TIDMEMAN
RNS Number : 7601J
Everyman Media Group PLC
14 September 2016
14 September 2016
Everyman Media Group plc
("Everyman" or the "Group")
Interim Results (unaudited) for the six-month period ended 30
June 2016
Highlights
-- Revenue for the period up 49% to GBP12.1m (H1 2015: GBP8.2m)
-- Adjusted EBITDA up 91% to GBP1.4m (H1 2015: GBP0.7m)
-- One new venue added in the period and two since the period
end, expanding the current estate to 19 cinemas
For further information, please contact:
Everyman Group plc Tel: 020 3145
Crispin Lilly 0500
Cenkos Securities plc (NOMAD Tel: 020 7397
and Broker) 8900
Bobbie Hilliam
Chairman's Statement
I am pleased to report on the Group's half year results for the
six-month period ended 30 June 2016. Revenue for the half year
ended 30 June 2016 was up 49% on the comparative six-month period
to GBP12,128,000 (30 June 2015: GBP8,159,000, full year to 31
December 2015: GBP20,316,000).
The first six months to 30 June 2016 saw us open a new venue in
Bristol together with significant maturing revenue growth coming
from the six venue openings and two refurbishments in 2015. A
temporary one-screen venue opened in July 2016 in Kings Cross,
which will remain in place until the permanent venue is completed
in late 2017. A five-screen venue opened in Harrogate in September
2016.
The Group now operates 19 venues, up from 16 at the beginning of
the year.
Since the period-end, trading has been in line with expectations
following a good overall summer release slate in the cinema market
set against a weak comparable period in 2015.
Review of the business
For the half year ended 30 June 2016, the Group's box office was
up 50% on the previous year, reflecting favourably versus a market
movement of +0.5%. This resulted in the Group's market share
increasing to 1.46% for the period (30 June 2015: 0.94%) (Source:
Rentrak EDI).
This above market growth reflects revenue contribution from new
sites that opened during the period and through 2015. The growth
and performance of these new venues supports the Board's continued
confidence in the full Everyman concept and our continued
investment in our future pipeline.
We feel that Everyman is enhancing its position as a
well-respected brand in the UK leisure market and is attracting
increased interest from developers looking for a cinema/leisure
operator that appeals to a more discerning customer within a more
intimate environment.
Openings
During this period, the Group opened a new three-screen venue on
Whiteladies Road in Bristol on 17th May 2016 and has subsequently
opened a temporary venue in Kings Cross in July 2016 and a
permanent venue in Harrogate in September 2016. Kings Cross is a
small one-screen venue close to the site where a new three-screen
venue will open in late 2017.
Pipeline
The Group has continued to find attractive new site
opportunities for future investment. Contracts have now been
conditionally exchanged on sites at Horsham (expected to open in
2018), Durham (2019) and Wokingham (2019). These are in addition to
those previously announced: Chelmsford (December 2016),
Stratford-upon-Avon (2017) and Kings Cross (2017). It was
previously expected that a new venue in Cirencester would open in
2017, however, the longstop date in the contract was reached
without necessary conditions being satisfied, so we have exercised
our option to exit the lease.
Financial Overview
As previously stated, revenue for the half-year ended 30 June
2016 was up 49% on the comparative six-month period to
GBP12,128,000 (30 June 2015: GBP8,159,000, full year to 31 December
2015: GBP20,316,000).
The Group's underlying operating profit before acquisition
costs, pre-opening costs, share-based payment expenses,
depreciation and amortisation was GBP1,348,000 (30 June 2015:
GBP704,000, full year to 31 December 2015: GBP1,705,000). The Group
incurred pre- opening expenses of GBP281,000 in the period (30 June
2015: GBP347,000, full year to 31 December 2015: GBP775,000) which
reflects the reduced opening of new venues during the period.
Overall, the financial performance of the Group after all expenses
and taxation is in line with the Board's expectations.
The effective tax rate is higher than the standard rate of
corporation tax for the six-month period due to the effect of
significant and continuing capital expenditure incurred by the
Group.
The share-based payment expense for the period was GBP104,000
(30 June 2015: GBP62,000, full year to 31 December 2015: GBP15,000)
reflecting share option incentives provided to the Group's senior
management and employees.
The Group incurred a loss after tax for the period of GBP670,000
(30 June 2015: a loss of GBP430,000, full year to 31 December 2015:
a loss of GBP556,000).
Cash Flows
Cash outflows from operating activities were GBP1,939,000 (30
June 2015: outflows of GBP773,000, full year to 31 December 2015:
inflows of GBP2,959,000). Net cash outflows for the period, before
financing, were GBP7,443,000 (30 June 2015: outflows of
GBP8,283,000, full year to 31 December 2015: outflows of
GBP16,169,000).
Cash held at the end of the period was GBP1,692,000 (30 June
2015: GBP17,078,000, 31 December 2015: GBP9,173,000). The cash held
will be invested in the continuing development and expansion of the
Group's business.
During the period the Group entered into a new debt facility
with Barclays plc. The facility is an GBP8 million three-year
revolving loan facility. The facility provides an additional
finance stream, in addition to the Company's existing cash
resources, to allow continued expansion of the Company's cinema
estate. No drawdown had taken place at 30 June 2016.
The Board does not recommend the payment of a dividend at this
stage of the Group's development.
Current Trading
Since the period-end, trading has been in line with expectations
continuing a reasonable overall summer in the cinema market.
We believe that it is a good period for film-making, with
increasing confidence in the quality and quantity of film content
over the coming years.
Paul Wise
Chairman
14 September 2016
Consolidated statement of comprehensive income for the six-month
period ended 30 June 2016 (unaudited)
Six-month Six-month
period period Year Ended
ended ended
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Revenue 12,128 8,159 20,316
Cost of Sales (4,722) (3,356) (8,526)
------------------------------ ------------------------------ ------------------------------
Gross profit 7,406 4,803 11,790
Administrative expenses (7,673) (5,031) (12,262)
Acquisition expenses - - (286)
Total administrative
expenses (7,673) (5,031) (12,548)
------------------------------ ------------------------------ ------------------------------
Loss from operations (267) (228) (758)
Adjusted profit from
operations 1,348 704 1,705
(before depreciation and
amortisation,
acquisition,
pre-opening &
share-based
payment expenses)
Depreciation and
amortisation (1,230) (523) (1,387)
Acquisition expenses - - (286)
Pre-opening expenses (281) (347) (775)
Share-based payment
expense (104) (62) (15)
------------------------------ ------------------------------ ------------------------------
Loss from operations (267) (228) (758)
----------------------- ------------------------------ ------------------------------ ------------------------------
Financial income 10 44 74
Financial expenses (38) (32) (50)
Loss before taxation (295) (216) (734)
Income tax
(expense)/credit (375) (214) 178
Loss for the period (670) (430) (556)
Total comprehensive
income
for the period - - -
Loss for the period and
total comprehensive
income
attributable to equity
holders of the Company (670) (430) (556)
------------------------------ ------------------------------ ------------------------------
Basic loss per share
(pence) (1.12) (1.00) (1.08)
------------------------------ ------------------------------ ------------------------------
Diluted loss per share
(pence) (1.12) (1.00) (1.08)
------------------------------ ------------------------------ ------------------------------
All amounts relate to
continuing
activities.
Consolidated statement of financial position at 30 June 2016
(unaudited)
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Assets
Non-current assets
Property, plant and equipment 28,268 16,925 22,344
Intangible assets 8,040 1,707 8,073
36,308 18,632 30,417
------------------------ ------------------------ ----------------------
Current assets
Inventories 223 117 227
Trade and other receivables 1,963 2,514 2,825
Cash and cash equivalents 1,692 17,078 9,173
3,878 19,709 12,225
------------------------ ------------------------ ----------------------
Total assets 40,186 38,341 42,642
------------------------ ------------------------ ----------------------
Current liabilities
Trade and other payables 6,735 5,519 8,778
6,735 5,519 8,778
------------------------ ------------------------ ----------------------
Non-current liabilities
Derivative financial
instruments - 171 157
Provisions for other
liabilities 1,436 - 1,501
Deferred tax liabilities 671 568 296
2,107 739 1,954
------------------------ ------------------------ ----------------------
Total liabilities 8,842 6,258 10,732
------------------------ ------------------------ ----------------------
Net Assets 31,344 32,083 31,910
------------------------ ------------------------ ----------------------
Equity
Equity attributable to
owners of the Company
Ordinary shares 5,982 5,982 5,982
Share premium 22,720 22,720 22,720
Merger reserve 11,152 11,152 11,152
Retained deficit (8,510) (7,771) (7,944)
Total equity 31,344 32,083 31,910
------------------------ ------------------------ ----------------------
Consolidated statement of changes in equity for the six-month
period ended 30 June 2016 (unaudited)
Share Share Merger Retained Total
capital premium reserve deficit equity
GBP000 GBP000 GBP000 GBP000 GBP000
Balance at 1
January
2015 3,629 5,774 11,152 (7,403) 13,152
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Loss for the
period - - - (430) (430)
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Total
comprehensive
income for
the period - - - (430) (430)
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Shares issued
in the
period 2,353 17,647 - - 20,000
Share issue
expenses - (701) - - (701)
Share-based
payments - - - 62 62
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Total
contributions
by owners of
the parent 2,353 16,946 - 62 19,361
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Balance at 30
June
2015 5,982 22,720 11,152 (7,771) 32,083
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Balance at 1
July 2015 5,982 22,720 11,152 (7,771) 32,083
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Loss for the
period - - - (126) (126)
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Total
comprehensive
income for
the period - - - (126) (126)
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Share-based
payments - - - (47) (47)
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Total
contributions
by owners of
the parent - - - (47) (47)
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Balance at 31
December
2015 5,982 22,720 11,152 (7,944) 31,910
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Balance at 1
January
2016 5,982 22,720 11,152 (7,944) 31,910
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Loss for the
period - - - (670) (670)
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Total
comprehensive
income for
the period - - - (670) (670)
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Share-based
payments - - - 104 104
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Total
contributions
by owners of
the parent - - - 104 104
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Balance at 30
June
2016 5,982 22,720 11,152 (8,510) 31,344
----------------------- ----------------------- ----------------------- ----------------------- --------------------
Consolidated statement of cash flows for the six-month period
ended 30 June 2016 (unaudited)
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Cash flows from operating
activities
Loss for the period (267) (228) (758)
Adjusted for:
Depreciation and amortisation 1,230 523 1,387
Share-based payments 104 62 15
Corporation tax refunded - 59 51
-------------------------- -------------------------- ---------------------
1,067 416 695
Decrease/(increase) in inventories 4 (26) (136)
Increase in trade and other
receivables (745) (605) (154)
(Decrease)/increase in trade
and other payables (2,265) (558) 2,554
-------------------------- -------------------------- ---------------------
Net cash (used in)/generated
from operating activities (1,939) (773) 2,959
-------------------------- -------------------------- ---------------------
Cash flows from investing
activities
Acquisition - - (7,100)
Purchase of property, plant
and equipment (7,121) (6,629) (11,452)
Purchase of goodwill - (925) -
Refund/(deposit) on long-leasehold
property 1,607 - (650)
Interest received 10 44 74
Net cash used in investing
activities (5,504) (7,510) (19,128)
-------------------------- -------------------------- ---------------------
Cash flows from financing
activities
Proceeds from the issuance
of ordinary shares - 20,000 19,391
Share issue expenses - (701) (93)
Repayment of bank borrowings - (269) (269)
Interest paid (38) (32) (50)
Net cash (used in)/generated
from financing activities (38) 18,998 18,979
-------------------------- -------------------------- ---------------------
Net (decrease)/increase in
cash and cash equivalents (7,481) 10,715 2,810
Cash and cash equivalents
at the beginning of the period 9,173 6,363 6,363
Cash and cash equivalents
at the end of the period 1,692 17,078 9,173
Notes to the interim financial statements
1 General Information
Everyman Media Group plc and its subsidiaries (together 'the
Group') are engaged in the ownership and management of cinemas in
the United Kingdom. Everyman Media Group plc (the Company) is a
public company domiciled and incorporated in England and Wales
(registered number 08684079). The address of its registered office
is Studio 4, 2 Downshire Hill, London NW3 1NR.
2 Basis of preparation
These condensed interim financial statements of the Group for
the six months ended 30 June 2016 (the Period) have been prepared
using accounting policies consistent with International Financial
Reporting Standards (IFRSs) as adopted by the European Union. The
same accounting policies, presentation and methods of computation
are followed in the condensed set of financial statements as
applied in the Group's latest audited financial statements for the
year ended 31 December 2015. Amendments made to IFRSs since 31
December 2015 have not had a material effect on the Group's results
or financial position for the six-month period ended 30 June
2016.
The interim financial statements presented in this report have
been prepared in accordance with IFRSs applicable to interim
periods. However, as permitted, this interim report has been
prepared in accordance with the AIM Rules for Companies and does
not seek to comply with IAS34 "Interim Financial Reporting".
These condensed interim financial statements have not been
audited, do not include all of the information required for full
annual financial statements, and should be read in conjunction with
the Group's statutory consolidated annual financial statements for
the year ended 31 December 2015. The auditors' opinion on these
Statutory Accounts was unqualified, did not draw attention to any
matters by way of emphasis and did not contain a statement under
s498(2) or s498(3) of the Companies Act 2006.
3 Revenue
Six-month Six-month
period period
ended 30 ended 30
June June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Film and entertainment 7,714 5,129 12,844
Food and beverages 3,752 2,629 6,485
Other income 662 401 987
12,128 8,159 20,316
----------------------------- ----------------------------- --------------------------
4 Income Tax
Six-month Six-month
period period
ended 30 ended 30
June June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Income tax (expense):
Current tax - - -
Deferred tax
(expense):
Origination and
reversal
of temporary
differences (375) (214) 178
(375) (214) 178
------------------------------ ------------------------------ -----------------------------
The reasons for the difference between the actual tax charge for
the period and the standard rate of corporation tax in the United
Kingdom applied to the loss for the period are as follows:
Six-month Six-month
period period
ended ended
30 June 30 June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Loss before
taxation (295) (216) (734)
Applied
corporation tax
rates: 20.00% 20.25% 20.25%
------------------------------ ---------------------------------- ----------------------------------
Tax at the UK
corporation
tax rate of
20.00%/20.25% 59 44 149
Expenses not
deductible
for tax purposes (36) (9) 160
Share-based
payments (118) (12) -
Capital allowances
for
the period in
excess of
depreciation (506) (345) (437)
Arising from
favourable
leases 6 - (3)
Current year
losses not
utilised 28 - -
Losses brought
forward 242 144 123
Effect of change
in tax
rates on losses
b/f - 4 3
Financial swap
instrument (28) (11) -
Effect of other
differences (22) (29) 183
------------------------------ ---------------------------------- ----------------------------------
Total tax
(expense)/credit: (375) (214) 178
5 Loss per share
Six-month Six-month
period period
ended 30 ended 30
June June 31 December
2016 2015 2015
GBP000 GBP000 GBP000
Loss used in calculating
basic and diluted loss
per share (670) (430) (556)
Number of shares
Weighted average number
of shares for the purpose
of basic loss per share 59,820 42,827 51,376
---------------------------- ---------------------------- ----------------------------
Weighted average number
of shares for the purpose
of diluted loss per
share 59,820 42,827 51,376
---------------------------- ---------------------------- ----------------------------
Basic loss per share
(pence) (1.12) (1.00) (1.08)
---------------------------- ---------------------------- ----------------------------
Diluted loss per share
(pence) (1.12) (1.00) (1.08)
---------------------------- ---------------------------- ----------------------------
Basic (loss)/earnings per share amounts are calculated by
dividing net (loss)/profit for the period attributable to ordinary
equity holders of the parent by the weighted average number of
ordinary shares outstanding during the period.
Where the Group has incurred a loss in a period the diluted
earnings per share is the same as the basic earnings per share as
the loss has an anti-dilutive effect. The diluted loss per share
for the six-month period ended 30 June 2016 is therefore the same
as the basic loss per share for the period and the diluted weighted
average number of shares is the same as the basic weighted average
number of shares.
The Company has 4,845,829 potentially issuable shares all of
which relate to the potential dilution from both the Group's 'A'
shares and share options issued to the Directors and certain
employees, under the Group's incentive arrangements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LFFFFARIVLIR
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