The UK’s Everyman cinema chain has shown growth in the first half of 2024, despite a content pipeline impacted by 2023’s Hollywood strikes.
Revenue grew to £46.9m for the first half of the year, up 23% from £38.3m in the equivalent period in 2023, while admissions rose 19% from 1.6m to 1.9m.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to £6.2m, from £5.8m.
The average ticket also increased, from £11.49 to £11.76, while food and beverage average spend per head increased to £10.47 from £10.25.
The group’s trading update flagged expectations of “a significant H2 weighting to admissions, revenue and EBITDA based on the strong pipeline of releases for the remainder of the year, including Joker: Folie à Deux, Paddington In Peru, Gladiator II, Wicked, Moana 2 and Mufasa: The Lion King”.
Everyman – known for its luxe offering, and with an emphasis on plush seating and food and beverage that can be ordered to one’s seat – now operates in 45 cinemas, having opened a three-screen venue in Bury St Edmunds in February 2024. A five-screen venue is set to open in Cambridge in November 2024 and a three-screen venue in Stratford (London) in December 2024. Last year, Everyman opened new venues in Marlow, Salisbury, Northallerton and Plymouth, and acquired from shuttered Empire the Tivoli venues in Bath and Cheltenham.
The positive news comes amid tough times generally for the UK exhibition sector, with the Empire cinema chain entering administration last year, and Cineworld reportedly set to close around 25 sites imminently. Last month, Picturehouse, owned by Cineworld, confirmed the closures of three London sites.
However, more premium cinema experiences such as Everyman are showing positive signs, with Odeon, the UK’s largest operator, also announcing plans earlier this month to open three new Odeon Luxe sites in Peterborough, Norwich and Uxbridge.
“We have once again delivered robust growth in both revenue and EBITDA during the first half, reinforcing our position as a leading player across the UK’s cinema landscape,” said Alex Scrimgeour, Everyman CEO. “Our continued strong performance, driven by consumer appetite for the unique Everyman proposition, comes despite a marked reduction in film output following last year’s writer and actor strikes.
“During the second half, we have an exciting slate of releases to look forward to and are confident in our ability to capitalise on the opportunity ahead.”
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