17th Jan 2025 10:06
(Alliance News) - Shares in Everyman Media Group PLC fell on Friday, after the movie-house chain reported a slow fourth quarter, but it nonetheless projected higher revenue for all of 2024.
Shares in the London-based premium cinema chain dropped 13% to 44.00 pence each on Friday morning.
This comes despite Everyman expecting to report higher revenue of GBP107.2 million in the 53-week period that ended January 2, up 18% from GBP90.0 million a year prior.
Everyman noted a "record" 65% rise in membership over the past year, with members totalling 56,000 in 2024 versus 34,000 in 2023. Its market share increased to 5.4% from 4.8%. The company is the UK's fourth largest cinema chain by number of venues.
Also positive, net debt was reduced to GBP18.2 million from GBP19.4 million a year before.
However, earnings before interest, tax, depreciation and amortisation are estimated to have declined to GBP16.1 million in 2024 from GBP16.2 million in 2023.
Fourth-quarter performance in particular was weaker than expected, for which Everyman cited "congestion" in the blockbuster film release calendar. The cinema chain also said customer spending per head softened in November and December as a result of more family-oriented releases.
The outlook is "more cautious" heading into 2025 and 2025, with changes in the autumn budget fuelling uncertainty, Everyman said.
"We are focused on continuing to control debt and reduce leverage, and, notwithstanding the wider trading environment, we will continue to deliver Everyman's unique brand of hospitality to our growing customer base, with two exciting openings confirmed in 2025," said Chief Executive Alex Scrimgeour.
"We remain confident in delivering further growth, bolstered by our market leading position and continued demand for Everyman's elevated cinema experience."
Key titles for the year ahead, Everyman said, include 'Bridget Jones: Mad About the Boy', 'Mission: Impossible - The Final Reckoning', 'Wicked: For Good', and 'Avatar: Fire and Ash'.
By Holly Munks, Alliance News reporter
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