Premium cinema group Everyman has said 2024’s film roster was hit by Hollywood actor and writer strikes and blockbuster flops, as it cautioned over Budget measures raising uncertainty for the years ahead.
Shares in Everyman Media Group dropped by a 10th on Friday morning following the update to shareholders.
The group, which has 47 venues across the UK, nevertheless reported a jump in yearly sales after opening new cinemas in London, Cambridge and Bury St Edmunds.
It said total revenues hit £17.2 million in 2024, up nearly 18% from £90.9 million the prior year.
The number of people paying for memberships – which gives people access to ticket bundles, exclusive previews, and food and drink discounts – surged 65% to more than 56,000.
But Everyman said the box office performance in the final three months of the year were not as strong as anticipated.
The most notable “underperformance” came from Joker: Folie A Deux – the musical sequel starring Joaquin Phoenix and Lady Gaga whose box office figures came in far below expectations on its opening weekend.
The box office flop was followed by five blockbuster films released over five weeks, leading to titles competing against each other which negatively impacted sales over the period.
A higher proportion of family films over November and December brought down the level of spending, the firm added, with child tickets costing less than for adults.
Group earnings before interest, tax and other costs came in at £16.1 million, a fraction lower than the £16.2 million reported in 2023.
But it cautioned over the impact of tax measures announced in the autumn Budget, which has made its board more cautious about the outlook for 2025 and 2026.
Alex Scrimgeour, Everyman’s chief executive, said: “Despite the last year’s film slate being heavily impacted by the actor and writers’ strikes as well as the fourth-quarter box office underperformance of certain movies, we have made positive operational and strategic progress, resulting in record levels of membership and growth in market share.”
He said Everyman is focusing on controlling its debt levels, and that it has two new openings confirmed for 2025.
It is also not expecting there to be any further impact from strikes in 2023, which delayed the production and release of big titles like Deadpool & Wolverine, and Dune: Part Two.
The cinema group said it is expecting a boost from key films released in 2025 including Wicked: For Good, Avatar: Fire And Ash, and Mission: Impossible – The Final Reckoning.
