23rd Jan 2023 10:44
(Alliance News) - Everyman Media Group PLC on Monday celebrated the recovery of its cinema business from a pandemic-induced slump, noting that the new Top Gun film "marked a symbolic post-Covid return to business as usual."
For the twelve months ended December 29, the London-based independent cinema chain expects to report a revenue surge of 63% to GBP79.7 million from GBP49.0 million a year prior. This would also represent an uplift from pre-pandemic figures, up 23% from GBP65.0 million in 2019.
Earnings before interest, tax, depreciation and amortisation are set to grow even faster, by 75% to GBP14.5 million from GBP8.3 million a year prior, beating market expectations.
Looking ahead, the company said performance in its new financial year has been "encouraging".
Everyman said that while Covid-related delays in film production led to a reduced slate in 2022, the volume and quality of releases in 2023 would improve. Meanwhile, the company said it was taking a "measured" approach to new site opening amid uncertainties posed by global instability and inflation.
Chief Executive Officer Alex Scrimgeour said: "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."
Everyman shares rose 6.4% to 91.50 pence each in London on Monday morning.
By Tom Budszus, Alliance News reporter
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