‘Barbenheimer’ provides bumper July for Everyman Media Group
‘Barbenheimer’ provides bumper July for Everyman Media Group
- Everyman revealed its revenue increased by about 50% to £10.6m last month
- The company also revealed half-year revenue declined by £2.4m to £38.3m
- Some Britons watched the Barbie and Oppenheimer movies consecutively
Everyman Media Group enjoyed a record week of admissions in July as audiences flocked to watch the Barbie and Oppenheimer movies.
The high-end cinema operator revealed its revenue increased by around 50 per cent to £10.6million last month, whilst core earnings doubled to £2.6million.
Many Britons got on the ‘Barbenheimer’ bandwagon, watching the two blockbusters consecutively and providing much-needed relief for movie theatres still struggling to recover from the Covid-19 pandemic.
Phenomenon: Many Britons got on the ‘Barbenheimer’ bandwagon, watching the two blockbusters consecutively and providing much-needed relief for movie theatres
Following the two films’ release on 21 July, British cinemas had their busiest weekend since 2019, according to the UK Cinema Association, with Barbie and Oppenheimer alone generating almost £30million in box office receipts.
Alex Scrimgeour, chief executive of Everyman, said: ‘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.’
It followed a more disappointing period for the group, which also revealed revenue declined by £2.4million to £38.3million for the six months ending 29 June.
Meanwhile, half-year earnings before interest, tax, depreciation and amortisation was £5.8million, compared to £7.5million the previous year when Everyman benefited from a lower VAT rate in the first quarter.
The London-based firm expects to do better in the second half of 2023, when the majority of blockbuster films are set to come out.
Upcoming releases include the sci-fi sequel Dune: Part Two and the fantasy musical Wonka – both starring Timothee Chalamet – and Leonardo Di Caprio’s Killers of the Flower Moon.
Another major future release is the epic historical drama Napoleon, which stars Joaquin Phoenix as the legendary French emperor and is directed by Ridley Scott.
Everyman anticipates a solid second-half performance to result in annual sales of £94.4million and adjusted core earnings of £17.2million.
Scrimgeour added: ‘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.’
Alongside its results, Everyman said it had agreed to a new three-year £35million loan facility with NatWest and Barclays that can be extended by another two years subject to lender consent.
The company said the arrangement would ensure it remains ‘soundly financially structured and well positioned to take advantage of opportunities moving forwards.’
Everyman Media Group shares were 1.7 per cent, or 1p, up at 61p on Friday morning but have still contracted by more than a quarter since the start of 2023.