‘Barbenheimer’ Offers an Excellent July for Everyman Media Group
- Everyman revealed that its revenue increased by about 50% to £10.6m last month
- The company also revealed that half-year revenue decreased by £2.4 million to £38.3 million.
- Some Brits watched Barbie and Oppenheimer movies back to back
Everyman Media Group enjoyed a record admissions week in July as audiences flocked to see Barbie and Oppenheimer movies.
The high-end cinema operator revealed that its revenue rose around 50 per cent to £10.6m last month, while core profits doubled to £2.6m.
Many Brits jumped on the ‘Barbenheimer’ bandwagon, watching the two blockbusters back-to-back and providing much-needed relief to movie theaters still struggling to recover from the Covid-19 pandemic.
Phenomenon Many Brits jumped on the ‘Barbenheimer’ bandwagon, watching the two blockbusters back-to-back and providing much-needed relief to movie theaters.
Following the release of the two films on July 21, British cinemas had their busiest weekend since 2019, according to the UK Film Association, with Barbie and Oppenheimer bringing in almost £30m in box office receipts.
Alex Scrimgeour, CEO of Everyman, said: “The record week of admissions we saw in July demonstrates both the value of original content and the fact that film remains as relevant as ever.”
A more disappointing period for the group followed, which also revealed revenue declining by £2.4m to £38.3m for the six months to June 29.
Half-year earnings before interest, tax, depreciation and amortization, meanwhile, were £5.8 million, compared with £7.5 million a year earlier, when Everyman benefited from a lower VAT rate in the first quarter.
The London-based firm hopes to do better in the second half of 2023, when most blockbuster movies will be released.
Upcoming releases include the sci-fi sequel Dune: Part Two and the fantasy musical Wonka, both starring Timothee Chalamet, and Leonardo DiCaprio’s Killers of the Flower Moon.
Another major future release is the epic historical drama Napoleon, starring Joaquin Phoenix as the legendary French emperor and directed by Ridley Scott.
Everyman anticipates a strong second half performance that will result in annual sales of £94.4m and adjusted basic earnings of £17.2m.
Scrimgeour added: ‘We continue to see increasing demand for our high-quality food and drink offering. Everyman’s comprehensive experience leaves us well positioned to meet consumer demand for premium entertainment.”
Along with its results, Everyman said it had agreed a new three-year £35m loan facility with NatWest and Barclays that can be extended for another two years subject to the lender’s consent.
The company said the deal would ensure it remains “solidly financially structured and well positioned to take advantage of opportunities in the future.”
Everyman Media Group Stock they were up 1.7 percent, or 1 pence, at 61 pence on Friday morning, but have still contracted by more than a quarter since early 2023.