Everyman’s growing chain of cinemas underpins rocketing revenue growth
A raft of new cinemas helped Everyman Media Group grow revenue 27 per cent to £52m last year, as it prepares to open a further seven venues this year.
Read more: Everyman cinemas on track amid expansion plan
Earnings before interest, tax, depreciation and amortisation rose 38 per cent year on year to £9.2m, the growing chain told investors, who reacted by sending shares up 9.4 per cent to 198p.
The firm opened five cinemas around the UK in 2018, while another 14 are in the works as chief executive Crispin Lilley hailed the luxury cinema chain’s “tremendous” growth.
Everyman opened venues in York, Glasgow, Altrincham and Liverpool, as well as Crystal Palace after buying the freehold of a boarded up 1920s picture palace to return it to its former pomp.
“We love bringing fabulous old cinemas back to life,” Lilley told City A.M.
“Our focus is on the cinema experience, helping people 25 years or older fall back in love with cinema,” he added.
“Our biggest challenge when we open a new venue is getting people in the door for the first time.”
After that many visitors seem keen to go again, judging by a 25 per cent rise in admissions to 2.8m over 2018, a year that saw Everyman become the UK’s fifth biggest chain.
With 26 sites and 84 screens across the UK, Everyman has expanded outside of its original London stomping ground, with venues planned in Newcastle, Horsham, Manchester, Cardiff and Lincoln, among other locations.
Read more: Everyman revenues climb higher as cinema chain plots expansion
But it is still committed to the capital, planning to screen movies at new sites in Kings Road Chelsea, Broadgate London and Borough Market.