Business
Final Results
Final Results.
About this update from Everyman Media Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7685U\n Everyman Media Group PLC\n 08 April 2021\n \n \n \n \n 8 April 2021 \n \n \n Everyman Media Group PLC\n \n \n (\"Everyman\" the \"Company\" or the \"Group\")\n \n \n Audited results for the 52 weeks ended 31 December 2020\n \n \n Everyman Media Group PLC (AIM: EMAN) announces its audited final results for the 52 weeks ended 31 December 2020. The year included 10 weeks of normal trading conditions, 25 weeks of full closure, and 17 weeks of disrupted trading due to COVID-19 restrictions.\n \n \n Highlights\n \n \n \n \n \n Underlying offering remains in demand\n \n \n \n \n \n \n · \n \n \n \n \n Robust admissions levels and exceptional year on year revenue growth experienced pre-March 2020 lockdown. \n \n \n \n \n \n \n · \n \n \n \n \n Trading performance during the summer re-opening period was encouraging, despite limited new content, and demonstrated continued demand for the Everyman offer.\n \n \n \n \n \n \n Business strength maintained\n \n \n \n \n \n \n · \n \n \n \n \n Strong balance sheet boosted by £16.9m fundraise in April 2020 and increased available banking facility to £40m. New covenants agreed covering the period from year end to June 2022.\n \n \n \n \n \n \n · \n \n \n \n \n Bank borrowing at the year-end was £9m (2019: £14m).\n \n \n \n \n \n \n · \n \n \n \n \n Successfully achieved rent concessions by continuing to work closely with landlords.\n \n \n \n \n \n \n · \n \n \n \n \n Strong, sustained focus on cost management. \n \n \n \n \n \n \n Positioned to perform strongly post-restrictions \n \n \n \n \n \n \n · \n \n \n \n \n Current estate of 35 sites and 117 screens as at 31 December 2020, with venues that are well designed for a post-COVID environment.\n \n \n \n \n \n \n · \n \n \n \n \n Highly experienced CEO, Alex Scrimgeour, joined in January 2021 to lead the Company into its next stage of growth.\n \n \n \n \n \n \n Performance review\n \n \n \n \n \n \n · \n \n \n \n \n Business performance has been severely impacted by the pandemic and the resulting restrictions on opening and trading throughout the year.\n \n \n \n \n \n \n · \n \n \n \n \n Total revenue for the period was £24.2m (FY19: £65.0m), as a result of five months of closure.\n \n \n \n \n \n \n · \n \n \n \n \n Adjusted loss from operations loss of £1.1m (FY19: £15.3m profit). \n \n \n \n \n ...