Cinema expansion

Everyman puts faith in film to target new sites

Top Gun Maverick
Top Gun Maverick was one of few big releases last year

Cinema chain Everyman, which opened outlets in Edinburgh and Egham last year, said it is committed to opening more sites.

Covid-related delays in film production resulted in a reduced slate of film content during 2022. Despite this, the company was able to exceed trading expectations by attracting existing and new customers.

The directors expect both the volume and quality of new releases to significantly increase in 2023.

Alex Scrimgeour, chief executive of Everyman Media Group, said: “The UK’s appetite for film and the Everyman brand remains reassuringly strong.

“Our proposition is aligned with prevailing long-term consumer trends focused on affordable, high quality entertainment.

“Whilst Tom Cruise’s much lauded Top Gun: Maverick (pictured) marked a symbolic post-COVID return to business as usual, there have been other challenges to face along the way caused by global instability and associated inflation. To therefore exceed financial expectations is a credit to the incredible teams in our venues and head office.

“We will continue to deliver against our expansion strategy in 2023 and, with film production now in a good place, are confident of another year of progress.”

In a trading update it said group revenue for the year to 29 December came in at £79.7m, an increase of 62.5% versus the prior year (2021: £49m).

Group EBITDA ahead of market expectations at approximately £14.5m, an increase of 74.7% vs. the prior year (2021: £8.3m).

Market share maintained at 4.5% (2021: 4.5%).

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