Everyman Media Group PLC (AIM: EMAN) announces its audited final results for the 52 weeks ended 31 December 2020. The year included 10 weeks of normal trading conditions, 25 weeks of full closure, and 17 weeks of disrupted trading due to COVID-19 restrictions.
Underlying offering remains in demand
Robust admissions levels and exceptional year on year revenue growth experienced pre-March 2020 lockdown.
Trading performance during the summer re-opening period was encouraging, despite limited new content, and demonstrated continued demand for the Everyman offer.
Business strength maintained
Strong balance sheet boosted by £16.9m fundraise in April 2020 and increased available banking facility to £40m. New covenants agreed covering the period from year end to June 2022.
Bank borrowing at the year-end was £9m (2019: £14m).
Successfully achieved rent concessions by continuing to work closely with landlords.
Strong, sustained focus on cost management.
Positioned to perform strongly post-restrictions
Current estate of 35 sites and 117 screens as at 31 December 2020, with venues that are well designed for a post-COVID environment.
Highly experienced CEO, Alex Scrimgeour, joined in January 2021 to lead the Company into its next stage of growth.
Business performance has been severely impacted by the pandemic and the resulting restrictions on opening and trading throughout the year.
Total revenue for the period was £24.2m (FY19: £65.0m), as a result of five months of closure.
Adjusted loss from operations loss of £1.1m (FY19: £15.3m profit).
Operating loss of £19.2m (FY19: £4.8m profit).
There has been a roadmap set out by the government to reopening on May 17th when, if the vaccine roll out continues as planned, we plan to reopen all our venues. We are highly optimistic for the coming year post-lockdown and continue to be confident in people's appetite to safely socialise and be entertained; we believe we will be in a strong position once it is safe to welcome back our customers and teams.
The coming year's film slate is strong and varied, set to entertain people of all ages and demographics across the UK. We are also looking forward to unveiling an enhanced venue experience in the coming months. We have expanded our menu offering and have upgraded our kitchens in order to provide improved hospitality. We have made light refurbishments in a number of venues and upskilled staff by offering training during lockdown. Whilst uncertainty does of course remain around the future, we are eager to welcome back customers and look forward to providing them with an exceptional experience out, so deserved after nearly a year at home.
Alex Scrimgeour, Chief Executive Officer of Everyman said:
"Whilst it has been an unprecedented and extremely challenging year, it is clear to me that the team has done an excellent job in navigating those challenges. They minimised all costs during periods of closure, strengthened the Group's balance sheet, worked with our landlords to achieve rent concession and not least, remained actively engaged with our people and customers throughout.
During times in the year when our venues were able to open, the Group continued to enjoy the strong demand for the Everyman offering that it has seen for many years previously. Its innovative approach to providing new content was also welcomed, with the exclusive screening of Gorillaz concerts as well as old James Bond films both proving popular, for example. Exciting, exclusive programming will continue to be important to us as we look ahead.
Since joining in January, I have been struck by our strong foundation of supportive staff, customers, shareholders and of course our Board. Moving forward we remain confident that the nation's love of film remains and that our premium offering sets us apart. We will be in a strong position to bounce back, with a great opportunity to return to expansion once more when it is safe to welcome back our customers and our staff in just over a month's time."