REG - Everyman Media Grp - Trading Update

Everyman MediaAnnouncement

23/01/2023 07:00

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RNS Number : 4712N  Everyman Media Group PLC  23 January 2023

23 January 2023

Everyman Media Group PLC

("Everyman" or the "Group")

 

Trading Update

Everyman Media Group Plc (AIM: EMAN) is pleased to announce the following
unaudited trading update for the 52-week period ended 29 December 2022.

Financial Highlights

·    Group revenue of £79.7m, an increase of 62.5% versus the prior year
(2021: £49.0m).

·    Group EBITDA(1) ahead of market expectations at approximately
£14.5m, an increase of 74.7% vs. the prior year (2021: £8.3m).

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

Operational Highlights

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

·    Paid for average ticket price(2) of £11.29, a 2.6% increase versus
the prior year (2021: £11.00).

·    Food and beverage spend(3) per head of £9.34, a 3.0% increase versus
the prior year (2021: £9.07).

Current Trading and Outlook

·    Performance in the new financial year has been encouraging.

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

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

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

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

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

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

(1)Adjusted for pre-opening costs, acquisition expenses, depreciation,
amortisation, share based payments and costs incurred directly related to
Covid-19. IFRS 16 has been applied.

( )

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

( )

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

 For further information, please contact:

 Everyman Media Group plc                       Tel: 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 PR (Financial PR Advisor)                 Tel: 020 3405 0205
 David Ison
 Joe Pederzolli

 

About Everyman Media Group PLC:

 

Everyman is the fourth largest cinema business in the UK by number of venues,
and is a premium, high growth leisure brand. Everyman operates a growing
estate of venues across the UK, with an emphasis on providing first class
cinema and hospitality.

 

Everyman is redefining cinema. It focuses on venue and experience as key
competitive strengths, with a unique proposition:

·    Intimate and atmospheric venues, which become a destination in their
own right

·    An emphasis on a strong quality food and drink menu prepared in-house

·    A broad range of well-curated programming content, from mainstream
and independent films to theatre and live concert streams, appealing to a
diverse range of audiences

·    Motivated and welcoming teams

 

For more information visit http://investors.everymancinema.com/
(http://investors.everymancinema.com/)

 

 

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