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Everyman Media Group reports revenue growth and market share gains, but statutory losses persist. The company pauses expansion in 2026 to optimise existing venues.
This article covers information on Everyman Media Group PLC.
LON:EMANEveryman Media Group’s full-year results for the 52 weeks to 1 January 2026 show a business that is still growing, but not yet turning that growth into bottom-line profit. Revenue, admissions, ticket prices and food and drink spend all moved the right way. The snag is that debt rose, losses remained heavy on a statutory basis, and management is now pressing pause on new openings in 2026 to get the existing estate working harder.
That makes this a mixed but broadly encouraging update. The brand still looks strong, customers are spending more, and market share is improving. But this is also a reminder that expansion comes with a bill, especially for a venue-led business carrying leases, fit-out costs and finance charges.
| Metric | FY25 | FY24 | Change |
|---|---|---|---|
| Revenue | £116.6 million | £103.7 million | Up 12.4% |
| Adjusted EBITDA post IFRS 16 | £17.0 million | £15.4 million | Up 10.6% |
| Adjusted operating profit | £2.1 million | £0.5 million | Up sharply |
| Statutory loss before tax | £10.2 million | £10.2 million | Flat |
| Admissions | 4.4 million | 4.2 million | Up 6.1% |
| Food & Beverage spend per head | £11.32 | £10.69 | Up 5.9% |
| Paid-for average ticket price | £12.51 | £11.99 | Up 4.3% |
| Market share | 5.8% | 5.4% | Up 40 bps |
| Net debt | £21.6 million | £18.1 million | Up £3.5 million |
A quick note on comparatives. The company is rightly pushing the adjusted 52-week comparison because FY24 included a 53rd week, which can muddy the waters. On that like-for-like basis, growth looks solid.
The clearest positive in these results is that customers are still choosing Everyman and spending more when they do. Admissions rose to 4.4 million, the paid-for average ticket price climbed to £12.51, and food and drink spend per head increased to £11.32.
That matters because Everyman is not trying to win on cheap seats. Its whole pitch is premium cinema – nicer venues, hospitality-style service and higher-margin food and drink. So when both admissions and spend per head rise together, it suggests the model still has pricing power rather than just inflation doing the heavy lifting.
Even better, the group increased market share to 5.8% from 5.4%. In plain English, Everyman grabbed a bigger slice of UK cinema spending. Management says UK box office revenue grew 1% in 2025, while its own film and entertainment revenue grew 11.0% against the adjusted comparator. That is the sort of outperformance investors want to see.
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This is where the update gets more complicated. Adjusted operating profit improved to £2.1 million from £0.5 million, which is a genuine step forward. But statutory operating loss was still £2.9 million, and statutory loss before tax stayed stuck at £10.2 million.
The gap between adjusted and statutory numbers comes from the usual list of awkward items: depreciation, amortisation, pre-opening costs, restructuring costs, share-based payments and impairment charges. Impairment is an accounting write-down when assets are judged to be worth less than their carrying value. Everyman booked a net impairment charge of £2.9 million in the year.
Then there is finance cost. Financial expenses rose to £7.2 million from £6.9 million, mainly due to lease liabilities and bank borrowings. For a business with lots of sites and long leases, that burden is real. So while the venues are generating more cash, the capital structure is still swallowing a good chunk of it.
That is the big takeaway for me: the core trading trend is improving, but the balance sheet is not letting shareholders feel the full benefit yet.
Net debt increased to £21.6 million from £18.1 million. Management says this reflects venue expansion, working capital needs and the £1.1 million purchase of the Barnet long leasehold. Cash at year end fell to £8.4 million from £9.9 million, while borrowings increased to £30.0 million.
This is not a crisis update. The group says it remains within its banking covenants, has a £35.0 million revolving credit facility extended to 30 August 2027, and had £5.0 million undrawn at year end. It also repaid £1.0 million after the period end, leaving £29.0 million drawn at the time of signing.
Still, rising debt is the main negative in this RNS. It explains why management is talking so much about de-leveraging – reducing debt relative to earnings – and why there will be no new venue openings in 2026.
This is probably the most important strategic line in the whole announcement. Everyman is shifting from expansion mode to optimisation mode. In simple terms, squeeze more profit from the 49 venues and 171 screens already in place before opening more sites.
I think this is the right call. Two new venues opened in 2025 – Brentford and The Whiteley in Bayswater – but a business like this can easily overextend if it chases growth for growth’s sake. Retail investors should like the fact the new leadership team is talking more about returns and debt reduction than empire-building.
One underappreciated detail here is membership. Members rose 18.5% to 66,910. Management says members visit more often and spend more on food and drink than non-members, which makes them commercially valuable.
Other revenue also grew 19.6% to £11.1 million. That includes memberships, private hire, events and partnerships. This matters because it diversifies revenue away from pure box office dependence, which is useful in an industry where film release schedules can be unpredictable.
The company says Q1 2026 has started well and points to a strong film slate, including Hamnet, Wuthering Heights, Michael, The Devil Wears Prada 2, Toy Story 5, Spider-Man: Brand New Day, Avengers: Doomsday and Dune: Part Three.
That sounds positive, but investors should keep a cool head. Everyman itself notes that 2025 was hurt by a weak fourth quarter and softer-than-expected box office in December. Film slates always look exciting on paper. The real question is whether audiences turn up in the numbers needed.
Inflation also remains a pressure point, especially utilities, food prices, National Insurance and wages. Employment costs rose 17.8% to £35.7 million, and the company specifically flagged tax and wage increases as a contributor.
My view is that this is a decent operational update wrapped in a still-messy financial picture. The positives are clear: revenue growth, better market share, rising membership, higher ticket prices, better food and drink spend, and a sensible strategic reset. The negatives are just as clear: statutory losses remain large, net debt is higher, and impairments show some venues are not yet delivering what was hoped.
If you are bullish, the argument is straightforward. Everyman has a differentiated brand, customers are sticking with it, and 2026 is being used to improve cash generation rather than stretch the balance sheet further.
If you are cautious, the argument is also straightforward. This is still a loss-making business with meaningful debt, exposed to film release timing and consumer spending pressure, and it needs the reset to work.
On balance, I would call this cautiously positive. The growth is real. Now shareholders need to see that growth translate into stronger cash flow, lower leverage and eventually proper earnings.
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