Barbie and Oppenheimer arrived late to prevent Everyman from suffering a first-half defeat
- The London-based cinema chain posted sales of £4.3 million in the six months to June
- Falling ticket purchases led to a fall in revenue of around £2.4m to £38.3m
- Everyman benefited enormously from the publication of Barbie and Oppenheimer
Everyman Media Group’s first-half losses rose more than five-fold after weaker major film releases and the cost of opening new venues.
Britain’s fourth-largest cinema operator reported a loss of £4.3 million for the six months to June, compared with a loss of £798,000 in the same period last year.
It suffered the double whammy of an annual comparison with blockbuster releases in the first half of last year and of this year’s two big films, Barbie and Oppenheimer, due out later in the summer.
The company noted that costs were driven up mainly by salary increases and the opening of new sites in Salisbury, Plymouth and Northallerton in Yorkshire.
Turkey: Everyman Media Group reported a loss of £4.3 million for the six months to June
Although average cinemagoers spent more on tickets, food and drink, falling admissions meant the company’s turnover fell by £2.4m to £38.3m, reflecting the timing of major cinema screenings.
New releases in the first half of 2022 included superhero film “The Batman,” Kenneth Branagh drama “Belfast” and long-awaited sequel “Top Gun: Maverick.”
In comparison, some of this year’s most popular films came out in midsummer, notably Barbie and Oppenheimer.
Many Brits took part in the Barbenheimer phenomenon by watching the two films back to back, helping Everyman achieve a record week in cinema attendance in July and record sales last month.
As a result, the company’s revenue between the start of 2023 and the end of August was £60.2 million, up 13.3 percent year-on-year.
Alex Scrimgeour, the company’s managing director, said: “Everyman’s strong year-to-date performance underpins our confidence in meeting market expectations for the full year, while demonstrating that the UK cinema sector is as dynamic as ever.”
“We remain confident about our prospects as we continue to be supported by a series of high-quality releases in the second half of the year, a carefully expanded inventory and new banking facilities, ensuring we are well positioned to capitalize on future opportunities.”
Upcoming blockbusters include the fantasy musical “Wonka” and the epic historical drama “Napoleon,” directed by Ridley Scott and starring Oscar-winning actor Joaquin Phoenix as the titular French emperor.
The sci-fi sequel Dune: Part Two was originally scheduled to be released later this year, but was pushed back to 2024 due to labor disputes in Hollywood.
Still, Everyman expects next month’s screening of Taylor Swift’s Eras Tour concert film, which broke first-day advance sales records for distributor AMC in the U.S., to do very well.
Shares in Everyman Media Group were flat at 55.5p late on Wednesday afternoon, having fallen by around three-quarters in the last three years.