EVERYMAN MEDIA GROUP (EMAN) H2 2024 earnings summary

Executive summary

• Admissions rose 15% year-over-year to 4.3 million, with average ticket price up 2.8% to £11.98 and food & beverage spend per head up 3.4% to £10.64.

• Market share increased to 5.4% from 4.8%, and three new venues were opened in 2024.

• Despite industry headwinds from the 2023 SAG-AFTRA and WGA strikes, revenue grew 17.9% to £107.2m, but the group reported a loss after tax of £8.5m (2023: £2.7m loss).

• Adjusted EBITDA remained flat at £16.2m, while operating loss increased to £3.4m due to higher depreciation and impairment charges.

Financial highlights

• Revenue: £107.2m, up 17.9% year-over-year (2023: £90.9m).

• Gross profit: £69.1m (2023: £58.1m); gross margin improved to 64.4%.

• Operating loss: £3.4m (2023: £0.1m loss); loss before tax: £10.2m (2023: £5.5m loss).

• Adjusted EBITDA: £16.2m (2023: £16.2m).

• Net banking debt reduced to £18.1m (2023: £19.4m).

• Cash and cash equivalents at year-end: £9.9m (2023: £6.6m).

• Impairment charge: £2.6m (2023: £0.7m).

Outlook and guidance

• Confident outlook for 2025 with a robust and more evenly distributed film slate.

• Two new venues planned for 2025 (Brentford and The Whiteley), with further expansion in 2026.

• Focus on reducing net debt and leverage over the next two years.

• Management expects admissions to recover toward pre-pandemic levels as the impact of strikes subsides.