Everyman Media Group PLC (AIM:EMAN), the company behind Everyman Cinemas, swung to a full-year profit in 2022 and remains “confident of another year of strong operational and financial progress.”
Operating profit for the year to 29 December 2022 was £402,000, compared to a loss of £2.2mln the year earlier, according to the company's results statement.
Revenue also rose to £78.8mln, up from £49mln in 2021, while adjusted underlying earnings (EBITDA) grew to £14.5mln from £8.3mln.
However, the group’s net debt position more than doubled to £18.5mln from £8.7mln, while cash at the year-end shrank to £3.7mln from £4.2mln 12 months earlier.
Despite this, the group said it remains confident for another year of operational and financial progress, with performance so far this year in line with expectations.
Everyman said it expects financial improvement from higher admissions, strong management of costs and new site openings even in the face of a difficult macroeconomic environment and its impact on consumer spending.
“Supported by an increasingly strong pipeline of new releases, commitment to the theatrical window from studios and new investment from streamers in films for theatrical release, we view our prospects with increasing confidence,” said Everyman chief executive Alex Scrimgeour in the statement.
Six more venues are confirmed to open this year with an “exciting pipeline for further opportunities for 2024 and 2025,” the company noted