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Everyman Media Group poised for strong recovery

Everyman used the closure period to upgrade its facilities and improve its customer experience

Everyman Media Group (LON:EMAN), the independent cinema company, confirmed on Thursday that the business returned to a profit following its re-opening.

Admissions in the period since re-opening until 1 July reached 66% of 2019 levels, ahead of director expectations.

This is despite restrictions such as the Rule of Six, table service, 50% capacity restrictions in venues, and social distancing all being in place during this period.

The news comes after all of its venues were closed for the first 20 weeks of FY21 due to Covid, with 33 venues re-opening on 17 May, and social distancing measures remaining in place until 19 July.

The AIM-listed company used the closure period to upgrade its facilities and generally improve its customer experience.

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

“We are delighted to have welcomed back so many Everyman customers since re-opening in May, subsequently delivering a period of profitable, cash-generative trading.”

“The speed and confidence with which the Everyman community has returned, together with our increased market share, demonstrates the ongoing appeal of our offering. People are clearly still looking to spend a great time out with friends and family, in an environment which instils confidence and provides high quality hospitality; now more than ever.”

“With significant available liquidity and more positive market conditions we are excited to be again turning our focus to plans for growth. We’re expecting you, Mr. Bond.”

The Everyman Media Group share price is up by 0.36% during the morning session on Thursday.

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