‘Barbenheimer’ boosts cinema chain Everyman with record week

Cinema chain Everyman saw its earnings double last month thanks to the release of the Barbie and Oppenheimer films, as it racked up a record week of admissions.

Despite the movies only coming out in the last week of July, they helped lift earnings before interest, tax, depreciation and amortisation (EBITDA) to £2.6 million, from just £1.3 million the month before.

Revenue rose from £7.1 million to £10.6 million, the chain said on Friday.

The company, which has 41 cinemas across the UK, said the early success of the films has continued into August.

It is also expecting a series of additional movies to help its performance in the second half of the year, including Dune: Part Two; Wonka; The Hunger Games: The Ballad Of Songbirds and Snakes; Napoleon; and Killers Of The Flower Moon.

The business said it expects to meet market expectations for the year. Analysts expect it to report £94.4 million in revenue and £17.2 million in adjusted EBITDA.

In the six months to the end of June, revenue was £38.3 million, down 5.9%. EBITDA dropped from £7.5 million to £5.8 million, partly because the business was paying lower VAT in the opening months of 2022.

Chief executive Alex Scrimgeour said: “Everyman remains an affordable and popular choice for consumers.

“The record week of admissions we saw in July demonstrates both the value of original content, and the fact that cinema remains as relevant as ever.

“Alongside this, we continue to see increasing demand for our high-quality food and beverage offering.

“The all-encompassing Everyman experience leaves us very well placed to satisfy consumer demand for premium entertainment.

“None of what we do would be possible without the incredible Everyman team both in our venues and head office.

“I would like to take this opportunity to thank them all for their hard work and willingness to go that extra mile for our customers.

“We have added three carefully selected new venues to our estate and we look forward to building on the significant momentum we have seen in July and August.”