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Everyman upbeat about upcoming releases as H1 profits rise
(Sharecast News) - Everyman Media shares bounced back following recent falls on Thursday after the cinema chain pointed to improving conditions in the second half on the back of a strong pipeline of releases.
The upmarket cinema operator, which owns 45 sites across the UK with two more in the works this year, said high-profile releases over the remainder of 2024 like Joker: Folie à Deux, Paddington in Peru and Gladiator II should result in a "significant H2 weighting to admissions, revenue and EBITDA".
Admissions in the first half totalled 1.9m, up from 1.6m the year before, leading to revenues rising to £46.9m from £38.3m, while average ticket prices increased to £11.76 from £11.49 a year earlier. EBITDA rose to £6.2m from £5.8m.
"Our continued strong performance, driven by consumer appetite for the unique Everyman proposition, comes despite a marked reduction in film output following last year's writer and actor strikes," said chief executive Alex Scrimgeour.
Everyman said it expects to hit market expectations for the year ending 2 January 2025 of £108m in revenue and adjusted EBITDA of £19.3m, up from £90.9m and £16.2m the previous year, respectively.
The stock was up nearly 5% at 51.45p by 1050 BST, but still remained down 20% over the year to date.
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