Everyman cinemas has “well-developed” 2024 pipeline
Upmarket cinema chain Everyman has a “well-developed” pipeline of openings for 2024, as it continues to expand within a struggling market.
During the first half of 2023, Everyman had opened new cinemas in Northallerton, Plymouth, and Salisbury, bringing its total estate to 41 venues.
It is also set to open a two-screen cinema in Marlow in October.
This comes as Everyman releases an update for the first half of the year, during which trading was “in line with expectations”.
Group revenue for the 26 weeks ending 29 June reached £38.3m, which was slightly down against the same period in 2022 (£40.7m). Everyman said that the first half of 2022 was relatively strong, while the majority of this year’s key releases fall in the second half. Earnings (ebitda) also decreased during the period from £7.5m to £5.8m.
Everyman’s trading during the second half of the year has got off to a good start, with the ‘Barbenheimer’ phenomenon delivering record admissions in the final week of July while group revenue for the month reached £10.6m (2022: £7.1m).
The chain is also looking forward to a number of releases in the second half of the year including Dune: Part Two, Wonka, The Hunger Games: The Ballad of Songbirds & Snakes, Napoleon, and Killers of the Flower Moon.
Alex Scrimgeour, chief executive officer of Everyman said the record week of admissions in July demonstrates that “cinema remains as relevant as ever.”
Everyman has also agreed to a new loan facility of £35m from Barclays and National Westminster Bank, replacing its existing £25m revolving credit facility and £15m Coronavirus Large Business Interruption Loan Scheme. The chain said the facility ensures that it is soundly financially structured and well positioned to take advantage of opportunities moving forwards.