EVERYMAN MEDIA GROUP (EMAN) Trading Update summary

Trading performance and financial highlights

• Revenue for H1 2023 was £38.3m, down from £40.7m in H1 2022, reflecting a strong prior year comparator and a film slate weighted to H2.

• Group EBITDA for H1 2023 was £5.8m, compared to £7.5m in H1 2022, with last year's figure benefiting from a £0.9m reduction in rent and popular film releases.

• July 2023 saw record admissions driven by Barbie and Oppenheimer, with revenue of £10.6m (vs. £7.1m in July 2022) and EBITDA of £2.6m (vs. £1.3m in July 2022).

• Three new venues opened in H1, bringing the estate to 41 cinemas, with further expansion planned for October 2023 and into 2024.

• Full-year 2023 financial performance is expected to be in line with market expectations, with a strong H2 film pipeline including Dune: Part Two and The Hunger Games.

Strategic and operational updates

• Everyman continues to position itself as an affordable and popular entertainment choice, with increasing demand for its premium food and beverage offering.

• The company emphasizes the value of original content and the ongoing relevance of cinema for consumers.

• The team’s efforts and new venue openings are highlighted as key to recent and anticipated future growth.

• Interim results for the 26 weeks ended 29 June 2023 will be published on 13 September 2023.

• Current market forecasts for FY 2023 are revenue of £94.4m and adjusted EBITDA in line with expectations.

Outlook and future plans

• H2 2023 is expected to benefit from a strong film slate, with early success from Barbie and Oppenheimer continuing into August.

• Additional venue openings are planned, including a two-screen site in Marlow in October 2023.

• The company remains confident in meeting full-year market expectations.

• The pipeline for 2024 remains active, supporting ongoing expansion.

• Focus remains on delivering premium entertainment and enhancing the customer experience.