New Northallerton cinema is set to provide a boost for Everyman Media Group in 2023
The chain, which operates 38 venues across the UK, said its cinema admissions surged to 3.4m last year from two million in 2021. Appetite for film remains “undiminished”, it said, fuelled by visits to see new Avatar and Top Gun films, which became the third and 12th highest grossing films of all time, respectively.
“Whilst last year the market saw a reduction in blockbusters due to production delays, the signs of recovery are clear, with audiences coming back to enjoy a broader range of titles,” Everyman said. “We expect the number of larger releases to return to near pre-pandemic levels in 2023.”
Total box office revenues across the UK and Ireland increased by nearly two thirds in 2022 against 2021, which had been impacted by several months of Covid restrictions. The business returned to an operating profit of £402,000 during the year, from a loss of £2.2m the prior year.
It also saw its revenues surge to £78.8m from £49m, helped by a jump in the amount paid for the average ticket and food and drink spending.
Everyman, which runs theatre-style cinemas where people can order meals and drinks to take to their seat, said adding new dishes to the menu, such as burger specials and a vegan range, helped drive spending.
There is also an “exciting” pipeline of opportunities for 2024 and 2025, with six new venues expected to open in both years.
The firm said it was looking to the year ahead with “cautious optimism”.
In a statement for investors, the group said: “We remain an affordable treat for our customers, and with film production back up at pace and the number of larger releases returning to pre-pandemic levels, we are confident that customers will return to our venues in greater numbers.”