Cinema chain Everyman recovers after Barbie and Oppenheimer boost

Alex Scrimgeour, chief executive of the group, said it saw ‘exceptional performance throughout July and August’ as a result.

Boutique cinema chain Everyman Media Group has revealed rocketing profits despite a slowdown in film production over the past year resulting in fewer film releases (Everyman Media Group/PA)

Cinema business Everyman has said losses widened over the first half of the year after a weaker slate of films but it is on track for the year after Barbie and Oppenheimer drew big audiences.

Shares in Everyman Media edged lower after the update on Wednesday morning.

Alex Scrimgeour, chief executive of the group, said it saw “exceptional performance throughout July and August” as a result of Barbie and Oppenheimer.

The company also hailed strong performances from Indiana Jones And The Dial Of Destiny and Mission Impossible: Dead Reckoning Part One.

Everyman told shareholders that it enjoyed a strong recovery after revenues declined to £38.3 million over the first six months of the year, compared with £40.7 million a year earlier.

It posted a pre-tax loss of £4.3 million for the half-year as a result, widening from a £798,000 loss over the same period in 2022.

Everyman said the first half of 2022 had been more heavily weighted by strong audiences for film titles such as The Batman, Belfast and Top Gun: Maverick.

It also revealed that it saw revenues from the start of the year to the end of August of £60.2 million, up from £53.1 million last year.

Mr Scrimgeour said: “We are pleased to report that trading continues to be in line with the board’s expectations, having achieved robust interim results despite this year’s major film titles falling in the second half of 2023.

“Everyman’s strong year-to-date performance underpins our confidence in meeting market expectations for the full year, whilst equally demonstrating that the UK cinema sector is as vibrant as ever.

“We remain confident in our prospects as we continue to be supported by a slate of high-quality second half releases, a carefully expanded estate and new banking facilities which ensure we are well configured to take advantage of future opportunities.”

The group held its financial targets for the current year.

Everyman shares were down 1% in early trading.