Everyman Media H1 profits surge on admissions, pricing growth

(Sharecast News) - Upmarket cinema group Everyman saw profits jump by a third over the six months to 3 July on the back of a solid increase in admissions, pricing and spend, and said the hot summer weather didn't impact its full-year outlook. Revenues were up 21% at £56.5m, with admissions rising 15% over last year to 2.2m. Additional, average ticket prices increased 6% to £12.46 while food and beverage spend rose 5.9% to £11.09 per head.

Results were also bolstered by weak year-on-year comparisons, with the WGA and SAG-AFTRA strikes in Hollywood affecting the consistency of film releases in 2024.

As a result, group EBITDA was up 33% at £8.2m.

The company said, despite the hottest summer on record in the UK and a continuing challenging macro environment, it remains on track to hit full-year consensus forecasts for revenues and adjusted EBITDA of £121.6m and £20.0m, respectively.

"We move into the second half of the year in a strong position - bolstered by a compelling customer offering, reduced leverage and a strong film slate, with major H2 releases including Downton Abbey: The Grand Finale, Wicked: For Good, and Avatar: Fire and Ash," said chief executive Alex Scrimgeour.

The stock was more or less flat on Wednesday morning, trading just 0.1% higher at 41.05p by 1050 BST.