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Highlights:
- Share Price Increase: Everyman Media Group PLC shares rose 6% after reporting a 22% revenue increase to £46.9 million and a 7% rise in underlying profits to £6.2 million.
- Membership Growth: Membership surged by 76% to 45,684, driven by strong demand for popular films, with admissions growing to 1.9 million.
- Expansion Plans: The company continues its expansion with new cinema openings planned and aims to enhance its balance sheet, despite potential profit margin impacts in 2025.
Shares in Everyman Media Group PLC (LSE:EMAN) rose by 6% following the release of the company's half-year results, which highlighted improved sales and profits. The upmarket cinema chain indicated that while its current expansion strategy will support growth, it may also limit profit margins in 2025.
Everyman has recently opened a three-screen venue in Bury St Edmunds, expanding its portfolio to 45 cinemas across the UK. The company also reported a significant increase in membership, which reached 45,684 by the end of June, reflecting a 76% growth from the previous year. This surge in membership, coupled with strong demand for popular films such as *Dune Part Two*, *Poor Things*, and *Bob Marley: One Love*, contributed to a 22% rise in revenues, totaling £46.9 million. Admissions grew to 1.9 million, compared to 1.6 million in the same period last year, while average spend per customer increased by 2.1% to £10.47.
The underlying profits (EBITDA) for the first half amounted to £6.2 million, representing a 7% increase year-on-year. However, the company reported a slight increase in operating losses to £1.8 million, primarily due to rising administrative expenses. Despite this, Everyman remains optimistic about its film offerings for the remainder of the year, with an "excellent pipeline" of anticipated releases including *Joker: Folie à Deux*, *Gladiator II*, *Paddington in Peru*, *Wicked*, *Moana 2*, and *Mufasa: The Lion King*.
Looking ahead, the company plans to open a new five-screen cinema in Cambridge in November and a three-screen venue in Stratford, East London, in December. The board expressed confidence that the full-year results will align with market expectations. Chief Executive Alex Scrimgeour emphasized that Everyman aims to maintain its current pace of expansion, with plans for three new venues in 2024 and four in 2025.
Scrimgeour stated that while the rate of openings may moderate growth projections for 2025, this strategy will allow the company to enhance its balance sheet and reduce net debt in the coming years. This approach is designed to provide the flexibility to capitalize on promising opportunities in 2026 and beyond, ensuring a robust future for Everyman Media Group as it continues to expand its footprint in the competitive cinema landscape.
