EVERYMAN MEDIA GROUP (EMAN) H1 2024 earnings summary

Executive summary

• Revenue grew to £46.9m in H1 2024 from £38.3m in H1 2023, with admissions rising to 1.9m from 1.6m, and adjusted EBITDA up to £6.2m from £5.8m.

• Market share increased to 5.6% from 4.2%, and membership surged 76% to 45,684.

• Opened a new venue in Bury St Edmunds, with two more venues set to open in H2 2024.

• Despite the impact of last year's WGA and SAG-AFTRA strikes, strong Q1 content and operational progress drove results.

Financial highlights

• Gross profit margin improved to 66.5% (H1 2023: 65.6%).

• Food & Beverage spend per head rose to £10.47 (H1 2023: £10.25); average ticket price increased to £11.76 (H1 2023: £11.49).

• Operating loss was £1.8m (H1 2023: £1.6m); loss before tax was £4.9m (H1 2023: £4.3m).

• Net loss for the period was £3.9m (H1 2023: £4.3m); basic and diluted EPS were both (4.23)p.

• Cash at period end was £2.2m; net cash outflow was £4.5m.

Outlook and guidance

• Board expects full-year financial performance to be in line with market expectations (FY24 revenue: £108m, adjusted EBITDA: £14.5m).

• Strong H2 expected due to robust film slate including major releases in Q4.

• Expansion to continue with new venues in Cambridge and Stratford in H2 2024, and further openings planned for 2025.

• Focus on prudent capital allocation to reduce net debt and maintain balance sheet strength.