majority of its expansion from operating cash flow. The
remainder was financed via £5.7m landlord contributions (2023: £4.1m) and a
net £2m draw on the Group's Revolving Credit Facility (2023: £4m).
The Group ended the year with cash and cash equivalents of £9.9m (2023:
£6.6m) and net banking debt of £18.1m (2023: £19.4m). The Group therefore
reduced net debt and leverage during the year. With fewer new openings planned
during 2025 and 2026, the Group currently anticipates that leverage will fall
further over the next two years.
Pre-opening costs
Pre-opening costs, which have been expensed within administrative expenses,
were £0.9m (2023: £0.9m). These costs include expenses which are necessarily
incurred in the period prior to a new venue being opened but which are
specific to the opening of that venue.
Exceptional costs
The Group incurred exceptional costs of £0.3m during the year (2023: £0.5m),
which related in the main to IT restructuring costs, as well as abortive
recruitment costs relating to certain Head Office teams.
Banking
The Group retains its £35m three-year loan facility with Barclays Bank Plc
and National Westminster Bank Plc, which was agreed on 17(th) August 2023. The
facility is extendable by a further two years subject to lender consent, and
ensures that the Group is soundly financially structured and well positioned
to take advantage of opportunities moving forwards. The facility also includes
an additional £5m accordion element, again subject to lender consent.
Covenants on the loan facility are based on Adjusted Leverage and Fixed Charge
Cover. The Group's current forecasts demonstrate that the Group will remain
within these covenants for the foreseeable future.
At the end of the year the Group had drawn down £28m (2023: £26m) of the
available funds under the new facility, and therefore £7m of the £35m
facility was undrawn (2023: £9m undrawn).
Annual General Meeting
The Annual General Meeting of the Company will be held on 19 June 2025 at
9:30am at Everyman Cinema Hampstead, 5 Holly Bush Vale, London NW3 6TX.
Consolidated statement of profit and loss and other
comprehensive income for the year ended 02 January 2025
Year ended Year ended
02 January 28 December
2025 2023
Note £000 £000
Revenue 6 107,173 90,859
Cost of sales (38,106) (32,724)
Gross profit 69,067 58,135
Other Operating Income 11 506 647
Administrative expenses (72,935) (58,834)
Operating (loss) (3,362) (52)
Financial expenses 12 (6,855) (5,449)
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A633)
Loss before tax (10,217) (5,501)
Tax credit 13 1,682 2,805
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A521)
Loss for the year (8,535) (2,696)
Total comprehensive loss for the year (8,535) (2,696)
Basic loss per share (pence) 14 (9.36) (2.96)
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A585)
Diluted loss per share (pence) 14 (9.36) (2.96)
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A585)
All amounts relate to continuing activities.
Non-GAAP measure: adjusted EBITDA Year ended Year ended
02 January 28 December
2025 2023
£000 £000
Adjusted EBITDA 16,170 16,180
Before:
Depreciation and amortisation 15/16/17 (14,867) (13,152)
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!%24A%24616)
Loss on disposal of Property, Plant & Equipment (241) (121)
Impairment 18 (2,626) (724)
Pre-opening expenses* (888) (934)
Exceptional** (316) (481)
Share-based payment expense 29 (594) (820)
Operating loss (3,362) (52)
*Pre-opening expenses mainly include venue staff costs (new venue preparation
and staff training) and property expenses (such as utilities, service charges
and business rates) incurred prior to a new venue opening.
**Exceptional costs mainly relate to IT restructuring costs, as well as
abortive recruitment costs relating to certain Head Office teams.
Consolidated balance sheet at 02 January 2025
Registered in England and Wales
Company number: 08684079
02 January 28 December
2025 2023
Note £000 £000
Assets
Non-current assets
Property, plant and equipment 15 104,586 101,544
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A616)
Right-of-use assets 16 63,515 68,088
Intangible assets 17 9,247 9,388
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A688)
Deferred tax assets 27 4,487 2,805
Trade and other receivables 20 333 173
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A894)
182,168 181,998
Current assets
Inventories 19 964 858
Trade and other receivables 20 7,386 5,216
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A894)
Cash and cash equivalents 22 9,883 6,645
18,233 12,719
Total assets 200,401 194,717
Liabilities
Current liabilities
Trade and other payables 21 28,125 19,455
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A931)
Lease liabilities 16 2,146 2,824
30,271 22,279
Non-current liabilities
Loans and borrowings 22 28,000 26,000
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A974)
Other provisions 2 1,596 1,631
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!A931)
6
Lease liabilities 16 104,082 100,414
133,678 128,045
Total liabilities 163,949 150,324
Net assets 36,452 44,393
Equity attributable to owners of the Company
Share capital 28 9,118 9,118
Share premium 57,112 57,112
Merger reserve 11,152 11,152
Other reserve 83 83
Retained earnings (41,013) (33,072)
Total equity 36,452 44,393
These financial statements were approved by the Board of Directors and
authorised for issue on 14 April 2025 and signed on its behalf by:
Will Worsdell
Finance Director
Consolidated statement of changes in equity for the year ended 02 January 2025
Share capital £000 Share premium £000 Merger reserve £000 Other reserve £000 Retained earnings £000 Total Equity £000
Note
Balance at 29 December 2022 9,118 57,112 11,152 83 (31,196) 46,269
Loss for the year - - - - (2,696) (2,696)
Total comprehensive loss - - - - (2,696) (2,696)
Share-based payments 29 - - - - 820 820
Total transactions with owners of the parent - - - - 820 820
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 loss - - - - (8,535) (8,535)
Share-based payments 29 - - - - 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 year ended 02 January 2025
02 January 28 December
2025 2023
Note £000 £000
Cash flows from operating activities
Loss for the year (8,535) (2,696)
Adjustments for:
Financial expenses 12 6,855 5,449
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!%24A%24486)
Tax credit 27 (1,682) (2,805)
Operating loss (3,362) (52)
Depreciation and amortisation 15,16,17 14,867 13,152
Loss on disposal of property, plant and equipment 241 122
Impairment 18 2,626 724
Loss on lease modification - 15
Share-based payment expense 29 594 820
14,966 14,781
Changes in working capital:
Increase in inventories (106) (168)
(Increase)/Decrease in trade and other receivables (2,330) 850
Increase in trade and other payables 9,045 2,423
Net cash generated from operating activities 21,575 17,886
Cash flows from investing activities
Proceeds from sale of assets - 6,490
Business combinations - (1,250)
Acquisition of property, plant and equipment (15,433) (18,586)
Acquisition of intangible assets (640) (829)
Net cash used in investing activities (16,073) (14,175)
Cash flows from financing activities
Repayment of existing loan facility - (24,000)
Repayment of bank borrowings 22 (3,000) -
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!%24A%24942)
Drawdown of bank borrowings 22 5,000 28,000
(file:///C%3A/Users/G_McCooke/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/DF2B1RAR/Consolidated%20(live).xlsx#Note!%24A%24942)
Lease payments - interest 16 (4,363) (3,409)
Lease payments - capital 16 (3,330) (3,104)
Landlord capital contributions received 16 5,680 4,054
Loan arrangement fees paid - (263)
Interest paid (2,251) (2,045)
Net cash used in financing activities (2,264) (767)
Net increase in cash and cash equivalents 3,238 2,944
Cash and cash equivalents at the beginning of the year 6,645 3,701
Cash and cash equivalents at the end of the year 9,883 6,645
The Group had £7,000,000 of undrawn funds available of a £35,000,000
facility (2023: £9,000,000 of a £35,000,000 facility) at the year end.
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
registered, domiciled and incorporated in England and Wales, in the United
Kingdom (registered number 08684079). The address of its registered office is
Studio 4, 2 Downshire Hill, London NW3 1NR. All trade takes place in the
United Kingdom.
2 Basis of preparation and accounting policies
This final results announcement for the year ended 02 January 2025 has been
prepared in accordance with the UK adopted International Accounting Standards.
The accounting policies applied are consistent with those set out in the
Everyman Media Group plc Annual Report and Accounts for the year ended 02
January 2025.
The financial information contained within this final results announcement for
the year ended 02 January 2025 and the year ended 28 December 2023 is derived
from but does not comprise statutory financial statements within the meaning
of section 434 of the Companies Act 2006. Statutory accounts for the year
ended 28 December 2023 have been filed with the Registrar of Companies and
those for the year ended 02 January 2025 will be filed following the Company's
annual general meeting. The auditors' report on the statutory accounts for the
year ended 02 January 2025 is unqualified, does not draw attention to any
matters by way of emphasis and does not contain any statement under section
498 of the Companies Act 2006.
The consolidated financial statements of the Group have been prepared in
accordance with UK adopted International Accounting Standards.
The financial statements are prepared on the historical cost basis.
The preparation of financial statements in compliance with UK adopted
International Accounting Standards requires the use of certain critical
accounting estimates, it also requires Group management to exercise judgements
and estimates in preparing the financial statements. Their effects are
disclosed in the notes below.
The accounting policies set out below have, unless otherwise stated, been
applied consistently to all periods presented in these Group financial
statements. The Group prepares its financial statements on a 52/53 week basis.
The year end date is determined by the 52nd Thursday in the year. A 53rd week
is reported where the year end date is no longer aligned with 7 days either
side of 31st December. The year ended 02 January 2025 is a 53-week period. The
comparative period is a 52 week period.
Amounts are rounded to the nearest thousand, unless otherwise stated.
Going concern
Current trading is in line with management expectations. Given the increased
number of wide releases year-on-year, commitment to the theatrical window from
distributors and new investment from streamers in content for cinema,
management expect admissions to continue to recover towards pre-pandemic
levels. Paid for Average Ticket Price and Spend per Head have continued to
grow steadily despite well-publicised concerns over consumer spends.
Banking
At the end of the year, the Group had drawn down £28.0m on its facilities and
held £9.9m in cash; the undrawn facility was therefore £7m and net banking
debt £18.1m.
The Group's Revolving Credit Facility 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. These forecasts
include prudent assumptions around increased to admissions, as well as wage
increases and inflation.
In light of this, the Board consider it appropriate to adopt the going concern
basis of accounting in preparing the financial statements.
Base case Scenario
The period forecast is up to 30 April 2026.
The forecast assumes that admissions grow as the film slate recovers towards
pre-pandemic levels, as well as in line with the new venue pipeline. Two new
venues are assumed to open in 2025, at Brentford in Q1 and at The Whiteley
(Bayswater) in Q3. The forecast also assumes the opening of a new venue in
Lichfield in the first quarter of 2026. Corresponding capital investment has
been included for all new openings.
In this scenario the Group maintains significant headroom in its banking
facilities.
2 Basis of preparation and accounting policies (continued)
Going Concern (continued)
Stress testing
The Board considers budget assumptions on admissions to be realistic,
particularly in light of current trading and the stronger, more
consistently-phased 2025 film slate. A reduction in admissions of 6% during
2025 and 2026 has been modelled. This scenario would cause a breach in the
Adjusted Leverage covenant in September 2025.
If such a scenario were to occur, Management would be able to temporarily
reduce administrative expenditure to increase EBITDA and avoid a breach,
without material impact to the Group's operations and the quality of customer
experience. The Group also has the ability to delay the deployment of capital
expenditure.
The Directors believe that the Group is well-placed to manage its financing
and other business risks satisfactorily and have a reasonable expectation that
the Group will have adequate resources to continue in operation for at least
12 months from the signing date of these consolidated financial statements.
The Board considers that a 6% reduction in budgeted admissions is very
unlikely, particularly in light of business performance in the first quarter
of 2025. As a result, the Board does not believe this to represent a material
uncertainty, and therefore consider it appropriate to adopt the going concern
basis of accounting in preparing the financial statements.
Use of non-GAAP profit and loss measures
The Group believes that along with operating loss, adjusted EBITDA provides
additional guidance to the statutory measures of the performance of the
business during the financial year. The reconciliation between operating loss
and adjusted EBITDA is shown on page 43.
Adjusted EBITDA is calculated by adding back depreciation, amortisation,
profit or loss on disposal of Property, Plant & Equipment, pre-opening
expenses and certain non-recurring or non-cash items. Adjusted EBITDA is an
internal measure used by management as they believe it better reflects the
underlying performance of the Group beyond generally accepted accounting
principles.
Exceptional items relate to IT restructuring costs, as well as abortive
recruitment costs relating to certain Head Office teams.
Basis of consolidation
Where the Group has power, either directly or indirectly so as to have the
ability to affect the amount of the investor returns and has exposure or
rights to variable returns from its involvement with the investee, it is
classified as a subsidiary. The balance sheet at 02 January 2025 incorporates
the results of all subsidiaries of the Group for all years and periods, as set
out in the basis of preparation and accounting policies.
Intra-Group balances and transactions, and any unrealised income and expenses
arising from intra-Group transactions, are eliminated. Unrealised losses are
eliminated in the same way as unrealised gains, but only to the extent that
there is no evidence of impairment.
The consolidated financial statements include the results of the Company and
all its subsidiary undertakings made up to the same accounting date.
2 Basis of preparation and accounting policies (continued)
Merger reserve
On 29 October 2013 the Company became the new holding company for the Group.
This was put into effect through a share-for-share exchange of 1 Ordinary
share of 10 pence in Everyman Media Group PLC for 1 Ordinary share of 10 pence
in Everyman Media Holdings Limited (previously, Everyman Media Group Limited),
the previous holding company for the Group. The value of 1 share in the
Company was equivalent to the value of 1 share in Everyman Media Holdings
Limited.
The accounting treatment for group reorganisations is presented under the
scope of IFRS 3. The introduction of the new holding company was accounted for
as a capital reorganisation using the principles of reverse acquisition
accounting under IFRS 3. Therefore, the consolidated financial statements are
presented as if Everyman Media Group PLC has always been the holding company
for the Group. The Company was incorporated on 10 September 2013.
The use of merger accounting principles has resulted in a balance in Group
capital and reserves which has been classified as a merger reserve and
included in the Group's shareholders' funds.
The Company recognised the value of its investment in Everyman Media Holdings
Limited at fair value based on the initial share placing price on admission to
AIM. As permitted by s612 of the Companies Act 2006, the amount attributable
to share premium was transferred to the merger reserve.
Revenue recognition
Revenue for the Group is measured at the fair value of the consideration
received or receivable. The Group recognises revenue for services provided
when the amount of revenue can be reliably measured and it is probable that
future economic benefits will flow to the entity.
Most of the Group's revenue is derived from the sale of tickets for film
admissions and the sale of food and beverage, and therefore the amount of
revenue earned is determined by reference to the prices of those items. The
Group's revenues from film and entertainment activities are recognised on
completion of the showing of the relevant film. The Group's revenues for food
and beverages are recognised at the point of sale as this is the time the
performance obligations have been met.
Bookings, gift cards and similar income which are received in advance of the
related performance are classified as deferred revenue and shown as a
liability until completion of the performance obligation.
Contractual-based revenue from Everywhere (unlimited tickets) memberships is
initially classified as deferred revenue and subsequently recognised on a
straight-line basis over the year. Revenue from Everyman and Everyicon is
classified as deferred revenue and subsequently recognised in line with ticket
usage. Advertising revenue is recognised at the point the advertisement is
shown in the cinemas.
Fees charged for advanced bookings of tickets are recognised at the point when
the tickets are purchased.
Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is
allocated to cash-generating units and is not amortised but is tested annually
for impairment. Goodwill represents the excess of the costs of a business
combination over the acquisition date fair values of the identifiable assets,
liabilities and contingent liabilities acquired. Goodwill is capitalised as an
intangible asset.
The recoverable amount of an asset or cash-generating unit (CGU) is the
greater of its value-in-use and its fair value less costs to sell. In
assessing value-in-use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset.
For the purpose of impairment testing, assets that cannot be tested
individually are grouped together into the smallest group of assets that
generates cash inflows from continuing use that are largely independent of the
cash inflows of other assets or groups of assets (the CGU), this is usually an
individual cinema venue. The goodwill acquired in a business combination, for
the purpose of impairment testing, is allocated to CGUs. Subject to an
operating segment ceiling test, for the purposes of goodwill impairment
testing, CGUs to which goodwill has been allocated are aggregated so that the
level at which impairment is tested reflects the lowest level at which
goodwill is monitored for internal reporting purposes. Goodwill acquired in a
business combination is allocated to groups of CGUs that are expected to
benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU
exceeds its estimated recoverable amount. Impairment losses are recognised in
the profit and loss. Impairment losses recognised in respect of CGUs are
allocated first to reduce the carrying amount of any goodwill allocated to the
units, and then to reduce the carrying amounts of the other assets in the
unit/group of units on a pro-rata basis. Once goodwill has been impaired, the
impairment cannot be reversed in future periods.
2 Basis of preparation and accounting policies (continued)
Property, plant and equipment
Items of property, plant and equipment are recognised at cost less accumulated
depreciation and accumulated impairment losses. As well as the purchase price,
cost includes directly attributable costs.
Depreciation on assets under construction does not commence until they are
complete and available for use. These assets represent fit-outs. Depreciation
is provided on all other leasehold improvements and all other items of
property, plant and equipment so as to write off their carrying value over the
expected useful economic lives. The estimated useful lives are as
follows:
Leasehold improvements - straight line on cost over the remaining life of
the lease
Plant and machinery - 5
years
Fixtures and fittings
- 8 years
Impairment
The carrying amounts of the Group's assets are reviewed at each Balance Sheet
date to determine whether there is any indication of impairment. If any such
indication exists, the asset's recoverable amount is estimated. For goodwill
assets that have an indefinite useful economic life, the recoverable amount is
estimated at each Balance Sheet date.
An impairment loss is recognised whenever the carrying amount of an asset or
its cash-generating unit ('CGU') exceeds its recoverable amount. Impairment
losses are recognised in the Consolidated Statement of Profit or Loss.
Impairment losses recognised in respect of CGUs are allocated first to reduce
the carrying amount of any goodwill allocated to CGUs and then to reduce the
carrying amount of the other assets in the unit on a pro-rata basis.
A CGU is the smallest identifiable group of assets that generates cash inflows
that are largely independent of the cash inflows from other assets or groups
of assets and relates to an individual cinema venue.
Provisions
A provision is recognised in the balance sheet when the Group has a present
legal or constructive obligation as a result of a past event, that can be
reliably measured and it is probable that an outflow of economic benefits will
be required to settle the obligation. Lease dilapidation provisions are
recognised when entering into a lease where an obligation is created. This
obligation may be to return the leasehold property to its original state at
the end of the lease in accordance with the lease terms. Leasehold
dilapidations are recognised at the net present value and discounted over the
remaining lease period.
Leases
At inception of a contract, the Group assesses whether a contract is, or
contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in
exchange for consideration. The majority of leases entered into determine the
lease commencement to be dependent on the date in which access to the property
is provided by the landlord, at this point we assess the Group gains control.
To assess whether a contract conveys the right to control the use an
identified asset, the Group assesses whether:
· the contract involves the use of an identified asset i.e. a cinema venue (this
may be specified explicitly or implicitly, and should be physically distinct
or represent substantially all of the capacity of a physically distinct
asset).
· the Group has the right to obtain substantially all of the economic benefits
from use of the asset throughout the period of use, which will be the Group's
use of the venue; and
· the Group has the right to direct the use of the asset. The Group has this
right when it has the decision-making rights that are most relevant to
changing how and for what purpose the asset is used. This is evident through
the fit out of the venue for its intended use as a cinema.
Lease liabilities are measured at the present value of the contractual
payments due to the lessor over the lease term, with the discount rate
determined by reference to the rate inherent in the lease unless (as is
typically the case) this is not readily determinable, in which case the
Group's incremental borrowing rate on commencement of the lease is used, the
incremental borrowing rate is most commonly used in the Groups recognition of
leases.
Right of use assets are initially measured at the amount of the lease
liability, reduced for any lease incentives received, and increased for:
· lease payments made at or before commencement of the lease;
· initial direct costs incurred; and
· the amount of any provision recognised where the Group is contractually
required to dismantle, remove or restore the leased asset (typically leasehold
dilapidations - see note 26.)
Subsequent to initial measurement lease liabilities increase as a result of
interest charged at a constant rate on the balance outstanding and are reduced
for lease payments made. Right-of-use assets are amortised on a straight-line
basis over the remaining term of the lease.
If the Group revises its estimate of the term of any lease it adjusts the
carrying amount of the lease liability to reflect the payments to make over
the revised term, which are discounted using a revised discount rate. An
equivalent adjustment is made to the carrying value of the right-of-use asset,
with the revised carrying amount being amortised over the remaining (revised)
lease term. If the carrying amount of the right-of-use asset is adjusted to
zero, any further reduction is recognised in profit or loss.
Sale and Leaseback transactions
The Group has entered into two sale and leaseback transactions during the
prior year where the Group transferred an property to another entity and
leased the property back from the buyer-lessor. In both cases a sale was
deemed to have taken place and the Group de-recognised the underlying asset
and applied the lessee accounting model to the leaseback arrangement. A
right-of-use asset is recognised based on the retained portion of the previous
carrying amount of the asset and only the gain or loss is recognised related
to the rights which are transferred to the lessor.
Immediately before the initial classification of the asset as held for sale,
the carrying amount of the asset will be measured in accordance with
applicable IFRSs. The Group has previously held freehold assets which were
later classified as assets held for sale.
Assets that are classified as held for sale are measured at the lower of
carrying amount and fair value less costs to sell (fair value less costs to
distribute in the case of assets classified as held for distribution to
owners).
Impairment must be considered both at the time of classification as held for
sale and subsequently:
· At the time of classification as held for sale. Immediately prior to
classifying an asset or disposal group as held for sale, impairment is
measured and recognised in accordance with the applicable IFRSs. Any
impairment loss is recognised in profit or loss unless the asset had been
measured at revalued amount under IAS 16 or IAS 38, in which case the
impairment is treated as a revaluation decrease.
· After classification as held for sale. Impairment is calculated based on the
difference between the adjusted carrying amounts of the asset/disposal group
and fair value less costs to sell. Any impairment loss that arises by using
the measurement principles in IFRS 5 would be recognised in profit or loss.
Impairment of these transactions is considered within the wider portfolio for
impairment review.
Leaseback
On initial recognition, the Group measures the right of use assets as a
proportion of the carrying amount of the underlying asset. The lease
liabilities are recorded in adherence to the above principles on lease
recognition.
2 Basis of preparation and accounting policies (continued)
When the lease liability is remeasured, a corresponding adjustment is made to
the carrying amount of the right-of-use asset, or is recorded in profit or
loss if the carrying amount of the right-of-use asset has been reduced to
zero.
Taxation
Tax on the profit and loss for the year comprises current and deferred tax.
Tax is recognised in the profit and loss except to the extent that it relates
to items recognised directly in equity, in which case it is recognised in
equity. Current tax is the expected tax payable or receivable on the taxable
income or loss for the year, using tax rates enacted or substantively enacted
at the balance sheet date, and any adjustment to tax payable in respect of
previous years.
Deferred tax assets and liabilities are recognised where the carrying amount
of an asset or liability in the consolidated balance sheet differs from its
tax base, except for differences arising on:
· The initial recognition of goodwill.
· The initial recognition of an asset or liability in a transaction which is not
a business combination and at the time of the transaction affects neither
accounting nor taxable profit.
· Investments in subsidiaries and jointly controlled entities where the Group is
able to control the timing of the reversal of the difference and it is
probable that the difference will not reverse in the foreseeable future.
Recognition of deferred tax assets is restricted to those instances where it
is probable that taxable profit will be available against which the difference
can be utilised.
The amount of the asset or liability is determined using tax rates that have
been enacted or substantively enacted by the reporting date and are expected
to apply when the deferred tax liabilities or assets are settled or recovered.
Deferred tax balances are not discounted.
Deferred tax assets and liabilities are offset when the Group has a legally
enforceable right to offset current tax assets and liabilities and the
deferred tax assets and liabilities relate to taxes levied by the same tax
authority on either:
· The same taxable Group company; or
· Different company entities which intend either to settle current tax assets
and liabilities on a net basis or to realise the assets and settle the
liabilities simultaneously, in each future period in which significant amounts
of deferred tax assets and liabilities are expected to be settled or
recovered.
Operating segments
The Board, the chief operating decision maker, considers that the Group's
primary activity constitutes one reporting segment, as defined under IFRS8.
The total profit measures are operating profit and profit for the year, both
disclosed on the face of the consolidated profit and loss. No differences
exist between the basis of preparation of the performance measures used by
management and the figures used in the Group financial information.
All of the revenues generated relate to cinema tickets, sale of food and
beverages and ancillary income, an analysis of which appears in the notes
below. All revenues are wholly generated within the UK. Accordingly, there are
no additional disclosures provided to the financial information.
Pre-opening expenses
Overhead expenses incurred prior to a new site opening are expensed to the
profit and loss in the year that they are incurred. Similarly, the costs of
training new staff during the pre-opening phase are expensed as incurred.
These expenses are included within administrative expenses, right-of-use
depreciation and financing expenses.
2 Basis of preparation and accounting policies (continued)
Employee
benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which the
company pays fixed contributions into a separate entity and will have no legal
or constructive obligation to pay further amounts. Obligations for
contributions to defined contribution pension plans are recognised as an
expense in the profit and loss in the periods during which services are
rendered by employees.
Share-based payments
Certain employees (including Directors and senior executives) of the Group
receive remuneration in the form of equity-settled share-based payment
transactions, whereby employees render services as consideration for equity
instruments (equity-settled transactions, through the Growth Share Scheme,
Approved and Unapproved Options Schemes). The cost of share-based payments is
recharged by the Company to subsidiary undertakings in proportion to the
services recognised.
Equity-settled share based schemes are measured at fair value, excluding the
effect of non-market based vesting conditions, at the date on which they are
granted. The fair value is determined by using an appropriate pricing model.
The cost of equity-settled transactions is recognised, together with a
corresponding increase in equity, over the period in which the performance
and/or service conditions are fulfilled, ending on the date on which the
relevant employees become fully entitled to the award (the vesting date). The
profit or loss charge or credit for a period represents the movement in
cumulative expense recognised as at the beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for
awards where vesting is conditional upon a market condition, which are treated
as vesting irrespective of whether or not the market condition has been
satisfied, provided that all other performance and/or service conditions are
satisfied. The dilutive effect of outstanding options is reflected as
additional share dilution in the computation of earnings per share.
3 Financial Instruments
The Group is exposed through its operations to the following financial risks:
· Credit risk
· Interest rate risk
· Liquidity risk
In common with all other businesses, the Group is exposed to risks that arise
from its use of financial instruments. This note describes the Group's
objectives, policies and processes for managing those risks and the methods
used to measure them. Further quantitative information in respect of these
risks is presented throughout these financial statements.
There have been no substantive changes in the Group's exposure to financial
instrument risks, it's objectives, policies and processes for managing those
risks or the methods used to measure them from previous periods unless
otherwise stated in this note.
The principal financial instruments used by the Group, from which financial
instrument risk arises are as follows:
· Trade receivables
· Cash and cash equivalents
· Trade and other payables
· Floating rate bank revolving credit facilities and lease
liabilities
Financial assets
All the Group's financial assets are subsequently accounted for at amortised
cost. These assets arise principally from the provision of goods and services
to customers (e.g. trade receivables), but also incorporate other types of
financial assets where the objective is to hold these assets in order to
collect contractual cash flows and the contractual cash flows are solely
payments of principal and interest. They are initially recognised at fair
value plus transaction costs that are directly attributable to their
acquisition or issue, and are subsequently carried at amortised cost using the
effective interest rate method, less provision for impairment.
Impairment provisions for trade receivables are recognised based on the
simplified approach within IFRS 9 using a provision matrix in the
determination of the lifetime expected credit losses. During this process the
probability of the non-payment of the trade receivables is assessed. This
probability is then multiplied by the amount of the expected loss arising from
default to determine the lifetime expected credit loss for the trade
receivables. For trade receivables, which are reported net, such provisions
are recorded in a separate provision account with the loss being recognised in
profit or loss. On confirmation that the trade receivable will not be
collectable, the gross carrying value of the asset is written off against the
associated provision.
The Group's financial assets measured at amortised cost comprise trade and
other receivables and cash and cash equivalents in the consolidated balance
sheet.
Cash and cash equivalents comprise cash balances, deposits and cash amounts in
transit due from credit cards which are settled within four days from the date
of the reporting period.
Financial liabilities and
equity
Financial instruments issued by the Group are treated as equity only to the
extent that they meet the following conditions:
· They include no contractual obligations upon the Group to deliver cash or
other financial assets or to exchange financial assets or financial
liabilities with another party under conditions that are potentially
unfavourable to the Group
· Where the instruments may be settled in the Group's own equity instruments,
they are either a non-derivative that include no obligation to deliver a
variable number of the Group's own equity instruments or they are a derivative
that will be settled by the Group exchanging a fixed amount of cash or other
financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are
classified as a financial liability and initially recognised at fair value net
of any transaction costs directly attributable. Such interest-bearing
liabilities are subsequently measured at amortised cost using the effective
interest rate method, which ensures that any interest expense over the period
to repayment is at a constant rate on the balance of the liability carried in
the consolidated statement of financial position. For the purposes of each
financial liability, interest expense includes initial transaction costs and
any premium payable on redemption, as well as any interest or coupon payable
while the liability is outstanding.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or
counterparty to a financial instrument fails to meet its contractual
obligations. The Group is mainly exposed to credit risk from credit sales. It
is Group policy, to assess the credit risk of new customers before entering
material contracts.
Credit risk also arises from cash and cash equivalents and deposits with banks
and financial institutions. For banks and financial institutions, only
independently rated parties with minimum rating "A" are accepted.
Further disclosures regarding trade and other receivables, which are neither
past due nor impaired, are provided in note 25.
Interest rate risk
The Group is exposed to cash flow interest rate risk from its revolving credit
facility at variable rates. During 2024 and 2023, the Group's borrowings at
variable rate were denominated in GBP.
The Group analyses the interest rate exposure on a monthly basis. A
sensitivity analysis is performed by applying various reasonable expectations
on rate changes to the expected facility drawdown.
Liquidity risk
Liquidity risk arises from the Group's management of working capital and the
finance charges and principal repayments on its debt instruments. It is the
risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due. The Group's policy is to ensure that it will
always have sufficient cash to allow it to meet its liabilities when they
become due.
The Board receives rolling 12-month cash flow projections on a monthly basis
as well as information regarding cash balances. At the end of the financial
year, these projections indicated that the Group expected to have sufficient
liquid resources to meet its obligations under all reasonably expected
circumstances, through utilisation of its revolving credit facility.
4 Changes in accounting policies
New standards, interpretations and amendments adopted from 01 January 2024
There are a number of standards, amendments to standards, and interpretations
which have been issued by the IASB that are effective in future accounting
periods that the Group has decided not to adopt early.
The following amendments are effective for the period beginning 01 January
2024:
· Lease Liability in a Sale and Leaseback (Amendments to IFRS 16
Leases)
· Classification of Liabilities as Current or Non-Current
(including Classification of Liabilities as Current or Noncurrent - Deferral
of Effective Date) (Amendments to IAS 1 Presentation of Financial Statements)
· Non-current Liabilities with Covenants (Amendments to IAS 1
Presentation of Financial Statements)
· Supplier Finance Arrangements (Amendments to IAS 7 Statement of
Cash Flows and IFRS 7 Financial Instruments: Disclosures)
The following amendments are effective for the period beginning 01 January
2025:
· Lack of Exchangeability (Amendment to IAS 21 The Effects of
Changes in Foreign Exchange Rates)
The following amendments are effective for the period beginning 01 January
2026:
· Amendments to the Classification and Measurement of Financial Instruments
(Amendments to IFRS 9 Financial Instruments)
· Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and
IFRS 7)
The Group is currently assessing the impact of these new accounting standards
and amendments.
5 Critical accounting estimates and judgements
The Group makes certain estimates and assumptions regarding the future.
Estimates and judgements are continually evaluated based on historical
experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances. In the future, actual
experience may differ from these estimates and assumptions. The estimates and
assumptions that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year
are discussed below.
Impairment of cinemas (accounting estimate)
The Group determines whether the above are impaired when impairment indicators
exist or based on the annual impairment assessment. The annual assessment
requires an estimate of the value in use of the CGUs to which the intangible
and tangible fixed assets are allocated, which is at the individual cinema
site level.
Estimating the value in use requires the Group to make an estimate of the
expected future cash flows from each cinema and discount these to their net
present value at an appropriate discount rate. All venues are located in the
UK and therefore a single discount rate has been used for all CGUs. The
resulting calculation is sensitive to the assumptions in respect of future
cash flows and the discount rate applied. The Directors consider that the
assumptions made represent their best estimate of the future cash flows
generated by the CGUs and that the discount rates used are appropriate given
the risks associated with the specific cash flows. A sensitivity analysis has
been performed over the estimates (see Note 18)
Deferred tax assets (accounting estimate)
The Group recognizes deferred tax assets to the extent that it is probable
that future taxable profits will be available against which temporary
differences can be utilised. The recognition of deferred tax assets based on
future taxable profits requires significant management judgment and
estimation.
In assessing the probability of future taxable profits, management considers
historical profitability, forecasts, and business plans. These assessments are
based on various factors including, but not limited to, expected future market
conditions, industry trends, regulatory environment, and specific operational
strategies.
The Group reviewed its forecasts for a three year period based on management
expectations and projections to assess the likelihood of future taxable
profits and adjusts the recognition of Deferred Tax assets accordingly.
However, actual results may differ from these forecasts due to changes in
economic conditions, market dynamics, or other unforeseen events.
Incremental borrowing rate (accounting estimate)
The Group determines the incremental borrowing rates used to discount lease
payments for the purpose of measuring the lease liability and right-of-use
asset under IFRS 16, Leases. The determination of incremental borrowing rates
involves significant judgment and estimation by management. Key factors
considered are the nature and term of lease, market conditions and
availability of comparable financing.
6 Revenue
Year ended Year ended
02 January 28 December
2025 2023
£000 £000
Film and entertainment 51,849 44,718
Food and beverages 45,881 38,563
Venue Hire, Advertising and Membership Income 9,443 7,578
107,173 90,859
All trade takes place in the United Kingdom.
The following provides information about opening and closing receivables,
contract assets and liabilities from contracts with customers.
Contract balances 02 January 28 December
2025 2023
£000 £000
Trade receivables 2,641 1,565
Deferred income 5,757 4,330
Deferred income relates to advanced consideration received from customers in
respect of memberships, gift cards and advanced screenings. The movement in
deferred income relates predominantly to increases in memberships, gift cards
and advertising contracts.
7 Loss before taxation
Loss before taxation is stated after charging:
Year ended Year ended
02 January 28 December
2025 2023
£000 £000
Depreciation of tangible assets 10,013 8,808
Amortisation of right-of-use assets 4,073 3,591
Amortisation of intangible assets 781 753
Loss on disposal of property, plant and equipment 241 121
Share-based payment expense 594 820
Impairment 2,626 724
8 Staff numbers and employment costs
The average number of employees (including Directors) during the year,
analysed by category, was as follows:
02 January 28 December
2025 2023
Number Number
Management 276 252
Operations 1,352 1,180
1,628 1,432
At the year end the number of employees (including Directors) was 1,989 (2023:
1,689). Management staff represent all full-time employees in the Group.
Year ended Year ended
02 January 28 December
2025 2023
£000 £000
Wages and salaries 28,193 22,800
Social security costs 2,288 1,809
Pension costs 422 356
Share-based payment expense 594 820
31,497 25,785
There were pension liabilities outstanding as at 02 January 2025 of £89,000
(28 December 2023:
£81,000).
9 Directors' remuneration
The remuneration of the Directors, who are the key management personnel of the
Group, is set out below in aggregate for each of the categories specified in
IAS24 Related Party Disclosures:
Year ended Year ended
02 January 28 December
2025 2023
£000 £000
Salaries/fees 829 815
Bonuses 76 -
Other benefits 11 7
Pension contributions 19 17
935 839
Share-based payment expense 638 662
1,573 1,501
9 Directors' remuneration (continued)
Information regarding the highest paid Director is as follows:
Year ended Year ended
02 January 28 December
2025 2023
£000 £000
324 312
Salaries/fees
Bonuses 39 -
Other benefits 9 6
Pension contributions 10 10
382 328
Share-based payment expense 580 368
962 696
Directors remuneration for each Director is disclosed in the Remuneration
Committee report. The costs relating to the Directors remuneration are
incurred by Everyman Media Limited for the wider Group. No Directors exercised
options over shares in the Company during the year (2023: None).
10 Auditor's remuneration
Year ended Year ended
02 January 28 December
2025 2023
Fees payable to the Group's auditor for: £000 £000
Audit of the Company's financial statements 26 36
Audit of the subsidiary undertakings of the Company 189 161
215 197
11 Other Operating Income
Year ended Year ended
02 January 28 December
2025 2023
£'000 £'000
Landlord compensation 506 647
12 Financial expenses
Year ended Year ended
02 January 28 December
2025 2023
£000 £000
Interest on bank loans 2,303 1,934
Bank loan arrangement fees 178 148
Interest on lease liabilities 4,363 3,409
Revaluation of dilapidations - (50)
Interest on dilapidations provision 11 8
6,855 5,449
13 Taxation
Year ended Year ended
02 January 28 December
2025 2023
£000 £000
Deferred tax credit (1,682) (2,805)
Total tax credit (1,682) (2,805)
The reasons for the difference between the actual tax credit for the period
and the standard rate of corporation tax in the United Kingdom applied to the
loss for the year are as follows:
Reconciliation of effective tax rate Year ended Year ended
02 January 28 December
2025 2023
£000 £000
Loss before tax (10,217) (5,501)
Tax at the UK corporation tax rate of 25% (2023:23.5%) (2,554) (1,293)
Permanent differences (expenses not deductible for tax purposes) 1,310 1,313
Impact of difference in overseas tax rates - 3
Effect of change in expected future statutory rates on deferred tax - (196)
Changes in prior year capital allowance estimate (468) -
Tax losses/temp. differences of deferred tax previously unrecognised 30 (2,632)
Total tax credit (1,682) (2,805)
14 Earnings per share
Year ended Year ended
02 January 28 December 2023
2025
Loss used in calculating basic and diluted earnings per share (£000) (8,535) (2,696)
Number of shares (000's)
Weighted average number of shares for the purpose of basic earnings per share 91,178 91,178
Number of shares (000's)
Weighted average number of shares for the purpose of diluted earnings per 91,178 91,178
share
Basic loss per share (pence) (9.36) (2.96)
Diluted loss per share (pence) (9.36) (2.96)
14 Earnings per share (continued)
02 January 28 December
2025 2023
Weighted average Weighted average
no. 000's no. 000's
Issued at beginning of the year 91,178 91,178
Share options exercised - -
Weighted average number of shares at end of the year 91,178 91,178
Weighted average number of shares for the purpose of diluted earnings per
share
Basic weighted average number of shares 91,178 91,178
Effect of share options in issue - -
Weighted average number of shares at end of the year 91,178 91,178
Basic earnings per share values are calculated by dividing net loss for the
year attributable to Ordinary equity holders of the parent by the weighted
average number of Ordinary shares outstanding during the year. The shares
issued in the year in the above table reflect the weighted number of shares
rather than the actual number of shares issued.
The Company has 5.1m potentially issuable Ordinary shares (2023: 7.2m) all of
which relate to the potential dilution from share options issued to the
Directors and certain employees and contractors, under the Group's incentive
arrangements. In the current year these options are anti-dilutive as they
would reduce the loss per share and so haven't been included in the diluted
losses per share.
The Company made a post-tax profit for the year of £1,192,000 (2023:
£1,365,000).
15 Property, plant and equipment
Land & Leasehold Plant & Fixtures & Assets under
Buildings improvements machinery Fittings construction Total
£000 £000 £000 £000 £000 £000
Cost
At 29 December 2022 4,409 84,457 16,176 13,593 6,522 125,157
Acquired in the year - 613 1,065 786 17,617 20,081
Acquired in business combination - 1,232 389 326 - 1,947
Disposals (1,223) (210) - (15) - (1,448)
Transfer on completion - 8,372 1,600 5,977 (15,949) -
Transfer on sale of freehold (3,186) 3,023 38 125 - -
At 28 December 2023 - 97,487 19,268 20,792 8,190 145,737
Acquired in the year - 8,365 2,070 1,603 2,786 14,824
Disposals - (11) (4) (650) - (665)
Transfer on completion - 2,796 402 1,655 (4,853) -
At 02 January 2025 - 108,637 21,736 23,400 6,123 159,896
Depreciation
At 29 December 2022 70 19,797 9,767 5,456 - 35,090
Charge for the year 8 4,197 2,743 1,860 - 8,808
Impairment - 390 13 13 - 416
On Disposals (13) (95) - (13) - (121)
Transfer on sale of freehold (65) 65 - - - -
At 28 December 2023 - 24,354 12,523 7,316 - 44,193
Charge for the year - 4,795 2,897 2,321 - 10,013
Impairment - 1,047 65 416 - 1,528
On Disposals - (1) (2) (421) - (424)
At 02 January 2025 - 30,195 15,483 9,632 - 55,310
Net book value
At 02 January 2025 - 78,442 6,253 13,768 6,123 104,586
At 28 December 2023 - 73,133 6,745 13,476 8,190 101,544
At 29 December 2022 4,339 64,660 6,409 8,137 6,522 90,067
Impairment considerations of tangible fixed assets were considered using the
value in use basis disclosed in Note 18.
16 Leases
Nature of leasing activities
The Group leases all properties in the towns and cities from which it
operates. In some locations, depending on the lease contract signed, the lease
payments may increase each year by inflation or and in others they are reset
periodically to market rental rates. For some property leases the periodic
rent is fixed over the lease term. The Group also leases certain vehicles.
Leases of vehicles comprise only fixed payments over the lease terms.
The percentages in the table below reflect the current proportions of lease
payments that are either fixed or variable. The sensitivity reflects the
impact on the carrying amount of lease liabilities and right-of-use assets if
there was an uplift of 5% on the balance sheet date to lease payments that are
variable.
02 January 2025 Lease contract Fixed Variable Sensitivity
No. payments payments (+/-)
% % £'000
Property leases with payments linked to inflation 26 - 10% 3,039
Property leases with periodic uplifts to market rentals 23 - 73% 1,718
Property leases with fixed payments 5 15% - -
Vehicle leases 5 2% - -
59 17% 83% 4,757
During 2024 the Group entered three property leases and one agreement for
lease for new venues for a period of 25 years each. The lease liability and
right-of-use asset for the agreement for lease have not been recognised at 2
January 2025 as the Group had yet to take access. The aggregate future cash
outflows to which the group is exposed in respect of this contract is fixed
payments of £104,000 per year for the next 5 years, with only rent reviews
every 5 years.
28 December 2023 Lease contract Fixed Variable Sensitivity
No. payments payments (+/-)
% % £'000
Property leases with payments linked to inflation 22 - 61% 2,854
Property leases with periodic uplifts to market rentals 23 - 28% 1,745
Property leases with fixed payments 5 10% - -
Vehicle leases 4 1% - -
54 11% 89% 4,599
Right-of-Use Assets
Land & Buildings £'000 Motor Vehicles £'000
Total £'000
As at 29 December 2022 58,865 55 58,920
Additions 6,759 22 6,781
Business combinations 6,672 - 6,672
Negative addition* (1,361) - (1,361)
Amortisation (3,563) (28) (3,591)
Impairment (308) - (308)
Effect of modification to lease terms 975 - 975
At 28 December 2023 68,039 49 68,088
Additions 1,410 58 1,468
Negative addition* (1,504) - (1,504)
Amortisation (4,047) (26) (4,073)
Impairment (1,098) - (1,098)
Effect of modification to lease terms 634 - 634
At 02 January 2025 63,434 81 63,515
16 Leases (continued)
Lease incentives received prior to lease commencement during the year are
deducted directly from the right of use, these amounted to £250,000 (2023:
£Nil).
Lease liabilities
Land & Buildings £'000 Motor Vehicles £'000
Total £'000
At 29 December 2022 86,421 52 86,473
Additions 7,349 22 7,371
Acquired through business combination 7,369 - 7,369
Interest expense 3,407 2 3,409
Effect of modification to lease terms 1,075 - 1,075
Lease payments (6,449) (64) (6,513)
Landlord contributions 4,054 - 4,054
At 28 December 2023 103,226 12 103,238
Additions 1,334 58 1,392
Negative addition* (1,541) - (1,541)
Interest expense 4,361 2 4,363
Effect of modification to lease terms 789 - 789
Lease payments (7,669) (24) (7,693)
Landlord contributions 5,680 - 5,680
At 02 January 2025 106,180 48 106,228
*Negative right-of-use asset and lease liabilities addition relates to a lease
in which lease incentives exceeded present value of fixed rent payments
resulting in a negative right-of-use asset. This materialised due to the
nature of the lease agreement in which rent payments are made up of turnover
based rent and quarterly rent. Turnover rent is excluded from the present
value of lease liabilities on recognition of the lease.
02 January 2025 28 December 2023
£'000 £'000
Lease liabilities
Current 2,146 2,824
Non-current 104,082 100,414
106,228 103,238
Maturity analysis of lease payments
02 January 2025 28 December 2023
£'000 £'000
Contractual future cash outflows
Land and buildings
Less than one year 8,413 7,056
Between one and five years 33,910 31,774
Over five years 124,343 119,354
166,666 158,184
Motor Vehicles
Less than one year 42 24
Between one and five years 9 22
51 46
17 Goodwill and intangible assets
The Group is required to test, on an annual basis, whether goodwill has
suffered any impairment. The recoverable amount is determined based on value
in use calculations. The use of this method requires the estimation of future
cash flows and the determination of a discount rate in order to calculate the
present value of the cash flows. The Group has determined there is no
impairment on goodwill for the period ending 02 January 2025.
Goodwill £'000 Software £'000 Total
£'000
Cost
At 29 December 2022 8,951 3,936 12,887
Acquired in the year - 829 829
At 28 December 2023 8,951 4,765 13,716
Acquired in the year - 640 640
At 02 January 2025 8,951 5,405 14,356
Amortisation and impairment
At 29 December 2022 1,599 1,976 3,575
Charge for the year - 753 753
At 28 December 2023 1,599 2,729 4,328
Charge for the year - 781 781
At 02 January 2025 1,599 3,510 5,109
Net book value
At 02 January 2025 7,352 1,895 9,247
At 28 December 2023 7,352 2,036 9,388
At 29 December 2022 7,352 1,960 9,312
Amortisation is applied to write down the carrying value of assets over
expected useful economic lives. The estimated useful economic life for
intangible assets is 3 years, which commences when the asset is available for
use.
Goodwill is allocated to the following CGUs:
02 January 28 December
2025 2023
£000 £000
Baker Street 103 103
Barnet 1,309 1,309
Esher 2,804 2,804
Gerrards Cross 1,309 1,309
Islington 86 86
Muswell Hill 1,215 1,215
Oxted 102 102
Reigate 113 113
Walton-On-Thames 94 94
Winchester 217 217
7,352 7,352
18 Impairment
The Company evaluates assets for impairment annually or when indicators of
impairment exist.
The annual impairment assessment requires an estimate of the value in use of
each cash-generating unit (CGU) to which goodwill, property plant and
equipment and right-of-use assets are allocated, which is the individual
cinema level. The recoverable amount of a CGU is the higher of value in use
and fair value less cost of disposal. The Company determines the recoverable
amount with reference to its value in use.
Estimating the value in use requires estimate of the expected future cash
flows from each CGU and discount these to their net present value at a
post-tax discount rate. Forecast cash flows are derived from adjusted EBITDA
generated by each CGU which is based on management's forecast performance.
Cash flow forecasts have been prepared for each CGU by applying growth
assumptions to key drivers of cash flows, including admissions, average ticket
price, spend per head, direct and overhead costs.
As required by IAS 36, the company assessed whether there was an indication
that a previously recognised impairment no longer exists or may have
decreased. A reversal of an impairment loss should only be recognised if there
has been a change in the estimates used to determine the asset's recoverable
amount since the last impairment loss was recognised
The key assumptions of this calculation are shown below:
02 January 28 December
2025 2023
Discount rate (post-tax) 11.25% 11%
Long term growth rate 2% 2%
Number of years projected 5 years 5 years
A post-tax WACC was used in the impairment calculation. The equivalent pre-tax
WACC was 15% (2023: 14.7%).
Adjusted EBITDA used for 2025 is based on the Board approved budget and
represents the balanced and most likely outcome of future cashflows. In the
remaining five-year forecast, the following assumptions have been applied
excepted in limited cases where adjustments have been made for venue-specific
factors:
· Admissions: 3% like-for-like increase year-on-year.
· Average Ticket Price: 3% increase year-on-year.
· Spend Per Head: 3% increase year-on-year.
An impairment charge of £2,626,000 has been recognised in the period (2023:
£724,000) relating to four venues, at which the recoverable amount was deemed
to be lower than the carrying value.
The cumulative impairment charges that have been recognised in previous
periods have not been reversed and are summarised in the below table.
28 December Impairment Charge 02 January
2023 2024 2025
£000 £000 £000
Goodwill 1,599 - 1,599
Right-of-use 1,032 1,098 2,130
Property, plant & equipment 1,224 1,528 2,752
Total 3,855 2,626 6,481
Sensitivity analysis
Impairment reviews are sensitive to changes in key assumptions. Sensitivity
analysis has been performed by considering incremental
changes in assumptions of admission levels and discount rates.
Scenarios
The following sensitivity scenarios have been applied to the cash flow
forecasts for stress testing purposes:
· Admissions levels were increased by 3% versus the base case in
each year in the upside case, and decreased by 3% versus the base case in each
year in the downside case; and
· WACC was decreased by 1% versus the base case in the upside
case, and increased by 1% versus the base case in the downside case.
The results of this were as follows:
Upside Number of venues Impaired Downside Number of venues Impaired
£,000 £,000
Admissions sensitivity 1,705 2 6,376 6
WACC sensitivity 1,134 2 4,298 5
Combined sensitivity 1,134 2 8,402 8
19 Inventories
02 January 28 December
2025 2023
£000 £000
Food and beverages 964 858
Finished goods recognised as cost of sales in the year amounted to
£10,969,000 (2023: £9,393,000).
20 Trade and other receivables
02 January 28 December
2025 2023
£000 £000
Included in current assets 7,386 5,216
Included in non-current assets 333 173
7,719 5,389
Trade receivables 2,641 1,565
Other receivables 512 291
Prepayments and accrued income 4,566 3,533
7,719 5,389
There were no receivables that were considered to be impaired. There is no
significant difference between the fair value of the other receivables and the
values stated above. Other debtors include deposits paid in respect of
long-term leases and have been recognised as non-current assets.
21 Trade and other payables
02 January 28 December
2025 2023
£000 £000
Trade creditors 5,850 3,385
Social security and other taxation 3,290 3,100
Other creditors 910 523
Accrued expenses 12,318 8,117
Deferred income 5,757 4,330
28,125 19,455
22 Loans and borrowings
02 January 28 December
2025 2023
£000 £000
Total Bank Debt 28,000 26,000
Cash (9,883) (6,645)
Net Bank Debt 18,117 19,355
Commitment fees are charged quarterly on any balances not drawn at 40% of the
applicable rate of drawn funds. The face value is deemed to be the carrying
value. The Group had drawn down £28 million of the £35 million debt facility
as at 02 January 2025 (2023: £26 million of the £35 million debt facility).
23 Changes in liabilities from financing activities
Non- current loans and borrowings Lease liabilities Total
£000 £000 £000
At 28 December 2023 26,000 103,238 129,238
Cash flows 2,000 (2,013) (13)
Non- cash flows:
Interest accruing in period - 4,363 4,363
Lease additions - (149) (149)
Effect of modifications to lease terms - 789 789
At 02 January 2025 28,000 106,228 134,228
At 29 December 2022 22,000 86,473 108,473
Cash flows 4,000 (2,459) 1,541
Non- cash flows:
Interest accruing in period - 3,409 3,409
Lease additions - 14,740 14,740
Effect of modifications to lease terms - 1,075 1,075
At 28 December 2023 26,000 103,238 129,238
24 Financial
instruments
Investments, financial assets and financial liabilities, cash and cash
equivalents and other interest-bearing loans and borrowings are measured at
amortised cost and the Directors believe their present value is a reasonable
approximation to their fair value.
02 January 28 December
2025 2023
£000 £000
Financial assets measured at amortised cost
Cash and cash equivalents 9,883 6,645
Trade and other receivables 3,153 1,856
Accrued income 963 1,426
13,999 9,927
02 January 28 December
2025 2023
£000 £000
Financial liabilities measured at amortised cost
Bank borrowings 28,000 26,000
Trade Creditors 5,850 3,385
Leases 106,228 103,238
Other Creditors 910 523
Accrued expenses 12,318 8,117
153,306 141,263
25 Financial risks
The Board has overall responsibility for the determination of the Group's risk
management objectives and policies. The overall objective of the Board is to
set policies that seek to reduce risk as far as possible without unduly
affecting the Group's competitiveness and flexibility. The Group has not
issued or used any financial instruments of a speculative nature and the Group
does not contract derivative financial instruments such as forward currency
contracts, interest rate swaps or similar instruments.
The Group is exposed to the following financial
risks:
· Credit
risk
· Liquidity
risk
· Interest rate
risk
To the extent financial instruments are not carried at fair value in the
consolidated Balance Sheet, net book value approximates to fair value at 02
January 2025 and 28 December 2023.
Trade and other receivables are measured at amortised cost. Book values and
expected cash flows are reviewed by the Board and there have been no
impairment losses recognised on these assets.
Cash and cash equivalents are held in sterling and placed on deposit in UK
banks. Trade and other payables are measured at book value and held at
amortised cost.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or
counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the Group's receivables from customers
and investment securities.
At 02 January 2025 the Group has trade receivables of £2,641,000 (2023:
£1,565,000). Trade receivables arise mainly from advertising and
sponsorship revenue. The Group is exposed to credit risk in respect of these
balances such that, if one or more of the customers encounters financial
difficulties, this could materially and adversely affect the Group's financial
results. The Group attempts to mitigate credit risk by assessing the credit
rating of new customers prior to entering into contracts and by entering into
contracts with customers with agreed credit terms. At 02 January 2025 the
Directors have recognised expected credit losses of £Nil (2023: £Nil) as
credit losses are assessed as immaterial.
25 Financial risks (continued)
The maximum exposure to credit risk at the balance sheet date by class of
financial instrument was:
02 January 28 December
2025 2023
£000 £000
Ageing of receivables
<30 days 2,011 1,005
31-60 days 513 322
61-120 days 18 171
>120 days 99 67
2,641 1,565
In determining the recoverability of trade receivables the Group considers any
change in the credit quality of the trade receivable from the date credit was
initially granted up to the reporting date. Credit risk is limited due to the
customer base being diverse and unrelated. There has not been any impairment
other than existing provisions in respect of trade receivables during the year
(2023: £nil). There were no material expected credit losses in the year.
Liquidity risk
Liquidity risk arises from the Group's management of working capital. It is
the risk that the Group will encounter difficulty in meeting its financial
obligations as they fall due. The Group's policy is to ensure that it will
always have sufficient cash to allow it to meet its liabilities when they
become due. To achieve this aim, it seeks to maintain cash balances to meet
its expected cash requirements as determined by regular cash flow forecasts
prepared by management.
The Group's forecasts show sufficient headroom in banking covenants for the
next 12 months.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial
liabilities at the reporting date. The amounts shown are gross, not discounted
and include contractual interest payments and exclude the impact of netting
agreements.
Contractual cash flows
2 January 2025 Carrying Less than Between one Between three Over five
amount one year and two years and five years years Total
£000 £000 £000 £000 £000 £000
Non-derivative financial liabilities
Secured bank facility 28,000 1,595 29,063 - - 30,658
Trade creditors 5,850 5,850 - - - 5,850
Leases 106,228 8,413 8,352 25,558 123,613 165,936
Other creditors 910 910 - - - 910
Accrued expenses 12,318 12,318 - - - 12,318
153,306 29,086 37,415 25,558 123,613 215,672
25 Financial risks (continued)
Contractual cash flows
28 December 2023 Carrying Less than Between one Between three Over five
amount one year and two years and five years years Total
£000 £000 £000 £000 £000 £000
Non-derivative financial liabilities
Secured bank facility 26,000 2,012 2,012 27,341 - 31,365
Trade creditors 3,385 3,385 - - - 3,385
Leases 103,238 7,080 8,146 23,604 119,354 158,184
Other creditors 523 523 - - - 523
Accrued expenses 8,117 8,117 - - - 8,117
141,263 21,117 10,158 50,945 119,354 201,574
Interest rate
risk
Interest rate risk arose from the Group's holding of interest-bearing loans
linked to SONIA. The Group is also exposed to interest rate risk in respect of
its cash balances held pending investment in the growth of the Group's
operations. The effect of interest rate changes in the Group's
interest-bearing assets and liabilities is set out below.
In respect of interest-earning financial assets and interest-bearing financial
liabilities, the following indicates their effective interest rates at the end
of the year and the periods in which they mature:
Effective Maturing Maturing Maturing
interest within between 1 to between 2 to
rate 1 year 2 years 5 years
% £000 £000 £000
At 28 December 2023
Bank borrowings* 7.74% 190 - 26,000
Bank current and deposit balances 0.01% 6,597 - -
At 02 January 2025
Bank borrowings* 7.25% 234 - 28,000
Bank current and deposit balances 0.01% 9,883 - -
*Bank borrowings comprises SONIA of 4.7% (2023: 5.19%) and margin of 2.55%
(2023: 2.55%).
The following table demonstrates the sensitivity to a reasonably plausible
change in interest rates, with all other variables held constant, of the
Group's profit and loss before tax through the impact on floating rate
borrowings and bank deposits and cash flows:
Change in 02 January 28 December
rate 2025 2023
% £000 £000
Bank borrowings 0.5% (140) (130)
1.0% (280) (260)
1.5% (420) (390)
Bank current and deposit balances 0.5% 49 33
1.0% 99 66
1.5% 148 99
Capital management
The Group's capital is made up of share capital, share premium, merger reserve
and retained earnings totalling £36.4m (2023: £44.5m).
The Group's objectives when maintaining capital are:
· To safeguard the entity's ability to continue as a going concern so
that it can continue to provide returns for shareholders and benefits for
other stakeholders.
· To provide an adequate return to shareholders by pricing products
and services commensurately with the level of risk.
The capital structure of the Group consists of shareholders equity as set out
in the consolidated statement of changes in equity. All funding required to
set-up new cinema sites and for working capital purposes are financed from
existing cash resources where possible. Management will also consider future
fundraising or bank finance where appropriate.
26 Provisions
Leasehold Dilapidations
£,000
As at 29 December 2022 1,362
Additions 311
Revaluation of net present value (50)
Unwinding of discount 8
As at 28 December 2023 1,631
Additions 112
Revaluation of net present value (158)
Unwinding of discount 11
As at 02 January 2025 1,596
All provisions for lease dilapidations are due after more than five years.
Leasehold dilapidations relate to the estimated cost of returning leasehold
property to its original state at the end of the lease in accordance with
lease terms. The cost is recognised as depreciation of leasehold improvements
over the remaining term of the lease. The main uncertainty relates to
estimating the cost that will be incurred at the end of the lease term, the
average remaining lease term for leases held at 02 January 2025 was 17 years
(2023:18 years).
27 Deferred tax
02 January 28 December
2025 2023
£000 £000
Deferred tax gross movements
Opening balance 2,805 -
Deferred tax asset recognised in period 1,682 2,805
Closing balance 4,487 2,805
Recognised in profit and loss
Arising on loss carried forward (1,658) (4,660)
Net book value in excess of tax written down value 529 1,805
Amortisation of IFRS accumulated restatement 45 45
Prior year adjustment (468) -
Other temporary differences (130) 5
Credit to profit and loss (1,682) (2,805)
Deferred tax comprises:
Temporary differences on property, plant and equipment 7,618 7,794
Temporary differences on IFRS 16 accumulated restatement (510) (552)
Available losses (11,719) (10,302)
Other temporary and deductible differences 124 255
(4,487) (2,805)
Deferred tax is calculated in full on temporary differences under the
liability method using the tax rates that have been substantively enacted for
future periods, being 25% from 1 April 2023. The deferred tax liability has
arisen due to the timing difference on property, plant and equipment, the
deferral of capital gains tax arising from the sale of property and other
temporary and deductible differences.
Deferred tax assets have been recognised in respect of tax losses and other
temporary differences giving rise to deferred tax assets where the Directors
believe it is probable that they will be recovered. The Group has consulted
the FRC's thematic review of Deferred Tax Assets published in September 2022
and concluded that an asset should be recognised on the basis of a sufficient
level of probable future taxable profits. The Group has taken the decision to
recognise the Deferred Tax Asset in 2023 and 2024 due to increased certainty
over future trading performance.
28 Share capital and reserves
02 January 28 December
Nominal 2025 2023
value £000 £000
Authorised, issued and fully paid Ordinary shares £0.10
At the start of the year 9,118 9,118
Issued in the year - -
At the end of the year 9,118 9,118
Number of shares 02 January 28 December
2025 2023
Number Number
Authorised, issued and fully paid Ordinary shares
At the start of the year 91,177,969 91,177,969
Issued in the year 2,791 -
At the end of the year 91,180,760 91,177,969
The holders of Ordinary shares are entitled to one vote per share. During the
year the Company issued 2,791 Ordinary shares (2023: Nil)
Merger reserve
In accordance with s612 of the Companies Act, the premium on Ordinary shares
issued in relation to acquisitions is recorded as a merger reserve.
Share premium
Share premium is stated net of share issue costs.
Dividends
No dividends were declared or paid during the period (2023: £nil)
29 Share-based payment arrangements
EMI, Non-Qualifying and LTIP Schemes
The Group operates three equity-settled share-based remuneration schemes for
employees. The schemes combine a long term incentive scheme, an EMI scheme and
an unapproved scheme for certain senior management, executive Directors,
non-executive Directors and certain contractors.
All equity-settled share options are measured at fair value as determined
through use of the Binomial technique, at the date of grant, aside from those
with market-based performance conditions, which are valued using the Monte
Carlo model. During the year, no equity-settled share options were issued with
market-based performance conditions.
The fair value determined at the grant date of the equity-settled share-based
payments is expensed on a straight-line basis over the vesting period, based
on the Groups estimate of shares that will eventually vest and adjusted for
the effect of non-market-based vesting conditions.
29 Share-based payment arrangements (continued)
Weighted average exercise
price per share in the year ended
02 January 28 December 02 January 28 December
2025 2023 2025 2023
Pence Pence Number Number
Options at the beginning of the year 90.4 104.3 7,196,834 6,973,833
Options issued in the year 10 28.6 1,119,797 1,202,808
Options exercised in the year 10 - (2,791) -
Option forfeited in the year 70.4 41.8 (3,172,504) (979,807)
Options at the end of the year 85.3 90.4 5,141,336 7,196,834
The exercise price of options outstanding at 02 January 2025 ranged between
10.0 pence and 184.0 pence (2023: 10.0 pence and 184.0 pence) and their
weighted average contractual life was 10 years (2023: 10 years).
The weighted average share price (at the date of exercise) of options
exercised during the year was 10.0 pence (2023: n/a)
The weighted average fair value of each option granted during the year was
49.7p (2023: 63.3p).
No options lapsed beyond their contractual life in the year (2023: nil).
The following information is relevant in the determination of the fair value
of options granted during the year and equity-settled share-based remuneration
schemes operations by the Group:
Option scheme conditions for options issued in the year: 02 January 28 December
2025 2023
Option pricing model used Binomial Binomial
Weighted average share price at grant date (pence) 59.0 82.4
Weighted average option exercise prices (pence) 10 30.1
Expected volatility 30% 35%
Expected option life (years) 1.7 2.9
Weighted average contractual life of outstanding share options (years) 10 10
Risk-free interest rate 4.12% 3.56%
Expected dividend yield 0.0% 0.0%
Fair value of options granted in the year (pence) 49.7 63.3
Volatility has been calculated based on historical share price movements of
the Company as at each grant date.
The share-based remuneration expense applicable to key management personnel
was as follows:
02 January 28 December
2025 2023
£000 £000
Equity-settled schemes 637 639
29 Share-based payment arrangements (continued)
Growth Shares
On 8th April 2021, the Group announced that Alex Scrimgeour, Chief Executive
Officer of Everyman, had been issued 2,000,000 A ordinary shares ("Growth
Shares") in a subsidiary company, Everyman Media Holdings Ltd. The Growth
Shares could be exchanged for new Ordinary Shares in the future, subject to
meeting certain vesting conditions and share price performance criteria.
Subsequent to this, on 23rd January 2023, the Remuneration Committee resolved
that the share price performance condition attached to the Growth Shares was
no longer appropriate. The Company announced that, subject to vesting
conditions and financial performance targets being met, the Growth Shares
would entitle Mr. Scrimgeour to receive an amount equivalent to the market
value of an Ordinary Share in the Company less 86.0p, being the closing share
price of the Company on 20th January 2023.
On 18(th) August 2023, the Remuneration Committee has resolved that, due to
equity market conditions, the terms of the Growth Shares should be amended so
that Mr. Scrimgeour will now receive an amount equivalent to the market value
of an Ordinary Share less 60.0p, being the closing share price of the Company
on 17 August 2023. All other terms and conditions relation the Growth Shares
remain unchanged.
Details of the outstanding shares under the A Growth Share Scheme are as
follows:
02 January Re-stated
28 December
2025 2023
Outstanding at beginning of year 2,000,000 2,000,000
Lapsed in year - -
Outstanding at end of year 2,000,000 2,000,000
Growth Shares that were deemed to have lapsed in 2023 have been re-stated as
outstanding following legal advice.
Following the amendments to the terms of the A Ordinary Shares noted above,
the Binomial model was used for fair valuing the A Growth Share awards at the
date of modification. The inputs to the model were as follows:
A Growth Share Scheme
Target 1 Target 2
Number of shares 1,000,000 1,000,000
Adjusted EBITDA Target £17.2m £19.3m
Expected volatility 30% 30%
Risk free interest rate 4.82% 4.76%
Option life (years) 5 5
Share price at valuation date £0.60 £0.60
Share-based payments charged to the profit and loss were as follows:
02 January 28 December
2025 2023
£000 £000
Share options charge 50 470
Growth shares charge 544 350
Administrative costs 594 820
The charge for the Company was £nil (2023: £nil) after recharging subsidiary
undertakings with a charge of £594,000 (2023: £820,000). The relevant charge
is included within administrative costs.
30 Commitments
There were capital commitments for tangible assets at 02 January 2025 of
£11,950,000 (2023: £14,521,000). The amount of landlord contributions
committed were £7,015,000 (2023: £7,650,000) which is not included in the
above figure.
31 Events after the balance sheet date
On 21 March 2025, the Group purchased the remaining long leasehold interest at
its venue at The Everyman Cinema, Great North Road, New Barnet, Barnet EN5
1AB, for the sum of £1,000,000. The long leasehold runs until 22 December
2032.
32 Related party transactions
In the year to 02 January 2025 the Group engaged services from entities
related to the Directors and key management personnel of £853,000 (2023:
£848,000) comprising of office rental of £110,000 (2023: £105,000 ) and
venue rental for Bristol, Harrogate, Stratford-Upon-Avon and Maida Vale of
£743,000 (2023: £743,000 ). There were no other related party transactions.
There are no key management personnel other than the Directors.
The Group's commitment to leases is set out in the above notes. Within the
total of £167,000,000 (2023: £158,000,000 ) is an amount of £386,000 (2023:
£499,000 ) relating to office rental, £4,114,000 (2023: £4,319,000)
relating to Stratford-Upon-Avon, £2,865,000 (2023: £3,036,000) relating to
Bristol, £804,000 (2023: £914,000) relating to Madia Vale and £4,115,000
(2023: £4,412,000) relating to Harrogate. The landlords of the sites are
entities related to the Directors of the Company.
33 Ultimate controlling party
The Company has a diverse shareholding and is not under the control of any one
person or entity.
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. END FR DGGDSDSBDGUSRecent news on Everyman Media
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