Everyman Media’s recovery continues as blockbusters help cinema firm increase ticket sales by 70%
- Everyman said 3.4 million people attended a screening at one of its venues by 2022
- Top Gun: Maverick and Avatar: The Way of Water were popular with customers
- Cinemagoers spent on average slightly more on cinema tickets and refreshments
Everyman Media Group welcomes a return to ‘business as usual’, with the easing of Covid-19 restrictions fueling an uptick in theater attendance.
The entertainment chain revealed that 3.4 million people attended a screening at one of its cinemas last year, compared to 2 million in 2021 when the venues were closed for nearly five months.
While production delays limited releases, investors said on Wednesday that the popularity of blockbusters like Top Gun: Maverick and Avatar: The Way of Water showed that “consumer appetite for film remains unabated.”
Cheers: Everyman revealed that 3.4 million people attended a screening at one of its cinemas last year, compared to 2 million in 2021 when the sites were closed for nearly five months
Everyman’s turnover rose 61 per cent to £78.8 million as consumers also spend slightly more on average on tickets and refreshments when they go to the cinema.
It noted that spending on food was boosted by the introduction of new dishes such as garlic and parsley dumplings, vegan hot dogs and halloumi and Korean chicken burgers.
This allowed the company to return to an operating profit of £402,000.
Chief Executive Alex Scrimgeour said: ‘We were encouraged by the strong growth in admissions in the year, marking a return to business as usual.
“Everyman continues to be a popular and affordable choice for consumers, combining great film, hospitality and atmosphere to deliver an exceptional cinematic experience.”
The London-based company expects its financial performance to improve as a result of better cost management and the wider range of blockbusters coming out this year.
Many of the highly anticipated releases are sequels, including Guardians of the Galaxy: Volume 3, Mission: Impossible – Dead Reckoning Part One, and Indiana Jones and the Dial of Destiny.
Film buffs may be able to watch these films in one of six Everyman cinemas opening in 2023 in English cities such as Durham, Salisbury and Plymouth.
Still, Russ Mold warned that getting Brits into cinemas could be a major challenge for everyman amid a cost-of-living crisis and Covid-induced surge in streaming service usage.
He added: “The company’s model also relies on people taking the opportunity to order food and drinks to their seats.
“If people decide they can’t afford to do anything but rock out and watch the movie, it can weigh heavily on profits.”
Everyman Media Group shares were 4.6 percent lower at 62.5 pence early Wednesday afternoon, meaning their value has shrunk by about half over the past year.