The Everyman Media Group PLC (LON: EMAN) share price traded sideways after releasing a trading update for the 26 weeks ending 29 June 2023. The company noted that trading remains within expectations and expressed confidence that its full-year performance would align with market expectations.
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The media group’s revenues were £38.3 million, slightly lower than the £40.7 million recorded in a similar period last year. The cinema company noted that most of the crucial 2023 movie releases are weighted towards the year's second half, so it expects to perform much better in H2 2023.
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YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY
The group registered a pretax profit of £5.8 million, marking a decline from the £7.5 million recorded in H1 2022. The previous year benefitted from a lower VAT rate in Q1 2022 worth £0.9 million in EBITDA but was also driven by popular movie releases.
The movie theatre company highlighted the release of the Barbie movie and Oppenheimer for playing a critical role in ensuring the company had a record performance in July. The company generated revenues worth £10.6 million in July compared to £7.1 million in July 2022. In July, the group’s gross profits were £2.6m versus £1.3m in July 2022.
Everyman Media Group also added three more venues to its portfolio, bringing the total number of movie theatres it operates to 41. The company revealed that the three venues were carefully selected based on strict criteria to ensure they aligned with the group’s growth strategy.
The company looks forward to the blockbuster movies slated for H2 2023 to boost its performance for the year's second half.
Alex Scrimgeour, Everyman Media Group Plc’s CEO, said: “Everyman remains an affordable and popular choice for consumers. The record week of admissions we saw in July demonstrates both the value of original content and the fact that cinema remains as relevant as ever. Alongside this, we continue to see increasing demand for our high-quality food and beverage offering. The all-encompassing Everyman experience leaves us very well-placed to satisfy consumer demand for premium entertainment. None of what we do would be possible without the incredible Everyman team both in our venues and head office.”
Everyman share price.
The Everyman share price rose 0.42% to trade at 60.25p, from Thursday’s closing price of 60.00p.
YOUR CAPITAL IS AT RISK. 76% OF RETAIL CFD ACCOUNTS LOSE MONEY.