Everyman Media posts 32% jump in first-half revenue

Cinema chain Everyman Media posted a jump in first-half revenue on Wednesday as it benefited from increased sites and admissions, a rise in box office pricing and improved spend per head on food and drinks.

In the six months to 5 July, revenue was up 32% to £24.9m, with box office sales up 29.7% on the same period a year earlier as the group's market share increased to 2.45% from 1.98% last June and 2.11% in December 2017.

Adjusted earnings before interest, taxes, depreciation and amortisation were 35% higher at £4.1m and the company added one new venue, expanding its current estate to 22 venues operating 69 screens.

Everyman said it remains committed to a further 15 new venues, having exchanged contracts on a further three sites at Crystal Palace, Cardiff and London Broadgate since the beginning of the year.

It added that trading since the period end has continued in line with the board's expectations.

Chairman Paul Wise said: "2018 has continued the significant growth in the business seen in 2016 and 2017. This expansion, along with underlying revenue growth and improved efficiencies, delivered an overall performance in line with the board's expectations for the period.

"Everyman differentiates by focusing on delivering a high-quality offer through its venues, content, staff and F&B. The board's long held belief in this model as being the bedrock for significant growth within the UK has been further strengthened in the last six months and our ambitions continue to grow.

"A further 15 committed venues, and a continually evolving pipeline beyond, is substantially increasing our footprint across the UK."

At 1550 BST, the shares were up 1.3% to 220.75p.