Profits soar for Everyman as Top Gun sequel brings everyone back to cinemas

Small cinema chain Everyman Media Group has revealed soaring profits despite a slowdown in production over the past year resulting in fewer releases.

He Business, which operates a chain of 38 high-end cinemas across the UK, said its earnings exceeded market expectations for the year to December 29.

It posted group earnings of around £14.5m, up almost three-quarters from the £8.3m made the year before, which was hit by the Covid shutdown in the first few months of the year. .

It also saw a spike in revenue, from £49m in 2021 to £80m.

The chain has benefited from people spending more per cinema visit, with the average price paid for a ticket up 2.6 per cent, to £11.29 from £11 last year, indicates that the price may have risen.

And average spending on food and drink rose 3 per cent to £9.94 per person.

The business revealed that Covid-related delays in film production resulted in a reduction in the number of films in 2022.

But the release of Tom Cruise’s Top Gun: Maverick marked an iconic return to “business as usual” after Covid, Everyman said, with the film hitting a record box office. in year.

Everman, which opened new locations in Edinburgh and Egham last year, said it is optimistic about next year for the sector, with film production currently in a good position.

The company says the “unique Everyman experience” – whereby audiences can order their food and drinks in a more theater-style setting – has also attracted new and existing customers. in.

It is set to open a new location in Durham in February, and is expected to open more in Salisbury, Northallerton, Plymouth and Marlow this year.

Alex Scrimgeour, chief executive of Everyman, said: “The UK’s love of cinema and the Everyman brand remains strong. Our recommendation is in line with a popular long-term consumer trend that focuses on affordable, high-quality entertainment.

“While Tom Cruise’s much-vaunted Top Gun: Maverick marks an iconic return to business after Covid as usual, there are other challenges to face along the way due to global uncertainty. demand and associated inflation.

“Therefore, exceeding financial expectations is a credit to the incredible teams at our locations and headquarters.

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“We will continue to execute on our expansion strategy into 2023, and with film production currently in a good position, we are confident of another year of progress.”

Everyman’s stock was up about 7% Monday morning as investors cashed in on the update better than expected.