In a week when the FTSE 100 and FTSE-All Share indices made new all-time highs, it is quite striking that shares in posh cinema company Everyman Media (EMAN:AIM) made an new all-time low.

The stock is down 17% over the last six months and has lost around half its value since listing on AIM in 2013.

Notwithstanding the disruption caused by the Hollywood actors and writers strikes in 2024, the company achieved record memberships and grew market share.

Revenue was up 18%, helped by three new openings, higher average ticket prices and a 3.4% increase in spending by cinema-goers on food and beverages to £10.64.

Despite delivering growth in a difficult year, adjusted EBITDA (earnings before interest, tax, depreciation, and amortisation) was flat at £16.1 million. Investors will have to wait for the full year results on 14 April to get a full breakdown of profitability.

The company said it was more cautious around the outlook for 2025 and 2026 following the Autumn Budget and a softening in guest spend per head in the last two months of 2024.

Intriguingly, long-term shareholder Blue Coast Capital has been increasing its holding over the last few months and at last count owned 29.2% of Everyman’s equity.

This is just below the 30% threshold where the private equity group would be obliged to make a mandatory offer in cash at no less than the highest price it paid for the shares over the preceding 12 months. 

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