Everyman confirms pre-tax loss of £22.2m
Everyman Media Group (AIM:EMAN) announced on Thursday that it made a pre-tax loss during 2020 as the pandemic severely impacted the business.
However, the cinema company’s outlook is optimistic as it appears lockdown restrictions are being eased across the country.
The British cinema firm reported a loss before tax for last year of £22.2m, a swing from a £2.3m profit in 2019, while its revenue dropped by just over £40m to £24.2m in 2020.
The group said that there was a mere ten weeks of normal trading conditions, with 25 weeks of full closures, and 17 weeks of disrupted business due to coronavirus restrictions. As of May 17 Everyman plans to reopen all of its sites in line with the roadmap set forward by Boris Johnson.
The AIM-listed company retains a positive outlook for the current year as it has a robust upcoming programme of films. However, its statement did also allude to factors outside the company’s control, and so it will not be providing a guidance at this stage.
Alex Scrimgeour, chief executive of Everyman, said:
“Whilst it has been an unprecedented and extremely challenging year, it is clear to me that the team has done an excellent job in navigating those challenges. They minimised all costs during periods of closure, strengthened the Group’s balance sheet, worked with our landlords to achieve rent concession and not least, remained actively engaged with our people and customers throughout,” Scrimgeour said.
“During times in the year when our venues were able to open, the Group continued to enjoy the strong demand for the Everyman offering that it has seen for many years previously. Its innovative approach to providing new content was also welcomed, with the exclusive screening of Gorillaz concerts as well as old James Bond films both proving popular, for example. Exciting, exclusive programming will continue to be important to us as we look ahead.”
“Since joining in January, I have been struck by our strong foundation of supportive staff, customers, shareholders and of course our Board. Moving forward we remain confident that the nation’s love of film remains and that ourpremium offering sets us apart. We will be in a strong position to bounce back, with a great opportunity to return to expansion once more when it is safe to welcome back our customers and our staff in just over a month’s time.”
Everyman is the fourth largest cinema business in the UK by number of venues and a premium leisure brand. Everyman operates a growing estate of venues across the UK, with an emphasis on providing first class cinema and hospitality.
