Profits rocket for Everyman as Top Gun sequel brings people back to cinemas

Boutique cinema chain Everyman Media Group has revealed rocketing profits despite a slowdown in film production over the past year resulting in fewer film releases.
By Greg Wright
Published 23rd Jan 2023, 11:18 BST

The business, which runs a chain of 38 upmarket cinemas across the UK, said its earnings were ahead of market expectations in the year to December 29.

It posted group earnings of approximately £14.5m, up by nearly three quarters compared to the £8.3m made the previous year, which was affected by Covid lockdowns in the first few months of the year.

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It also enjoyed a surge in revenues, to £80m from £49m in 2021.

Library image issued by Royal Air Force Charitable Trust Enterprises (RAFCTE) of Hollywood A-lister Tom Cruise arriving at the Royal International Air Tattoo, at RAF Fairford in Gloucestershire. The release of Tom Cruise’s Top Gun: Maverick marked a symbolic return to post-Covid “business as usual”, Everyman said, with the film enjoying record box office sales in the year.Library image issued by Royal Air Force Charitable Trust Enterprises (RAFCTE) of Hollywood A-lister Tom Cruise arriving at the Royal International Air Tattoo, at RAF Fairford in Gloucestershire. The release of Tom Cruise’s Top Gun: Maverick marked a symbolic return to post-Covid “business as usual”, Everyman said, with the film enjoying record box office sales in the year.
Library image issued by Royal Air Force Charitable Trust Enterprises (RAFCTE) of Hollywood A-lister Tom Cruise arriving at the Royal International Air Tattoo, at RAF Fairford in Gloucestershire. The release of Tom Cruise’s Top Gun: Maverick marked a symbolic return to post-Covid “business as usual”, Everyman said, with the film enjoying record box office sales in the year.

The chain has benefited from people spending more on each visit to the cinema, with the price paid for the average ticket increasing by 2.6 per cent, to £11.29 from £11 last year, suggesting that prices may have risen.

And the average food and drink spending increased by 3 per cent to £9.34 per person.

Covid-related delays in film production resulted in a reduced slate of films in 2022, the business revealed.

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But the release of Tom Cruise’s Top Gun: Maverick marked a symbolic return to post-Covid “business as usual”, Everyman said, with the film enjoying record box office sales in the year.

Everyman, which opened new venues in Edinburgh and Egham last year, said it was optimistic about the year ahead for the sector, with film production now in a good place.

Related topics:Tom CruiseEdinburgh