Everyman upbeat about upcoming releases as H1 profits rise

Everyman Media shares bounced back following recent falls on Thursday after the cinema chain pointed to improving conditions in the second half on the back of a strong pipeline of releases.

The upmarket cinema operator, which owns 45 sites across the UK with two more in the works this year, said high-profile releases over the remainder of 2024 like Joker: Folie à Deux, Paddington in Peru and Gladiator II should result in a "significant H2 weighting to admissions, revenue and EBITDA".

Admissions in the first half totalled 1.9m, up from 1.6m the year before, leading to revenues rising to £46.9m from £38.3m, while average ticket prices increased to £11.76 from £11.49 a year earlier. EBITDA rose to £6.2m from £5.8m.

"Our continued strong performance, driven by consumer appetite for the unique Everyman proposition, comes despite a marked reduction in film output following last year's writer and actor strikes," said chief executive Alex Scrimgeour.

Everyman said it expects to hit market expectations for the year ending 2 January 2025 of £108m in revenue and adjusted EBITDA of £19.3m, up from £90.9m and £16.2m the previous year, respectively.

The stock was up nearly 5% at 51.45p by 1050 BST, but still remained down 20% over the year to date.