Everyman Cinemas “committed” to expansion
Everyman Cinemas has said it is “committed” to organic expansion in 2024, with “excellent opportunities available for new sites”.
The group added that it will continue to consider “opportunistic acquisitions”.
This comes as the cinema operator releases a trading update for 2023, a period during which it opened four venues in Marlow, Salisbury, Northallerton, and Plymouth.
Everyman also acquired two Tivoli venues in Bath and Cheltenham from Empire Cinemas in December.
The group now operates 44 venues, with a total of 152 screens.
In August, the up-market cinema chain said it had a “well-developed” pipeline of new openings in 2024. It had also agreed a new loan facility of £35m which it said ensures that it is soundly financially structured and well positioned.
In 2023, Everyman’s revenue increased by 16.7% year-on-year to approximately £90.9m, up from £77.9m in 2022. The group’s earnings (EBITDA) increased by 19.1% to approximately £16.2m.
Everyman’s performance in the second half of the year was hindered by strikes within the film industry, although the chain said it could re-confirm market expectations for 2024 and has confidence in its prospects moving forward.
Alex Scrimgeour, chief executive officer of Everyman, said: “We have delivered robust, double-digit growth in both revenue and EBITDA against a challenging economic backdrop, delays to new openings and both writers’ and actors’ strikes. Further operational progress has been made with improvements in all key metrics, illustrating that our proposition remains as relevant as ever.”
Earlier this month, it was announced that Everyman has been chosen as the leisure anchor at The Brentford Project.