Cinema chain Everyman delivers strong results, expects further growth in 2024
Shares in Everyman Media jumped on Tuesday after the upmarket cinema chain released its 2023 results, showing a double-digit rise in revenues and profits, with further growth expected this year.
The company, which operated 152 screens across 44 venues by year-end, reported full-year revenues of £90.9m, up 15.3% on 2022.
An 9.7% increase in admissions to 3.75m was met with a 3% rise in the average ticket price to £11.65 and an 10% jump in the average spent on food and drink to £10.29 a head.
Everyman, which opened further sites organically during the year and took over two from the bankrupt Empire Cinemas brand, said that its share of the market increased to 4.8% in 2023, from 4.5% the year before. It added that has three confirmed openings in 2024.
Adjusted EBITDA came in at £16.2m, up 11.7% from 2022, while the company ended the year with gross cash of £6.6m, up from £3.7m.
Looking ahead, the company said positive momentum continued into the first quarter of 2024, with strong trading driven by 'Dune: Part II' and high-quality awards content.
Upcoming blockbusters such as 'Paddington in Peru' and 'Joke: Folie a Deux' have given management confidence that this year will "outperform 2023 due to a stronger slate, with more focus on original storytelling and quality content.
The stock was up 4.4% at 59p by 1057 BST.