Top Gun: Maverick and pricier tickets help Everyman cinemas post 75 per cent boom in earnings
Blockbuster movie Top Gun: Maverick helped boost Everyman Media’s revenues by 62 per cent as Brits continue to embrace cinema going as an affordable luxury.
The company, which has 14 of its 38 cinemas in greater London, announced its annual update to December, reporting revenue of £79.7m which is up from the previous covid-impacted year of £49m.
Its earnings before tax were also significantly up on 2021 to £14.5m, an increase of almost 75 per cent, as higher ticket prices helped the firm recover from the pandemic.
Everyman, which operates 38 venues across the UK with a total of 130 screens, said its average ticket price was up 2.6 per cent on the previous year, while the cost of food and drinks at its venues went up here per cent, to £9.34.
The company, known for venues in Baker Street, Borough, Broadgate and Canary Wharf, said its uptick in earnings came despite Covid-related delays in film production, meaning a reduced number of films on offer.
Movies such as Top Gun: Maverick helped bring out cinema-goers, in a return to “business as usual” for the company.
Chief executive of Everyman Media Group, Alex Scrimgeour, said the results reflect that “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.”
In 2022, Everyman opened two new venues in Edinburgh and Egham, and is set to launch a series of new sites across the UK from February.