Everyman Media Group has hailed a return to ‘business as usual,’ with loosening Covid-19 restrictions spurring a rebound in visits to theatres.
The entertainment chain revealed 3.4 million people attended a screening at one of its cinemas last year, compared to 2 million in 2021 when its sites were shut for almost five months.
Though production delays limited the volume of releases, the told investors on Wednesday that the popularity of blockbusters like Top Gun: Maverick and Avatar: The Way of Water showed ‘the consumer appetite for film remains undiminished’.
Cheers: Everyman revealed 3.4 million people attended a screening at one of its cinemas last year, compared to 2 million in 2021 when its sites were shut for almost five months
Everyman’s turnover climbed by 61 per cent to £78.8million as consumers also spent slightly more on average for tickets and refreshments when going to the cinema.
It noted that spending on food was boosted by the introduction of new dishes, such as garlic and parsley doughballs, vegan hotdogs, and halloumi and Korean chicken burgers.
This enabled the firm to return to a £402,000 operating profit.
Chief Executive Alex Scrimgeour said: ‘We were encouraged by strong growth in admissions in the year, marking a return to business as usual.
‘Everyman remains a popular and affordable choice for consumers, combining great film, hospitality and atmosphere to provide an exceptional cinema experience.’
The London-based business expects its financial performance to improve as a result of better cost management and the broader slate of box office hits due out this year.
Many of the most eagerly anticipated releases are sequels, including Guardians of the Galaxy: Volume 3, Mission: Impossible – Dead Reckoning Part One, and Indiana Jones and the Dial of Destiny.
Film lovers may be able to watch these films at one of the six Everyman cinemas set to open in 2023 across English towns and cities such as Durham, Salisbury and Plymouth.
Yet Russ Mould warned that Everyman may have a significant challenge getting Britons to attend cinemas amid a cost of living crisis and the Covid-driven surge streaming service usage.
He added: ‘The company’s model is also reliant on people taking advantage of the opportunity to order food and drink to their seats.
‘If people decide they can’t afford to do anything other than rock up and watch the film, that could weigh heavily on profit.’
Everyman Media Group shares were 4.6 per cent lower at 62.5p on early Wednesday afternoon, meaning their value has shrunk by about half in the past year.
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