Barbie and Oppenheimer are too late to prevent Everyman from falling to a first-half defeat
- The London-based cinema chain made £4.3m during the six months to the end of June.
- The drop in ticket purchases led to a drop in turnover of around £2.4m to £38.3m.
- Everyone has benefited greatly from the launch of Barbie and Oppenheimer
First-half losses at Everyman Media Group widened more than five-fold due to a weaker slate of major film releases and the costs of launching new venues.
Britain’s fourth-biggest cinema operator reported a loss of £4.3m for the six months to the end of June, compared with a loss of £798,000 in the equivalent period last year.
It suffered the double whammy of an annual comparison with blockbuster releases in the first half of last year and with this year’s two big movies, Barbie and Oppenheimer, arriving later in the summer.
The company said costs were mainly driven by wage increases and the opening of new plants in Salisbury, Plymouth and Northallerton in Yorkshire.
Turkey: Everyman Media Group reported a £4.3m loss for the six months to June
Furthermore, although average cinemagoers spent more on tickets, food and drinks, the drop in admissions caused the company’s turnover to decline by £2.4 million to £38.3 million, which it attributed to the timing of screenings of blockbuster movies.
In the first half of 2022, new releases included the superhero film The Batman, the Kenneth Branagh drama Belfast and the long-awaited sequel Top Gun: Maverick.
By comparison, some of this year’s most popular movies were only released in mid-summer, notably Barbie and Oppenheimer.
Many Britons have taken part in the ‘Barbenheimer’ phenomenon, watching the two films back-to-back and helping Everyman achieve a record admissions week in July and excellent trade last month.
Consequently, the company’s turnover between the beginning of 2023 and the end of August was £60.2 million, an increase of 13.3 percent on the previous year.
Alex Scrimgeour, the company’s chief executive, said: “Everyman’s strong performance so far this year underpins our confidence in meeting market expectations for the full year, whilst demonstrating that the UK film sector It’s more vibrant than ever.”
“We remain confident in our prospects while remaining supported by a series of high-quality launches for the second half, a carefully expanded estate and new banking facilities that ensure we are well set up to take advantage of future opportunities.”
Upcoming blockbusters include the fantasy musical Wonka and the epic historical drama Napoleon, directed by Ridley Scott and starring Oscar-winning actor Joaquin Phoenix as the titular French emperor.
The sci-fi sequel Dune: Part Two was due to be released later this year, but has been delayed until 2024 due to labor disputes affecting Hollywood.
However, Everyman hopes to do very well with the screening of Taylor Swift’s Eras Tour concert film next month, which broke first-day pre-sale records for US distributor AMC.
Everyman Media Group Stock they were steady at 55.5p on Wednesday afternoon and have fallen by about three-quarters in the past three years.