23 January 2024 , 15:49
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Everyman, the UK's fourth largest cinema chain, has reported a rise in sales and earnings despite being hit by writer and actor strikes in 2023.
The company also revealed to shareholders that it expects a boost from an "continuously improving" film slate this year, including new releases like Wicked, Despicable Me 4, Paddington in Peru, Joker: Folie a Deux, Inside Out 2, Mufasa: The Lion King, Dune: Part II and an untitled Gladiator sequel. The cinema chain announced that its group revenues increased by 16.7% to £90.9 million for the year ending December 28, compared with the same period last year.
Earnings for the year also grew by 19.1% to £16.2 million. Despite the strikes affecting its performance in the second half of 2023, Everyman managed to open four new cinemas in Marlow, Salisbury, Northallerton and Plymouth, and acquired Tivoli venues in Bath and Cheltenham after Empire Cinemas fell into administration.
The company currently operates 44 venues and plans to open new cinemas in Bury St Edmunds, Durham, London Stratford and Cambridge this year. Alex Scrimgeour, the boss, said: "We have delivered robust, double-digit growth in both revenue and ebitda (earnings before interest, tax, depreciation and amortisation) 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. I would like to take this opportunity to thank our incredible venue teams and head office without whom the positive achievements of this year would not have been possible."
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Shares in Everyman were up 4.7% at 61.02p on Tuesday afternoon.
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