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.
The business, which runs a chain of 38 upmarket cinemas across the UK, said its earnings were ahead of market expectations in the year to December 29.
It posted group earnings of approximately £14.5 million, up by nearly three quarters compared to the £8.3 million made the previous year, which was affected by Covid lockdowns in the first few months of the year.
It also enjoyed a surge in revenues, to £80 million from £49 million in 2021.
The chain has benefited from people spending more on each visit to the cinema, with the price paid for the average ticket increasing by 2.6%, to £11.29 from £11 last year, suggesting that prices may have risen.
And the average food and drink spending increased by 3% to £9.34 per person.
Covid-related delays in film production resulted in a reduced slate of films in 2022, the business revealed.
But the release of Tom Cruise’s Top Gun: Maverick marked a symbolic return to post-Covid “business as usual”, Everyman said, with the film enjoying record box office sales in the year.
Everman, which opened new venues in Edinburgh and Egham last year, said it was optimistic about the year ahead for the sector, with film production now in a good place.
Its “unique Everyman experience” – whereby cinemagoers can order food and drink to their seats in a more theatre-style setting – has also attracted new and existing customers, the firm said.
It is set to open a new venue in Durham in February, and further openings in Salisbury, Northallerton, Plymouth and Marlow are expected this year.
Alex Scrimgeour, Everyman’s chief executive, said: “The UK’s appetite for film and the Everyman brand remains reassuringly strong. Our proposition is aligned with prevailing long-term consumer trends focused on affordable, high quality entertainment.
“Whilst Tom Cruise’s much lauded Top Gun: Maverick marked a symbolic post-Covid return to business as usual, there have been other challenges to face along the way caused by global instability and associated inflation.
“To therefore exceed financial expectations is a credit to the incredible teams in our venues and head office.
“We will continue to deliver against our expansion strategy in 2023 and, with film production now in a good place, are confident of another year of progress.”
Shares in Everyman jumped by around 7% on Monday morning as investors cashed in on the better-than-expected update.