Everyman Media admissions were held back due to closures as a consequence of the pandemic, however with venues reopening and restrictions easing, the group saw a 67% increase to 2m in admissions, ahead of management expectations for the year ended 30 December 2021.
Everyman Media remained closed for 19 weeks, functioned at a reduced capacity for 9 weeks and functioned at full capacity for 24 weeks during 2021.
Revenue was impacted by ticket prices and spending per head on food and beverage.
Ticket prices saw a 3% decrease from £11.81 to £11.44 in 2021. However, spending per head on food and beverage rose 27% to £8.96 compared to £7.08 in 2020.
The group’s revenue increased 102% from £24.2m to £49m in 2021, despite Covid restrictions impacting the operations of the cinema group.
An impairment reversal of £2.5m helped the 88% decrease in operating loss from £18.8m to £2.1m in 2021.
Everyman Media’s market share increased from 4.46% in 2020 to 4.5% in 2021.
The net debt for the cinema group reduced from £8.7m to £8.4m in 2021, however, liquidity is not a problem for the company as cash generation increased from £0.3m to £4.2m in 2021.
In 2022, the company plans to add 4 new venues to its existing 36 venues in Edinburgh, Plymouth, Marlow, and Egham.
Alex Scrimgeour, Chief Executive Officer, Everyman Media Group PLC said, “Despite more twists and turns than Kenneth Branagh’s “Death on the Nile”, these last two years have conclusively proved our belief that Everyman has an enduring place at the hearts of the communities we serve.”
“Thanks in no small part to our loyal customers, we have achieved remarkable levels of admissions, profitability, market share and customer satisfaction since government-imposed restrictions were lifted.”
“We continue to invest in our venues, our people and enhancing the Everyman proposition. Off the back of a return to quasi business as usual, our outlook is increasingly optimistic, consequently we will be looking to accelerate our openings strategy in the short and medium term.”
Everyman Media Group shares were rising 2.3% to 132p with admission rates exceeding expectations.