REG - Everyman Media Grp - Trading Update

Everyman MediaAnnouncement

23/01/2024 07:00

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RNS Number : 5315A  Everyman Media Group PLC  23 January 2024

23 January 2024

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 28 December 2023.

Financial Highlights

·      Group revenue up 16.7% to approximately £90.9m (2022: £77.9m(1)
with VAT benefit removed).

·      Group EBITDA(2) up 19.1% to approximately £16.2m (2022:
£13.6m(1) with VAT benefit removed).

·      Market share increased to 4.8% (2022: 4.5%).

·      Agreed a new three-year loan facility of £35m with Barclays Bank
Plc and National Westminster Bank Plc, ensuring that the Group is soundly
financially structured and well positioned to take advantage of opportunities
moving forward.

·      The Group's performance in H2 2023 was marginally affected by the
well-documented WGA and SAG-AFTRA strikes, which led to certain key titles
moving to 2024. The Board is pleased however to re-confirm market expectations
for 2024 and has confidence in the prospects of the business moving forward.

Operational Highlights

·      Four new venues were opened in the year, in Marlow, Salisbury,
Northallerton and Plymouth.

·      Acquisition of the Tivoli venues in Bath and Cheltenham from
Empire Cinemas Limited on 15 December 2023.

·      The Group now operates 44 venues with a total of 152 screens
(2022: 38 venues with a total of 130 screens).

·      Paid for average ticket price(3) of £11.65, a 3.2% increase
versus the prior year (2022: £11.29).

·      Food and beverage spend(3) per head of £10.29, a 10.2% increase
versus the prior year (2022: £9.34).

Current Trading and Outlook

·      The Group has confidence in the continuously improving film slate
during 2024. Titles include Wicked, Despicable Me 4, Paddington in Peru,
Joker: Folie à Deux, Inside Out 2, Mufasa: The Lion King, Dune: Part II and
an untitled Gladiator sequel.

·      The Group remains committed to measured organic expansion with
excellent opportunities available for new sites. New openings include Bury St
Edmunds in Q1 2024, Durham and Stratford (London) in Q3 2024 and Cambridge in
Q4 2024. Further, as demonstrated with Tivoli, the Company will continue to
consider opportunistic acquisitions.

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

"We have delivered robust, double-digit growth in both revenue and EBITDA
against a challenging economic backdrop, delays to new openings and both
writers' and actors' strikes. Further operational progress has been made with
improvements in all key metrics, illustrating that our proposition remains as
relevant as ever.

I would like to take this opportunity to thank our incredible venue teams and
head office without whom the positive achievements of this year would not have
been possible."

(1)2022 reported Revenue (£78.8m) and EBITDA (£14.5m) both benefitted from
£0.9m Temporarily Reduced Rate of VAT.

(2)Adjusted for pre-opening costs, acquisition expenses, exceptional costs,
depreciation, amortization and share based payments.

(3)Paid for average ticket price and food and beverage spend per head have
been adjusted to remove the benefit of the Temporarily Reduced Rate of VAT in
2022 in order to provide a like-for-like comparison.

 The information communicated in this announcement contains inside information
 for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014
 as it forms part of United Kingdom domestic law by virtue of the European
 Union (Withdrawal) Act 2018 (as amended) ("UK MAR").

 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
 Rebecca Sanders-Hewett

 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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