Everyman Media Group PLC reported a 6% drop in revenue to £38.3 million in the first half of 2023, compared to £40.7 million in the first half of 2022. EBITDA also fell 23% to £5.8 million from £7.5 million.
The decline was attributed to major film releases being delayed until the second half of the year. Revenue and profitability are expected to improve in the second half with major titles like Dune: Part Two, Wonka, The Hunger Games: The Ballad of Songbirds & Snakes slated for release.
However, recent box office hits Barbie and Oppenheimer released in late July delivered record admissions and £10.6 million in revenue for the month.
These are encouraging numbers for the company that demonstrate to investors cinemas can still pull in crowds. Everyman remains confident full-year results will meet market expectations.
The cinema chain expanded to 41 locations in the first half, with new venues opened in Northallerton, Plymouth and Salisbury. A 42nd cinema is slated to open in Marlow in October.
“Everyman remains an affordable and popular choice for consumers. The record week of admissions we saw in July demonstrates both the value of original content, and the fact that cinema remains as relevant as ever. Alongside this, we continue to see increasing demand for our high-quality food and beverage offering. The all-encompassing Everyman experience leaves us very well placed to satisfy consumer demand for premium entertainment,” said Alex Scrimgeour, Chief Executive Officer of Everyman Media Group
“None of what we do would be possible without the incredible Everyman team both in our venues and head office. I would like to take this opportunity to thank them all for their hard work and willingness to go that extra mile for our customers. We have added three carefully selected new venues to our estate and we look forward to building on the significant momentum we have seen in July and August.”