Everyman Media - Home is not where the heart is

With its cinemas set to reopen imminently, a new endorsement of the continuing appeal of the big screen is a topical boost for Everyman. Despite growing competitive forces such as streaming, cinema has been the most missed out-of-home entertainment activity during lockdown, according to a Film Distributors’ Association survey, with 76% planning a cinema visit within two months. Such pent-up demand, proven where markets have reopened, and a recovering mainstream film slate, driven by a backlog of prime releases and complemented by Everyman’s innovative programming and broadening customer offer, bodes well for a resumption of its success before the pandemic (2019 pre-IFRS 16 EBITDA up 33%, albeit expansion-led). Everyman’s growth prospects as a well-funded operator with a strong pipeline may only be enhanced by COVID-19 fallout.