Everyman: Media group sees revenue growth despite actors’ strike as more Brits head to luxury cinema
Everyman Media reported impressive growth in the first half of the year – despite fewer offerings due to the actors’ strike – with customers still happy to splash out on the premium cinema.
Revenue rose by 23 per cent to reach £46.9m in the first half of 2024, earnings before interest, tax, depreciation and amortization rose by seven per cent to total £6.2m, and admissions rose by 20 per cent year on year.
Everyman’s business model relies heavily on customers seeing the cinema as a hospitality experience, with movie-goers paying for comfort and premium meals with their films.
It reported an average food and drink spend per head of £10.47, up from £10.25. The average ticket price customers paid was only just higher, at £11.76 and up from £11.49 in 2023.
Alex Scrimgeour, Chief Executive Officer of Everyman Media Group Plc, said: “We have once again delivered robust growth in both revenue and EBITDA during the first half, reinforcing our position as a leading player across the UK’s cinema landscape.
“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.”
The CEO added: “During the second half, we have an exciting slate of releases to look forward to and are confident in our ability to capitalise on the opportunity ahead.”
Everyman opened its newest cinema in Bury St Edmunds in February 2024, taking its total number of cinemas to 45. It plans to open a venue in Cambridge in November and a venue in Stratford in December.
“We view this as a robust performance, especially given the second-quarter film release schedule was significantly impacted due to last year’s extended writer/actor strikes,” analysts at Canaccord said.
SAG-AFRA strikes heavily disrupted the film industry, with the production of countless movies shut down as actors protested pay, working conditions and the use of AI in cinema.
“Everyman remains a strong consumer brand with a unique premium offering, and we believe it is well positioned for further growth”, analysts added.
The firm forecasted revenue of £108m for 2024. However, Everyman’s share price dipped in early trades but recovered by mid-morning to just above its opening price.
Big-ticket films out in the second half of the year, include Paddington in Peru, Joker: Folie à Deux, and Mufasa: The Lion King.