Everyman Media - strong H1 can't lift the shares as delisting overhang persists
Cinema owner Everyman Media Group (AIM: EMAN) saw audiences flocking through the doors in the first half of the year, with admissions of 2.6 million, up 20.5% on H1 2025. The firm has reported a positive set of results for the 26 weeks to 2nd July 2026, with the full year performance expected to be slightly up on 2025.
However, the market reaction to the news has been muted, with the shares flat at 56p, capitalising the company at £51.6 million. Investors will still be mulling over the firm’s engagement with stakeholders regarding a potential cancellation of trading on AIM, with the firm announcing last week that there will be a further announcement on the matter “in due course”.
The business
Everyman is a leading UK cinema and entertainment brand, positioned at the premium end of the market by focusing on delivering a high-quality offering through its intimate and atmospheric venues (with comfy sofas), high quality content, staff and food & beverage. The company operates a growing estate of 49 venues with 171 screens across the UK, and is now the second fastest growing cinema circuit in the UK. It offers customers a broad range of well-curated programming content, from mainstream and independent films to theatre and live concert streams, appealing to a diverse range of audiences.
Strong first half growth
At the top line, group revenue was £69.8 million in H1, up 23.5%, delivered against a market backdrop of 13% growth. Everyman noted that the UK box office exceeded £600 million for the first time since the pandemic in the half, up from £532.7 million in 2025.
The company’s numbers were driven by the increased admissions mentioned above, along with average ticket prices rising by 4.1% to £12.97. Also, food & beverage revenue grew by 24.1%, with spend per head increasing by 3% to £11.41.
Everyman grew its market share to 6.4% in the period, up 60 basis points, with strong performances which exceeded market share on titles including: The Devil Wears Prada 2, Wuthering Heights, Project Hail Mary, Hamnet and Michael. Memberships, important for increasing spend per head, grew by 13.4% to 75,788.
In terms of profits, Everyman made EBITDA (post IFRS-16) of £10.8 million, up 32%. The statutory pre-tax profit was £1.9 million, turning around H1 2025’s £3.4 million loss and also benefitting from a one-off £2.2 million share based payment credit relating to lapsed and unvested growth shares for a former director.
On the balance sheet, net debt was down from £24.2 million to £17.4 million over 12 months, reflecting strong operational cash flows and a focus on managing borrowings and reducing leverage whilst preparing to open new venues in 2027. Gross debt has been reduced by £5 million to £25 million since the year-end in December.
Planned growth
Into the second half and Everyman is implementing a number of growth initiatives. Planning continues for new venue openings at Lichfield, Elephant & Castle and High Street Kensington, with openings anticipated in H2 2027 and funded through free cash flow. Other plans include: implementing a CRM system to enable data and consumer insights to refine film curation across core and growing segments including Gen Z and Family; investing in operational training and developing playbooks for new and maturing venues; and unlocking opportunities to grow revenue beyond core offerings, including expanding income from partnerships, events and corporate private hire.
Outlook
The outlook for the rest of the year was cautiously positive, with a strong pipeline of content set to benefit the second half numbers. These include The Odyssey and Spider-man: Brand New Day released in July, Sense and Sensibility in September, The Hunger Games: Sunrise On The Reaping in November, Avengers: Doomsday and Dune: Part Three in December, along with strong original content well-suited to the Everyman audience. While the performance for the full year is expected to be marginally ahead of 2025, the company retains a degree of caution due to the challenging economic environment and the importance of Q4 trading.
Everyman Media Group 5-year share price chart
Investors will now be looking out for further news of the potential delisting. Back in June this year directors Adam Kaye, Charles Dorfman and Michael Rosehill, who together have a 45.6% holding in the company, announced their support for a cancellation of trading on AIM. In addition, the firm believes there are also additional shareholders, with no less than 11% of the shares, who would be supportive of a delisting. That gives c.56.5% in support, but with an AIM delisting typically requiring no less than 75% shareholder approval at a general meeting this is not yet a foregone conclusion.
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Disclosures
Everyman Media Group is not a corporate client of Optimo Research Ltd.
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