‘Barbenheimer’ provides July bumper for Everyman Media Group
- Everyman revealed that sales were up around 50% last month to £10.6 million
- The company also revealed that first-half revenues fell by £2.4m to £38.3m
- Some Britons watched the films Barbie and Oppenheimer one after the other
Everyman Media Group experienced record attendance in July as audiences flocked to watch the Barbie and Oppenheimer movies.
The high-end cinema operator revealed its turnover was up around 50 per cent last month to £10.6m, while core revenues doubled to £2.6m.
Many Britons got on the ‘Barbenheimer’ bandwagon, watching the two blockbusters back to back and providing much-needed relief for cinemas still struggling to recover from the Covid-19 pandemic.
Phenomenon: Many Britons got on the ‘Barbenheimer’ bandwagon, watched the two blockbusters back-to-back and provided much-needed lighting for cinemas
Following the release of the two films on July 21, British cinemas experienced their busiest weekend since 2019, according to the UK Cinema Association, with Barbie and Oppenheimer alone generating nearly £30 million in box office receipts.
Alex Scrimgeour, CEO of Everyman, said: ‘The record week of admissions we saw in July demonstrates both the value of original content and the fact that cinema remains as relevant as ever.’
It followed a more disappointing period for the group, which also showed sales falling by £2.4m to £38.3m for the six months ending 29 June.
Meanwhile, half-year profit before interest, tax, depreciation and amortization was £5.8m compared to £7.5m last year when Everyman benefited from a lower VAT rate in the first quarter.
The London-based company expects to do better in the second half of 2023, when most blockbuster movies come out.
Upcoming releases include the sci-fi sequel Dune: Part Two and the fantasy musical Wonka – both starring Timothee Chalamet – and Leonardo DiCaprio’s Killers of the Flower Moon.
Another major future release is the epic historical drama Napoleon, starring Joaquin Phoenix as the legendary French Emperor and directed by Ridley Scott.
Everyman expects a solid performance in the second half that will result in annual revenue of £94.4 million and adjusted core profit of £17.2 million.
Scrimgeour added: ‘We continue to see increasing demand for our high quality food and beverage offerings. With the comprehensive Everyman experience, we are very well positioned to meet consumer demand for premium entertainment.”
In addition to the results, Everyman said it had agreed a new £35 million three-year loan with NatWest and Barclays, which could be extended for a further two years, subject to lender approval.
The company said the deal would ensure it remains “financially structured and well positioned to take advantage of future opportunities.”
Everyman Media Group shares were up 1.7 percent, or 1 pence, to 61 p on Friday morning, but have still shrunk by more than a quarter since the start of 2023.