28 April 2026

Everyman Media Group PLC

("Everyman" the "Company" or the "Group")

Full Year Results to 1 January 2026

Everyman Media Group plc (AIM: EMAN) today announces its audited financial results for the 52-week period ended 1 January 2026.

Highlights

		Adjusted1				Statutory1
		FY25	FY24	Change3		FY25	FY24	Change3
		52  weeks	52 weeks	%		52 weeks	53 weeks	%
Revenue	£m	116.6	103.7	12.4%		116.6	107.2	8.8%
Loss before tax	£m	(5.2)	(6.3)	18.2%		(10.2)	(10.2)	0.3%
EBITDA post IFRS-16	£m	17.0	15.4	10.6%		12.0	11.5	4.5%
Net debt	£m	21.6	18.1			21.6	18.1
Admissions	m	4.4	4.2	6.1%		4.4	4.3	2.3%
SPH	£	11.32	10.69	5.9%		11.32	10.64	6.4%
Paid for ATP	£	12.51	11.99	4.3%		12.51	11.98	4.4%
Market share	%	5.8%	5.4%	40 bps		5.8%	5.4%	40 bps

 

Growth across all key metrics and increased market share

·	Admissions of 4.4m, up 6.1%2 (FY24 52-week period: 4.2m)
·	Revenue of £116.6m, up 12.4%2 on adjusted FY24 (FY24 52-week period: £103.7m)
·	Statutory Loss before tax £10.2m, up 0.3% (FY24 53-week period £10.2m loss)
·	EBITDA (post‑IFRS 16) of £17.0m, up 10.6%2 on adjusted FY24 (FY24 52-week period: £15.4m)
·	Food & Beverage Spend Per Head of £11.32, up 5.9%2 (FY24 52-week period: £10.69)
·	Paid‑for Average Ticket Price of £12.51, up 4.3%2 (FY24 52-week period: £11.99)
·	Net debt of £21.6m (FY24: £18.1m), reflecting investment in venue expansion, purchase of the Barnet long leasehold and working capital requirements

¹ A reconciliation between Statutory and Adjusted results is included in the financial review.  Statutory results for 2024 were for the 53‑week reporting period. Adjusted results for 2024 exclude Week 53.

² Year-on-year percentages reported are against the comparable 52-week period metric which is the primary comparative for 2025 reporting. 

³ The YOY change %'s are calculated on unrounded numbers.

 

Operational progress in 2025

·	Market share increased to 5.8% (FY24: 5.4%), +40bps, reflecting the strength of the Group's premium proposition and audience appeal
·	Two new venues were opened during the year, Brentford and the Whiteley (Bayswater) flagship site
·	Continued growth in Membership, up 18.5% to 66,910 members, reinforcing the value of a loyal audience

 

Growth trajectory pillars: looking ahead

·	Using data and consumer insight to refine our film curation across core and growing segments including Family and Gen Z to increase our footprint
·	Prioritising optimisation rather than expansion, with no new venues opening in 2026 whilst planning is underway to invest in limited number of new venues for 2027 funded through free cash flow
·	Unlocking opportunities to grow revenue beyond core, including expanding income from partnerships, events and corporate private hire
·	Disciplined venue management and leadership to create operational efficiency and productivity whilst delivering an enhanced guest experience
·	Targeted technology investment to support a more seamless customer journey and improved value in membership offering
·	Further innovation in high quality, on trend Food & Beverage leveraging consumption patterns which support increases in spend per head

Outlook

·	Trading performance in Q1 2026 has started well. We are encouraged by a strong film slate this year, with highlights including Hamnet, Wuthering Heights, Michael, The Devil Wears Prada 2, Toy Story 5, The Oydssey, Spider-Man: Brand New Day, Avengers: Doomsday and Dune: Part Three
·	New Chief Executive and Chief Financial Officer in place focused on delivering shareholder value by maintaining the Everyman customer experience, executing the key growth trajectory pillars and de-leveraging the Group

Farah Golant CBE, CEO, commented: "We enter 2026 with positive momentum and clearly defined priorities. The year ahead is about resetting to drive growth by building strong audience engagement, creating operational efficiencies, unlocking emerging new sources of income whilst reducing debt.

Through expert film curation, beautifully designed signature spaces and a differentiated hospitality offering in strategically located venues, the Everyman brand is well placed to meet the demand for premium cinema experience."

For further information, please contact:
Everyman Media Group plc	Tel: 020 3145 0500
Farah Golant CBE, CEO Sheree Manning, CFO
Canaccord Genuity Limited (NOMAD and Broker)	Tel: 020 7523 8000
Bobbie Hilliam Elizabeth Halley-Stott
Alma (Financial PR Advisor)	Tel: 020 3405 0205
Rebecca Sanders-Hewett	everyman@almastrategic.com
Joe Pederzolli Emma Thompson

 

 

About Everyman Media Group PLC:

 

Everyman is a leading UK cinema and entertainment brand, redefining the premium theatrical experience. Everyman operates a growing estate of 49 venues with 171 screens nationally providing a first class cinema with a distinctive hospitality style.

 

Our competitive strengths are:

 

·	Expert film-curation spanning mainstream and independent new releases, cult classics, documentaries and live theatre / music screenings.
·	An emphasis on high quality on-trend, food and drinks prepared in house and served to seat.
·	Beautifully designed signature spaces in strategically located venues which are desirable social destinations in their communities.
·	Motivated and empathetic team members committed to creating unforgettable guest experience.

 

For more information visit http://investors.everymancinema.com/

 

 

Chairman's statement

 

Introduction

2025 again demonstrated the strength of Everyman's distinctive proposition and its enduring relevance to audiences across the UK. As a premium, experiential cinema brand, we continue to stand apart in a sector that is evolving rapidly. The performance delivered this year reflects both the resilience of our model and the commitment of our teams, whose focus on quality and creativity remains central to our success.

 

Review of the business

 

As previously announced softer trading was experienced by the wider industry in the fourth quarter and particularly in December. Despite this the Group delivered growth across its key financial and operational metrics during the year. Revenue and EBITDA both increased, supported by higher admissions, disciplined pricing, and strong Food & Beverage growth. Importantly, in a market where UK box office revenue grew 1% in 2025, Everyman grew its market share by 7%.  We benefitted from our premium positioning and loyal guest base.

 

Operationally, we continued to strengthen the quality and reach of our estate. In the year, we opened two new venues, located in London, bringing the Everyman experience to two new communities. Alongside this, we delivered meaningful developments in guest experience, technology, and brand engagement. These improvements, together with robust Food and Beverage performance and growth in ancillary revenue, underline the breadth of opportunity within the existing estate.

 

Board changes

 

2025 was also a year of significant Board change. During the year and post period end, we have taken steps to strengthen the leadership team to support the next phase of our growth.

 

In December 2025, Alex Scrimgeour stepped down as Chief Executive and Will Worsdell later stepped down as Finance Director. The Board thanks them both for their commitment and contribution during a period of financial and operational progress, particularly as the business emerged from the pandemic.

 

We were pleased to appoint Farah Golant CBE to the Board in September and subsequently as Chief Executive; her experience, clarity of thought and focus on strategic and operational delivery make her well placed to guide the business through this next chapter. The appointment of Sheree Manning as Chief Financial Officer further strengthens our leadership team, bringing significant experience of financial and public markets discipline. We also welcomed the expanded role of Charles Dorfman as Interim Creative Director, adding further creative leadership to the Group.

 

On behalf of the Board, I would like to thank our teams for their dedication and contribution during the year. Their efforts continue to support the strength of the business and deliver high-quality guest service, giving us confidence as we look ahead.

 

Outlook

 

2026 will be a year of consolidation, focus and foundation building. The Board fully supports management's strategy to prioritise optimisation of the existing estate, deepen audience engagement, modernise technology, and strengthen operational discipline. These actions will position the Group for a return to measured expansion from 2027 onwards.

 

Our ambition remains to build on Everyman's strengths and deliver sustainable long-term value. With a refreshed leadership team, a loyal customer base, and a differentiated brand, the Group is well placed to navigate this phase. We enter the year ahead with a clear sense of purpose, a disciplined approach to execution, and a shared focus on realising the business's full potential.

 

Philip Jacobson                                                                                                                                      
Non-Executive Chairman
28 April 2026

Chief Executive statement

Introduction

I assumed the Interim CEO role in January 2026 and have moved at pace to assess the business, the brand the community of 4.4 million guests we served across 49 venues. The results we are announcing today relate to a period prior to my appointment, and I want to acknowledge the efforts of the team who delivered them. Their commitment to driving the business has built a solid foundation from which we can now accelerate with greater focus and discipline.

 

For 2025 the Group report an operating loss of £2.9m (2024: £3.4m) mainly as a result of a net impairment charge of £2.9m (2023: £2.6m). The loss before tax was £10.2m (2024: £10.2m) due to additional interest charges on lease liabilities relating to the increased number of venues. These results are explained in more detail in the Financial Review. 

2025 performance reflects a year of meaningful progress, alongside a number of challenges. We achieved growth across all our key metrics including admissions, market share, spend per head, and membership. At the same time, 2025 played out against a varied market backdrop. Whilst total annual UK box office revenue reached £1.1 billion in 2025, representing 1% growth on the prior year and the strongest post-pandemic performance to date, we also saw weaker than expected UK Box Office revenue in Q4 FY25 which impacted the Group's financial performance relative to market expectations.

 

We are now refocusing our efforts with an eye on the immediate and medium-term future. I have spent my first 90 days engaging with our people, our guests, our venues and our partners. We have put in place several workstreams designed to drive key aspects of business growth. What is immediately clear is the distinctive position the Everyman brand holds as a pioneer in premium cinema experience for our audiences and staff alike. Aspirational brands such as Rolex, Emirates, Barclays and Range Rover partner with us, as do media brands such as Times+. Alongside its prestigious partnership with the Academy Museum, The Whiteley (which opened in August 2025) hosted a number of Q&As and special screenings in the lead up to the BAFTA Awards, in partnership with Netflix and MUBI.

 

We have strong ambition for the next phase of growth: elevating the Everyman experience, expanding our footprint with discipline, strengthening our brand relevance, and unlocking new avenues for audience engagement. The market continues to evolve, and Everyman is exceptionally well placed to lead that evolution. I look forward to working with the management team and the Board to deliver long-term, sustainable value for shareholders.

 

Financial Overview

 

2025 performance was shaped by mixed industry dynamics. Adjusted Revenue increased by 12.4% to £116.6m (FY24: £103.7m; FY24 (53 weeks) £107.2m¹), supported by additional venues, higher admissions, improvements in average ticket pricing and an increase in Food & Beverage spend per head.

 

Adjusted EBITDA post-IFRS16 rose 10.6% to £17.0m (FY24: £15.4m; FY24 (53 weeks) £16.2m¹), reflecting stable underlying performance. This delivery was notwithstanding the softer industry trading in the fourth quarter. The UK Box Office declined by 10% year-on-year in December, driven by several key franchise titles underperforming their predecessors, most notably Avatar: Fire and Ash and Wicked: For Good, both of which tracked below the Box Office performance of earlier films in their series. A combination of factors impacted performance in the final months of 2025, as previously announced, and this in turn has provided insights that will inform our approach in the year ahead.

 

We increased our market share to 5.8% (FY24: 5.4%), up 40 bps, and delivered growth across all our key revenue generating metrics.

 

At the period-end net debt was £21.6m (FY2024: £18.1m), reflecting normal investment cycles in the estate, working capital requirements and the acquisition of the Barnet long leasehold for £1.1m. As previously outlined, we remain focused on managing net debt and reducing leverage, while maintaining a disciplined approach to organic growth.

 

¹ FY24 was a 53-week trading year. As a result, the comparable 52-week period metrics have been included above as the main comparative.

Operational progress

 

During the year, we opened a three-screen venue in Brentford, and a five-screen flagship at The Whiteley, Bayswater. Both sites reflect Everyman's differentiated and evolving design identity, with The Whiteley forming part of Norman Foster's major West London redevelopment. No new venue openings are planned for 2026. Beyond 2026, other venues are in advanced stages of negotiation; however, the Board remains mindful of measured expansion funded mainly through free cash flow.

 

At the end of the year, the Group operated 49 venues with 171 screens:

 

Location			Number of Screens	Number of Seats				London venues	Number of Screens		Number of Seats
Altrincham			4	247				Baker Street		2	118
Bath			4	229				Barnet		5	429
Birmingham			3	328				Belsize Park		1	129
Bristol			4	476				Borough Yards	2		194
Bury St. Edmunds			3	228				Brentford	3		231
Cambridge			5	321				Broadgate	3		264
Cardiff			5	253				Canary Wharf	3		266
Chelmsford			6	411				Chelsea		3	201
Cheltenham			5	369				Crystal Palace		4	313
Clitheroe			4	255				Hampstead		2	194
Edinburgh			5	407				Kings Cross		4	276
Egham			4	275				Maida Vale		2	149
Esher			4	336				Muswell Hill	5		478
Gerrards Cross			3	257				Screen on the green		1	125
Glasgow			3	201				Stratford International		3	247
Harrogate			5	410				The Whiteley, Bayswater		5	344
Horsham			3	239
Leeds			5	611
Lincoln			4	291
Liverpool			4	288
London, 16 venues (see breakdown)			48	3,958
Manchester			3	247
Marlow			2	161
Newcastle			4	215
Northallerton			4	274
Oxted			3	212
Plymouth			3	190
Reigate			2	170
Salisbury			4	311
Stratford-Upon-Avon			4	384
Walton-On-Thames			2	158
Winchester			2	236
Wokingham			3	289
York			4	329
			171	13,566					48		3,958

 

Operationally, 2025 saw upgrades to the Everyman mobile app including the launch of Food and Beverage self-ordering. This supported increased Food & Beverage Spend per Head, up 6% YoY, as did ongoing menu development. Food & Beverage is a major contributor of EBITDA, so continued innovation to improve our offering and in turn increase spend per head remains a focus.

 

In the year we have strengthened operational capability through the appointments of Rebecca Tooth as Operations Director and Leo Brend as Technology Director.  Rebecca comes with over 20 years' experience in hospitality and Leo, with extensive cinema experience, is leading our data and technology transformation.  Sheree Manning was appointed as Chief Financial Officer in February 2026.  Sheree brings over two decades of experience in senior finance and public markets, that will guide the Group through this next phase. In March 2026, we welcomed Chris Green as Marketing Director, whose 20 years of industry experience scaling entertainment brands will further support our transformation initiatives. 

 

Brand-building activity in 2025 resulted in a significant year-on-year increase in membership, up 18.5% to 66,910 (FY24: 56,486).  We

expanded our social media presence and at the period-end Everyman is the leading UK cinema circuit by number of Instagram followers at 133k, +29%.  Other revenue streams, including private hire and events, also increased year on year providing more opportunities for pop-ups, bespoke screenings and distributor collaborations.

 

Growth trajectory - reset and reignite

 

Since my appointment, I have reviewed the business growth trajectory and how to unlock value from our existing estate while maintaining financial discipline.  The company is prioritising optimisation - using data and local insight to refine our film curation and improve performance from newly redefined venue cohorts. A stronger emphasis is being placed on enhancing the guest experience, with tailored offerings for key segments such as families and students, alongside innovating in on- trend food & beverage offerings.   Membership is a key area for development. Members visit at materially higher frequency than non-members and generate higher food & beverage spend per head, reinforcing their importance as a commercially valuable and engaged segment of the customer base.

 

We see opportunities to grow revenue beyond the core. Everyman aims to expand income from partnerships, events, community activities and corporate hire, supported by marketing and operational testing at a local level. At the same time, targeted investment in technology can create a more seamless online guest journey for ticketing and optional pre-ordering as well as develop a centralised data platform to enable better decision-making across the business.

 

The company is reinforcing its foundations through stronger operational discipline and leadership. A clearer focus on cost control, capital allocation, and venue profitability is intended to improve margins and reduce debt. This is complemented by a strengthened leadership team and continued investment in staff development to further differentiate our brand offering.

 

Outlook

 

We have entered 2026 with positive momentum. The global cinema market is projected to expand at an annual rate of approximately 2.9%, driven by ongoing demand for premium content and shared entertainment. Trading performance in Q1 2026 has started well. We are encouraged by a strong film slate scheduled across the year, with highlights including Hamnet, Wuthering Heights, Michael, The Devil Wears Prada 2, The Oydssey, Spider-Man: Brand New Day, Avengers: Doomsday and Dune: Part Three.

 

2026 is a year of reset and refocus on our distinctive position to meet the demand for premium cinema experience. We are building further capabilities that will define the next phase of our growth.

 

The uncertainty in the trading environment due to inflationary pressures, in particular utility and food prices, can be addressed by keeping our focus on what drives demand from experience-led cinema goers.  There is a growing pattern of 'in-real-life' culture as audiences increasingly seek places to gather and connect beyond the home. With the rebound of the Box Office offering a strong and more consistent film slate; to the opportunity that extends beyond content to experience-led events, now more than ever Everyman can meet and build the demand from our engaged consumers. Through expert film curation, beautifully designed signature spaces, a distinctive hospitality offer and strategically located venues, we are positioned to succeed in a rapidly evolving sector.

 

 

Farah Golant                                          
CEO

28 April 2026

Strategic Report

 

The Directors present their strategic report for the Group for the 52 week period ended 01 January 2026 (comparative period: 53 week period ended 02 January 2025).

 

Review of the business

 

The Group report statutory revenue of £116.6m (FY24: £107.2m). The Group made a statutory loss after tax of £10.3m (FY24: £8.5m). Non-GAAP adjusted EBITDA (post IFRS-16) was £17.0m (FY24: £15.4m).

 

The Finance Director's Statement contains a detailed financial review. Further details are also shown in the Chief Executive's Statement and consolidated statement of profit and loss and other comprehensive income, together with the notes to the financial statements.

Principal risks and uncertainties

The Board has overall responsibility for risk management and internal controls and considers risk assessment to be important in achieving its strategic objectives. The Board evaluates the principal risks and uncertainties during the course of the year to consider the potential effects to our business model, which could adversely affect the revenue, profit, cash flow and assets of the Group and operations, or which may prevent the Group from achieving its strategic objectives. The Board has identified 9 principal risks which are set out below.

 

For 2025, inflation and consumer environment risks have been merged (risk 2) and three new risks have been added to the principal risks and uncertainties list being People and Compliance (risks 8-9).

 

1	Film release schedule - The level of the Group's box office revenues fluctuates throughout the course of any given year and are largely dependent on the timing of film releases, over which the Group has no control. The Group mitigates variable box office revenue through high-quality programming, widening the sources for new content and creating other strands such as Throwbacks and Everyman Beyond, which showcase older and independent titles. The Group also focuses on creating a great overall experience at venues, independent from the films themselves.
2	Inflation and Consumer environment - There is a risk to the cost base from inflation, given the current economic and geopolitical environment. To mitigate this, wherever possible, the Group enters into long-term contracts and works very closely with suppliers to improve efficiencies and negotiate terms. A reduction in consumer spending because of broader economic factors could impact the Group's revenues however, the Group continues to monitor long term trends in the broader leisure market and ensure we focus on what drives demand from experience-led cinema goers.
3	Alternative media channels - The proliferation of alternative media channels, including streaming, has introduced new competitive forces for the film-going audience, which was accelerated by the pandemic. To date this has proven to be a virtuous relationship, both increasing the investment in film production and further fuelling an overall interest in film with guests of all ages. The Board considers that the Everyman business model works well alongside other film channels. To maintain this position we must continue to deliver an exceptional experience and deliver real added value for our guests.
4	Climate change - The Group's cinema admissions could suffer because of extreme or unseasonal weather conditions during periods of exceptionally hot weather or heavy snowfall. The Group is unable to directly affect its guests response to climate change but continues to work towards developing a net zero carbon emissions strategy and is compliant with climate-related financial disclosure requirements under the Companies (Strategic Report) (Climate-Related Financial Disclosure) Regulations 2022 ("CRFD"), which are aligned to the Taskforce on Climate-Related Financial Disclosures framework ("TCFD").
5	IT systems, data and cyber security - The Group's systems and networks support its day-to-day operations.  The possibility of data breaches and system attacks would have a material impact on the Group through potentially exposing the business to a reduction in service availability for guests, potentially significant levels of fines, and reputational damage. To mitigate this risk, the IT infrastructure is continually reviewed and assessed to ensure that the latest security patches are in place and that ongoing security processes are regularly updated. This is supported by regular simulation system penetration testing and back-ups.
6	Film piracy - Film piracy, aided by technological advances, continues to be a real threat to the cinema industry generally. Any theft within our venues may result in distributors withholding content to the business. Everyman's typically smaller, more intimate auditoria, with much higher occupancy levels than the industry average, make our venues less appealing to film thieves.
7	Reputation - The strong positive reputation of the Everyman brand is a key benefit, helping to ensure the successful future performance and growth which also serves to mitigate many of the risks identified above. The Group focuses on guest experience and monitors feedback from many different sources. A culture of partnership and respect for guests and our suppliers is fostered within the business at all levels. We continue to see our market share increase and receive extremely positive guest feedback.
8	People - Loss of key management may restrict our ability to deliver the Group strategy. The Group continually reviews and optimises organisational structures, talent development, recruitment, succession planning, reward structures and competitive incentive plans. The Group is an equal opportunity employer and is compliant with relevant employment laws.
9	Compliance - Failure to adhere to regulatory requirements such as listing rules, taxation, health and safety, planning regulations and other laws may lead to financial penalties and reputational damage. The Group completes compliance documentation for venue health and safety, and food safety audits, twice per year. We run regular training and development to ensure we have appropriately qualified staff. The Group seeks expert opinion where relevant on other specialist compliance areas including listing rules, taxation, health and safety, planning regulations and other laws.
10	Competition - The Group operates in a competitive landscape, with other cinema operators present within the catchment area of many of its venues. Everyman differentiates its offering with expert film curation, beautifully designed signature spaces, a distinctive hospitality offer, excellent guest services and high quality food & beverage.

Financial risks

 

The Board has overall responsibility for the determination of the Group's risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. The Group's operations expose it to a variety of financial risks including liquidity, interest rate and credit risks.  The Group has controls in place to limit the impact of adverse effects of these risks on the Group. The Group takes out suitable insurance against property and operational risks where considered material to the anticipated revenue of the Group.

 

Liquidity risk

Financial resilience is central to our decision making and will remain key for the foreseeable future.  We prepare short-term and long-term cash flows, Group adjusted EBITDA (pre and post IFRS 16) and covenant forecasts to ensure risks are identified early. The banking facility, with Barclays and Natwest, has quarterly covenant obligations which are set at level that the Group is forecasting to be within. The Board regularly reviews liquidity forecasts and these form a part of the monthly Board packs.

 

Interest rate risk

The Group has direct exposure to interest rate movements in relation to interest charges on bank borrowings, with a 1% increase in rates resulting in an increase in interest charges of £0.3m on current forecast borrowings over the next twelve months. The Board manages this risk by minimising bank borrowings and reviewing forecast borrowing positions.

 

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers. The Group attempts to mitigate credit risk by assessing the credit rating of new customers prior to entering into contracts and by entering into contracts with customers with agreed credit terms.

Financial Review

 

Introduction

The financial information presented is as at and for the 52 week financial periods ended 1 January 2026 ("2025").  The comparative period is for the 53 week period ended 2 January 2025 ("2024").  Adjusted results for 2024 are presented on a 52 week basis.

Basis of presentation of results

The Group presents adjusted results to provide additional clarity and understanding of the Group's underlying trading.  Adjusted results are before depreciation, amortisation, profit or loss on disposal of Property, Plant & Equipment, pre-opening expenses and certain exceptional items. 2024 Adjusted results exclude the additional week of trading ("Week 53").

The Group has presented Non-GAAP adjusted EBITDA on both a pre- and post-IFRS 16 basis.  The post-IFRS 16 measure is stated before the deduction for rent paid in the period, and remains the key metric for internal decision-making, with the pre-IFRS 16 measure used for loan facility compliance.

All results within the Financial Review are adjusted results, unless specified.  A reconciliation between Statutory and Adjusted results is shown at the end of this report. 

 

Financial highlights for the 52 weeks ended 1 January 2026¹

 

		Adjusted results2		Statutory results3
		2025 £'000	2024 £'000	2025 £'000	2024 £'000
Revenue		116,596	103,748	116,596	107,173
Cost of sales		(39,761)	(36,722)	(39,761)	(38,106)
Gross profit		76,835	67,026	76,835	69,067
Gross profit margin		65.9%	64.6%	65.9%	64.4%
Other income		698	506	986	506
Administrative expenses excluding D&A		(60,509)	(52,146)	(65,796)	(58,068)
Depreciation and amortisation ("D&A")		(14,963)	(14,867)	(14,963)	(14,867)
Operating profit/(loss)		2,061	519	(2,938)	(3,362)
Net finance (expense)		(7,244)	(6,855)	(7,244)	(6,855)
Loss before tax		(5,183)	(6,336)	(10,182)	(10,217)
Tax (charge)/credit		(1,171)	941	(164)	1,682
Loss after tax		(6,354)	(5,395)	(10,346)	(8,535)
Earnings per share (pence)		(6.97)	(5.92)	(11.35)	(9.36)

 

EBITDA pre IFRS-16		9,182	8,271	4,183	4,390
EBITDA post IFRS-162		17,024	15,386	12,025	11,505
EBITDA post IFRS-16 margin		14.6%	14.8%	10.2%	10.7%
Net debt		21,582	18,117	21,582	18,117

¹ The YOY % change is calculated on unrounded numbers.

² A reconciliation between Statutory and Adjusted results is shown at the end of this report. 

³ 2024 Adjusted EBITDA post IFRS16, including Week 53 trading was £16,170,000

 

During the period, the Group has benefited from opening two new venues at Brentford and The Whiteley (Bayswater) and from the new venues opened in 2024 at Bury St Edmunds, Cambridge and Stratford International.

The Statutory operating loss was £2.9m (FY24: £3.4m) which includes a net impairment charge of £2.9m in the period (FY24: £2.7m). The Statutory loss after tax was £10.3m (FY24: £8.5m) due to additional interest charges on lease liabilities relating to the increased number of venues and a deferred tax charge of £0.2m (2024: £1.7m tax credit) which are further described below.

 

The Group report adjusted revenue of £116.6m and adjusted operating profit of £2.1m (FY24: £103.7m and £0.5m respectively).  Adjusted EBITDA post IFRS-16 was £17.0m (FY24: £15.4m) reflecting an EBITDA margin of 14.6% (FY24: 14.8%). Group adjusted loss after tax of £6.4m (FY24: £5.4m) and basic loss per share of 6.97p (FY24: 5.92p).

 

Group net debt was £21.6m at the period-end (2024: £18.1m), with the increase utilised to support the Group's working capital requirements, venue expansion and purchase of long leasehold at Barnet.

 

Revenue

The Group delivered revenue of £116.6m, growth of 12.4% on Adjusted Revenues for 2024.  Adjusted revenue for 2024 excludes £3.4m of revenue from Week 53 trading.

		Adjusted results		Statutory results
		2025 £'000	2024 £'000	2025 £'000	2024 £'000
Film and entertainment		55,601	50,082	55,601	51,849
Food and beverages		49,926	44,414	49,926	45,881
Other		11,069	9,252	11,069	9,443
Total Revenue		116,596	103,748	116,596	107,173

 

Film and entertainment revenue grew 11.0% period-on-period, compared to Adjusted Revenues for 2024, which exceeded UK box office revenue growth of 1% in 2025.  Paid for Average Ticket Price of £12.51 (FY24: £11.99), was a 4.3% increase compared to the prior period.  Admissions were 4.4m, an increase of 6.1% on the 52-week prior period comparative. 

 

Market share increased from 5.4% to 5.8% in 2025 (+7%) aided by two new venue openings in the period, as well as the benefit of prior period openings. Key films which exceeded market share in 2025 included Bridget Jones: Mad About the Boy, Wicked: For Good, F1 The Movie, Mission: Impossible - The Final Reckoning, Downtown Abbey: The Grand Finale, One Battle After Another, The Roses and A Complete Unknown.

 

Food & beverage revenue grew 12.4% period-on-period, when compared to adjusted revenues for 2024, with spend per head ("SPH") increasing by 5.9% to £11.32 (FY24: £10.69), compared to adjusted SPH for 2024. This growth was primarily supported by increased venues,  admissions, and ongoing menu development.

 

Other revenue grew by 19.6% period-on-period, when compared to adjusted revenues for 2024.  This included memberships which grew by 18.5%, reaching 66,910 members (2024: 56,486).

 

Gross profit

Gross profit is calculated as revenue less directly attributable cost of goods sold and does not include any employee costs.  Gross profit was £76.8m, a 14.6% increase when compared to the adjusted Gross profit for 2024. 

 

Gross profit margin was 65.9% for 2025 (Adjusted Gross profit margin FY24: 64.6%), with the improvement due to continued strong cost control by our Film and Procurement teams.

 

Other income

Adjusted Other income of £0.7m (FY24: £0.5m) comprises landlord compensation.  Statutory other income includes landlord compensation of £0.7m (FY24: £0.5m) and a £0.3m gain on the disposal of the Barnet occupational lease.  During the period, the Group exited the Barnet occupational lease and acquired the long leasehold for £1.1m including associated acquisition costs.  The derecognition of the occupational lease gave rise to a £0.3m exceptional gain in the period.

 

Administrative expenses		Adjusted results		Statutory results
		2025 £'000	2024 £'000	2025 £'000	2024 £'000
Administrative expenses excluding D&A		(60,509)	(52,146)	(65,796)	(58,068)
Depreciation & amortization		(14,963)	(14,867)	(14,963)	(14,867)
Total Administrative expenses		(75,472)	(67,013)	(80,759)	(72,935)

 

Adjusted administrative expenses excluding D&A were £60.5m (FY24: £52.1m), a 16.0% increase in the period, comprising of:

Statutory administrative costs include £5.3m of exceptional costs (FY24: £4.7m), which are further described below, and 2024 includes Week 53 administrative costs of £1.3m.

 

Exceptional costs				Statutory results
				2025 £'000	2024 £'000
Restructuring, transformation and other costs				(777)	(316)
Share-based payment expense				(541)	(594)
Loss on disposal of property, plant and equipment				(265)	(241)
Pre-opening expenses				(758)	(888)
Impairment of assets				(2,946)	(2,626)
Total Exceptional costs				(5,287)	(4,665)

 

Exceptional costs include:

 

 

 

 

 

 

Total Administrative Expenses (Exceptional costs) includes a net impairment charge of £2.9m (FY24: £2.6) comprising:

Whilst an impairment has been recognised, the Board anticipates that the UK Box Office will continue to improve during 2026 and 2027 and will closely monitor the impact of this on any venues with carried forward impairment to Right-of-Use Assets and Property, Plant and Equipment, in the event that any charges previously incurred can be reversed.

 

Depreciation and amortisation

 

The depreciation and amortisation charge of £15.0m in the period (FY24: £14.9m) includes £9.9m charge for tangible assets (FY24: £10.0m), £4.3m Amortisation of right of use assets (ROUA) (FY24: £4.1m) and £0.8m amortisation of intangible assets (FY24: £0.8m).

 

Finance Expense

 

Financial expenses were £7.2m (FY24: £6.9m) relating mainly to interest charges on the Group's lease liabilities and banking facilities. £0.3m of the increase relates to the impact of new leases entered into during the period, £0.1m relates to the increased draw down on the Group's Revolving Credit Facility partly offset by the benefit of lower underlying interest rates and £0.1m lower bank loan arrangement fees.

 

Taxation

The Group has a statutory tax charge of £0.2m for the period (2024: £1.7m credit) comprising £1.5m increased Deferred tax liabilities associated with property, plant and equipment allowances partly offset by £1.2m increased tax losses recognised as a Deferred tax asset. 

 

The Group's statutory effective tax rate at the period-end is 1.6% due to deferred tax assets not recognised on structural building allowances and depreciation on fixed assets which did not qualify for capital allowances.   In the prior period, the Group's effective tax rate of 16.5% is due to fixed assets which do not qualify for capital allowances, and a prior year adjustment.

 

The net deferred tax asset at the period-end of £4.3m includes £12.9m of tax losses (gross brought forward losses of £50.6m), £0.5m of IFRS16 deferred tax assets, offset by £9.1m of property, plant and equipment deferred tax liabilities, and £0.2m of other deferred tax liabilities. 

 

The Group continues to recognise the tax losses as a deferred tax asset due to increased certainty over future trading performance. The gross brought forward tax losses are expected to be utilised by the Group over the next five years. 

 

The Group has £6.7m of deferred tax assets that are unrecognised at the period-end.

 

The Group's adjusted tax charge of £1.2m for the period (FY24: £0.9m credit), is driven by non-qualifying depreciation and tax losses unrecognised. The prior year adjusted tax credit of £0.9m is driven by non-qualifying depreciation partially offset by a prior year adjustment.

 

The main difference between the 2025 statutory and adjusted tax is due to the impairment charge which gives rise to a £0.7m deferred tax credit.

 

Non-GAAP adjusted EBITDA

In addition to performance measures directly observable in the financial statements, the following additional performance measures are used internally by management to assess performance:

 

 

Management believes that these measures provide useful information to evaluate performance of the business as well as individual venues, to analyse trends in cash-based operating expenses, and to establish operational goals and allocate resources.

 

Non-GAAP adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortisation, profit or loss on disposal of Property, Plant & Equipment, impairment, share based payments, pre-opening expenses, exceptional costs and excludes Week 53, 2024.

 

Non-GAAP adjusted EBITDA post-IFRS16 was £17.0m (FY24: £15.4m, FY24 (Week 53): £16.2m).  Non-GAAP adjusted pre-IFRS16 was £9.2m (2024: £8.3m).

 

The reconciliation between operating profit/(loss) and non-GAAP adjusted EBITDA is presented below:

 

		Adjusted results		Statutory results
		2025 £'000	2024 £'000	2025 £'000	2024 £'000
Operating profit/(loss)		2,061	519	(2,938)	(3,362)
Depreciation and amortisation		14,963	14,867	14,963	14,867
EBITDA post IFRS161		17,024	15,386	12,025	11,505
Rent costs		(7,842)	(7,115)	(7,842)	(7,115)
EBITDA pre IFRS-16		9,182	8,271	4,183	4,390

¹ 2024 Adjusted EBITDA post IFRS16 including Week 53 trading was £16,170,000.

 

The Group has presented Non-GAAP adjusted EBITDA on both a pre- and post-IFRS 16 basis. The post-IFRS 16 measure, is before a deduction for rent paid in the period, and remains the key metric for internal decision-making, with the pre-IFRS 16 measure used for loan facility compliance.

The reconciliation between operating profit/(loss) as determined under IFRS to adjusted operating profit is presented below:
				2025 £'000	2024 £'000
Operating loss as determined under IFRS				(2,938)	(3,362)
Adjustments:
Exceptional gain on disposal of Barnet occupational lease				(288)	0
Exceptional costs				777	316
Share-based payment expense				541	594
Loss on disposal				265	241
Pre-opening expenses				758	888
Impairment of fixed assets				2,946	2,626
Week 53, 2024 trading				0	(784)
Total adjusting items				4,999	3,881
Adjusted operating profit				2,061	519

Balance sheet

				2 January 2026 £'000	1 January 2025 £'000
Non-current assets				175,818	182,168
Current assets				16,285	18,233
Total assets				192,103	200,401
Current liabilities				31,176	30,271
Non-current liabilities				134,280	133,678
Total liabilities				165,456	163,949
Net assets				26,647	36,452

 

Net assets reduced by £9.8m from £36.5m to £26.7m reflecting the statutory loss after tax of £10.3m, offset by the share-based payment credit to reserves of £0.5m.

Non-current assets

Non-current assets reduced by £6.4m in the period, principally due to amortisation, depreciation and impairment charges on Right-of-use assets and Property, Plant Equipment which exceeded additions from new venues.

Current assets

Cash and cash equivalents of £8.4m (FY24: £9.9m) reduced by £1.5m in the period due to working capital requirements, venue expansion and purchase of the Barnet long leasehold.

Current liabilities

Trade and other payables of £27.5m (FY24: £28.1m) includes higher deferred revenue reflecting stronger membership at period-end.

Current right of use lease liabilities increased by £1.4m in the period, with the total lease liability of £106.4m reducing by £0.1m compared to the prior period. 

Non-current liabilities

Borrowings increased by £2.0m in the period, as the RCF was utilised to support the Group's working capital requirements and venue expansion. 

Non-current right of use lease liabilities decreased by £1.4m.

 

Cash Flow and Liquidity

 

The Group ended the period with cash and cash equivalents of £8.4m (FY24: £9.9m) and net banking debt of £21.6m (FY24: £18.1m).  The increase in net debt was to support working capital requirements, venue expansion and Barnet long leasehold purchase.  The Directors believe that the Balance Sheet remains well capitalised, with sufficient working capital to service ongoing requirements.

Net cash generated from operating activities was £15.5m (FY24: £21.6m) with a net cash outflow for the period of £1.5m (FY24: £3.2m inflow).  Operating Cash Flow included a working capital inflow of £0.4m (2024: £6.6m outflow).

Cash flow used in investing activities was £13.0m (FY24: £16.1m) which includes £9.6m spend on expansionary capital expenditure before landlord contribution (FY24: £11.2m), £1.1m purchase of Barnet long leasehold and the remainder on maintenance capital expenditure.  The expansionary capital expenditure was mainly for payments for the new venues Brentford and The Whiteley (Bayswater), and residual payments for new venues opened in 2024.

Cash flow used in financing activities was £3.5m (FY24: £2.3m).  This includes £7.8m in capital and interest lease payments (FY24: £7.7m), £2.2m in interest payable on borrowings (FY24: £2.3m), offset by £2.0m net drawdown (FY24: £2.0m) and the receipt of £4.5m in landlord contributions (FY24: £5.7m) in relation to its new venues opened in the period.

Free Cash Flow Pre New Openings was £1.9m in the period (FY24: £6.5m).  Free Cash Flow Pre New Openings is defined as operating cash flow less lease payments (excluding contributions from new openings), investing cash flow (excluding payments made for new openings/long leaseholds), and interest paid on borrowings.

 

Banking

 

The Group retains its £35.0m three-year loan facility with Barclays Bank Plc and National Westminster Bank Plc, which was agreed on 17 August 2023. The facility also includes an additional £5m accordion element, subject to lender consent.  In December 2025, the Group agreed to extend the facility to 30 August 2027 to ensure that the Group had certainty over its banking facilities and ensure it was well positioned to take advantage of opportunities moving forwards.

 

Covenants on the loan facility are based on Adjusted Leverage and Fixed Charge Cover. The Group's current forecasts demonstrate that the Group will remain within these covenants for the foreseeable future.

 

At the end of the year, the Group had drawn down £30.0m (2024: £28.0m) on its facilities and held £8.4m in cash (2024: £9.9m). The undrawn facility was £5.0m (2024: £7.0m) and net banking debt £21.6m (2024: £18.1m).

 

Annual General Meeting

 

The Annual General Meeting of the Company will be held on 25 June 2026 at 9:30am at Everyman Cinema Hampstead, 5 Holly Bush Vale, London NW3 6TX.

Consolidated statement of  profit and loss and other comprehensive income for the year ended 01 January 2026

 

		52 weeks ended	53 weeks ended
		01 January	02 January
		2026	2025
	Note	£000	£000
Revenue	6	116,596	107,173
Cost of sales		(39,761)	(38,106)
Gross profit		76,835	69,067
Other operating income	11	986	506
Administrative expenses		(80,759)	(72,935)
Operating loss		(2,938)	(3,362)
Financial expenses	12	(7,244)	(6,855)
Loss before tax		(10,182)	(10,217)
Tax (charge)/credit	13	(164)	1,682
Loss for the year		(10,346)	(8,535)
Total comprehensive loss for the year		(10,346)	(8,535)
Basic loss per share (pence)	14	(11.35)	(9.36)
Diluted loss per share (pence)	14	(11.35)	(9.36)

 

All amounts relate to continuing activities. There are no items of other comprehensive income other than the loss for the period.     Non-GAAP measure: adjusted EBITDA 52 weeks ended 53 weeks ended 01 January 02 January 2026 2025 £'000 £000   Statutory operating (loss) as determined under IFRS (2,938) (3,362) Adjustments: Depreciation and amortisation 15/16/17 14,963 14,867 Loss on disposal of Property, Plant & Equipment 15 265 241 Gain on disposal of lease 16 (288) - Impairment 18 2,946 2,626 Pre-opening expenses1 758 888 Exceptional costs2 777 316 Share-based payment expense 29 541 594 Adjusted EBITDA post IFRS16 - 52 weeks (2024: 53 weeks)3 17,024 16,170 Remove Week 53, 2024 - (784) Adjusted EBITDA post IFRS16 - 52 weeks (2024: 52 weeks)3 17,024 15,386   1 Pre-opening expenses mainly include venue staff costs (new venue preparation and staff training) and property expenses (such as utilities, service charges and business rates) incurred prior to a new venue opening.   2 Exceptional costs mainly relate to restructuring costs, Technology and Guest relation transformation costs.  The prior year exceptional costs mainly related to Technology transformation costs, professional advisory fees and recruitment costs relating to certain Head Office teams.    3 The Group has presented Non-GAAP adjusted EBITDA post-IFRS 16.  The post-IFRS 16 measure is stated before the deduction for rent paid in the period, and remains the key metric for internal decision-making, with the pre-IFRS 16 measure used for loan facility compliance. A reconciliation between pre- and post-IFRS 16 EBITDA is presented in the Financial Review.

 

Consolidated balance sheet at 01 January 2026     Registered in England and Wales Company number: 08684079
		01 January	02 January
		2026	2025
	Note	£000	£000
Assets
Non-current assets
Property, plant and equipment	15	103,120	104,586
Right-of-use assets	16	59,277	63,515
Intangible assets	17	8,795	9,247
Deferred tax assets	27	4,323	4,487
Trade and other receivables	20	303	333
		175,818	182,168
Current assets
Inventories	19	936	964
Trade and other receivables	20	6,931	7,386
Cash and cash equivalents	22	8,418	9,883
		16,285	18,233
Total assets		192,103	200,401
Liabilities
Current liabilities
Trade and other payables	21	27,543	28,125
Lease liabilities	16	3,633	2,146
		31,176	30,271
Non-current liabilities
Loans and borrowings	22	30,000	28,000
Other provisions	26	1,550	1,596
Lease liabilities	16	102,730	104,082
		134,280	133,678
Total liabilities		165,456	163,949
Net assets		26,647	36,452
Equity attributable to owners of the Company
Share capital	28	9,118	9,118
Share premium		57,112	57,112
Merger reserve		11,152	11,152
Other reserve		83	83
Accumulated losses		(50,818)	(41,013)
Total equity		26,647	36,452

 

These financial statements were approved by the Board of Directors and authorised for issue on 28 April 2026 and signed on its behalf by:

 

 

 

Sheree Manning

Chief Financial Officer

Consolidated statement of changes in equity for the year ended 01 January 2026

 

	Note	Share capital £000	Share premium £000	Merger reserve £000	Other reserve £000	Accumulated losses £000	Total Equity £000
Balance at 28 December 2023		9,118	57,112	11,152	83	(33,072)	44,393
Loss for the year		-	-	-	-	(8,535)	(8,535)
Total comprehensive loss		-	-	-	-	(8,535)	(8,535)
Share-based payments	29	-	-	-	-	594	594
Total transactions with owners of the parent		-	-	-	-	594	594
Balance at 02 January 2025		9,118	57,112	11,152	83	(41,013)	36,452
Loss for the year		-	-	-	-	(10,346)	(10,346)
Total comprehensive loss		-	-	-	-	(10,346)	(10,346)
Share-based payments	29	-	-	-	-	541	541
Total transactions with owners of the parent						541	541
Balance at 01 January 2026		9,118	57,112	11,152	83	(50,818)	26,647

Consolidated cash flow statement for the year ended 01 January 2026

 

		01 January	02 January
		2026	2025
	Note	£000	£000
Cash flows from operating activities
Loss for the year		(10,346)	(8,535)
Adjustments for:
Financial expenses	12	7,244	6,855
Tax charge/ (credit)	27	164	(1,682)
Operating (loss)		(2,938)	(3,362)
Depreciation and amortisation	15,16,17	14,963	14,867
Loss on disposal of property, plant and equipment	15	265	241
Impairment	18	2,946	2,626
Gain on lease disposal	16	(288)	-
Share-based payment expense	29	541	594
		15,489	14,966
Changes in working capital:
Decrease/(increase) in inventories		28	(106)
Decrease/(increase) in trade and other receivables		(284)	(2,330)
(Decrease)/increase in trade and other payables		(185)	9,045
Net cash generated from operating activities		15,048	21,575
Cash flows from investing activities
Acquisition of property, plant and equipment		(11,543)	(15,433)
Acquisition of long leasehold	16	(1,084)	-
Acquisition of intangible assets		(347)	(640)
Net cash used in investing activities		(12,974)	(16,073)
Cash flows from financing activities
Repayment of bank borrowings	22	(1,000)	(3,000)
Drawdown of bank borrowings	22	3,000	5,000
Lease payments - interest	16	(4,764)	(4,363)
Lease payments - capital	16	(3,080)	(3,330)
Landlord capital contributions received	16	4,473	5,680
Interest paid		(2,168)	(2,251)
Net cash used in financing activities		(3,539)	(2,264)
Net (decrease)/increase in cash and cash equivalents		(1,465)	3,238
Cash and cash equivalents at the beginning of the year		9,883	6,645
Cash and cash equivalents at the end of the year		8,418	9,883

 

At the period-end, the Group had £5,000,000 of undrawn funds available of a £35,000,000 revolving credit facility (2024: £7,000,000 of a £35,000,000 revolving credit facility).

Notes to the 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 limited by shares registered, domiciled and incorporated in England and Wales, in the United Kingdom (registered number 08684079). The address of its registered office is Studio 4, 2 Downshire Hill, London NW3 1NR. All trade takes place in the United Kingdom.            

 

2   Basis of preparation and accounting policies

This final results announcement for the year ended 01 January 2026 has been prepared in accordance with the UK adopted International Accounting Standards. The accounting policies applied are consistent with those set out in the Everyman Media Group plc Annual Report and Accounts for the year ended 01 January 2026.

 

The financial information contained within this final results announcement for the year ended 01 January 2026 and the year ended 2 January 2025 is derived from but does not comprise statutory financial statements within the meaning of section 434 of the Companies Act 2006. Statutory accounts for the year ended 2 January 2025 have been filed with the Registrar of Companies and those for the year ended 01 January 2026 will be filed following the Company's annual general meeting. The auditors' report on the statutory accounts for the year ended 01 January 2026 is unqualified, does not draw attention to any matters by way of emphasis and does not contain any statement under section 498 of the Companies Act 2006.

 

The consolidated financial statements of the Group have been prepared in accordance with UK adopted International Accounting Standards.

 

The financial statements are prepared on the historical cost basis.

 

The preparation of financial statements in compliance with UK adopted International Accounting Standards requires the use of certain critical accounting estimates, it also requires Group management to exercise judgements and estimates in preparing the financial statements. Their effects are disclosed in the notes below.

 

The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group financial statements. The Group prepares its financial statements on a 52/53 week basis. The year end date is determined by the 52nd Thursday in the year. A 53rd week is reported where the year end date is no longer aligned with 7 days either side of 31st December. The year ended 01 January 2026 is a 52-week period. The comparative period is a 53-week period.

 

These financial statements are presented in British pounds, which is the functional currency of all entities in the Group. All financial information has been rounded to the nearest thousand, unless otherwise stated.

               

Going concern

 

Current trading is in line with management expectations. Given the increased number of wide releases year-on-year, commitment to the theatrical window from distributors and new investment from streamers in content for cinema, management expect admissions to continue to recover towards pre-pandemic levels. Paid for Average Ticket Price and Spend per Head have continued to grow steadily despite well-publicised concerns over consumer spends.

 

Banking

 

The Group retains its £35.0m RCF facility with Barclays Bank and National Westminster Bank Plc, which was agreed on 17 August 2023.  The facility also includes an additional £5m accordion element, subject to lender consent. In December 2025, the Group agreed to extend the facility to 30 August 2027 to ensure that the Group had certainty over its banking facilities and ensure it was well positioned to take advantage of opportunities moving forwards.

 

Covenants on the facility are based on Adjusted Leverage and Fixed Charge Cover. The Group has operated within these covenants all year and expects to continue to do so going forward.

 

At the period-end, the Group had drawn down £30.0m on its Revolving Credit Facility ("RCF") and held £8.4m in cash; therefore, the net banking debt was £21.6m and the undrawn RCF was £5m.

 

The Group's RCF has leverage and fixed charge cover covenants. The Board has reviewed forecast scenarios and is confident that the business can continue to operate with sufficient headroom. These forecasts include prudent assumptions around increased to admissions, as well as wage increases and inflation.

 

In light of this, the Board consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 

Base case Scenario

 

The Directors assessed the prospects of the Group over a five-year period which reflects the projections for 2026 to 2031 in line with the planning cycle adopted by the Group.  The assessment considers the Group's current financial position and the principal risks and uncertainties facing the Group including those that would threaten the business model, future performance, solvency and liquidity.

 

Sensitivity analysis is applied to the projections to determine the potential effects should the principal risks and uncertainties occur, individually or in combination. The Board also assessed the likely effectiveness of any proposed mitigating actions.

 

The Directors are satisfied that the Group will be able to operate with sufficient financial flexibility and headroom for the foreseeable future, which comprises the period of at least 12 months from the approval of the financial statements, up to 30 April 2027.

 

The forecast assumes that admissions grow as the film slate recovers towards pre-pandemic levels, as well as the full year benefit from the two venues opened mid-2025. The forecast also assumes the opening of a new venue in Lichfield in the first quarter of 2027. Corresponding capital investment has been included for all new openings.

 

In this scenario the Group maintains significant headroom in its banking facilities.

Stress testing

 

The Board considers assumptions on admissions to be realistic, particularly considering current trading and the stronger, more consistently-phased 2026 film slate. A reduction in admissions of 2.9% during 2026 and 2027 has been modelled. This scenario would not cause a breach in the Adjusted Leverage and Fixed Cover Charge covenants.

If such a scenario were to occur, where the covenants were at risk of breaching, Management would be able to temporarily reduce administrative expenditure to increase EBITDA and avoid a breach, without material impact to the Group's operations and the quality of the guest experience. The Group also has the ability to delay the deployment of capital expenditure.

The Directors believe that the Group is well-placed to manage its financing and other business risks satisfactorily and have a reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these consolidated financial statements.

 

The Board considers that a 2.9% reduction in admissions is very unlikely, particularly in light of business performance in the first quarter of 2026. As a result, the Board does not believe this to represent a material uncertainty, and therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.

 

Use of non-GAAP profit and loss measures

The Group believes that along with operating loss, adjusted EBITDA provides additional guidance to the statutory measures of the performance of the business during the financial year. The reconciliation between operating loss and adjusted EBITDA is shown on page 46.

 

Adjusted EBITDA post IFRS16 is calculated by adding back depreciation, amortisation, profit or loss on disposal of Property, Plant & Equipment, pre-opening expenses, certain exceptional items and to remove Week 53, 2024 trading. Adjusted EBITDA post IFRS16 is an internal measure used by management as they believe it better reflects the underlying performance of the Group beyond generally accepted accounting principles.

 

Basis of consolidation           

The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting date.

 

Subsidiaries are entities controlled by the Group.  Where the Group has power, either directly or indirectly so as to have the ability to affect the amount of the investor returns and has exposure or rights to variable returns from its involvement with the investee, it is classified as a subsidiary.

 

Intra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.

 

Merger reserve     

On 29 October 2013 the Company became the new holding company for the Group. This was put into effect through a share-for-share exchange of 1 Ordinary share of 10 pence in Everyman Media Group PLC for 1 Ordinary share of 10 pence in Everyman Media Holdings Limited (previously, Everyman Media Group Limited), the previous holding company for the Group. The value of 1 share in the Company was equivalent to the value of 1 share in Everyman Media Holdings Limited.

 

The accounting treatment for group reorganisations is presented under the scope of IFRS 3. The introduction of the new holding company was accounted for as a capital reorganisation using the principles of reverse acquisition accounting under IFRS 3. Therefore, the consolidated financial statements are presented as if Everyman Media Group PLC has always been the holding company for the Group. The Company was incorporated on 10 September 2013.

 

The use of merger accounting principles has resulted in a balance in Group capital and reserves which has been classified as a merger reserve and included in the Group's shareholders' funds.       

 

The Company recognised the value of its investment in Everyman Media Holdings Limited at fair value based on the initial share placing price on admission to AIM. As permitted by s612 of the Companies Act 2006, the amount attributable to share premium was transferred to the merger reserve.

 

Revenue recognition

Revenue for the Group is measured at the fair value of the consideration received or receivable. The Group recognises revenue for services provided when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Most of the Group's revenue is derived from the sale of tickets for film admissions and the sale of food and beverage, and therefore the amount of revenue earned is determined by reference to the prices of those items. The Group's revenues from film and entertainment activities are recognised on completion of the showing of the relevant film. The Group's revenues for food and beverages are recognised at the point of sale as this is the time the performance obligations have been met.

 

Private hire and event bookings, gift cards and similar income which are received in advance of the related performance are classified as deferred revenue and shown as a liability until completion of the performance obligation.

 

Contractual-based revenue from Everywhere (unlimited tickets) memberships is initially classified as deferred revenue and subsequently recognised on a straight-line basis over the year. Revenue from Everyman and EveryIcon memberships are classified as deferred revenue and subsequently recognised in line with ticket usage.

 

Advertising revenue is recognised at the point the advertisement is shown in the cinemas.

 

Fees charged for advanced ticket bookings are recognised at the point when the tickets are purchased. 

 

Goodwill and intangible assets

Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but is tested annually for impairment. Goodwill represents the excess of the costs of a business combination over the acquisition date fair values of the identifiable assets, liabilities and contingent liabilities acquired. Goodwill is capitalised as an intangible asset.

 

The recoverable amount of an asset or cash-generating unit (CGU) is the greater of its value-in-use and its fair value less costs to sell. In assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the CGU), this is usually an individual cinema venue. The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to CGUs. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.

 

An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses are recognised in the profit and loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit/group of units on a pro-rata basis. Once goodwill has been impaired, the impairment cannot be reversed in future periods.

 

Impairment

The carrying amounts of the Group's assets are reviewed at each Balance Sheet date to determine whether there is any indication of impairment. If any such indication exists, the asset's recoverable amount is estimated. For goodwill assets that have an indefinite useful economic life, the recoverable amount is estimated at each Balance Sheet date.

 

An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit ('CGU') exceeds its recoverable amount. Impairment losses are recognised in the Consolidated Statement of Profit or Loss.

 

Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a pro-rata basis.

 

A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets and relates to an individual cinema venue.

 

Property, plant and equipment

Items of property, plant and equipment are recognised at cost less accumulated depreciation and accumulated impairment losses. As well as the purchase price, cost includes directly attributable costs.

 

Depreciation on assets under construction does not commence until they are complete and available for use. These assets represent fit-outs. Depreciation is provided on all other leasehold improvements and all other items of property, plant and equipment so as to write off their carrying value over the expected useful economic lives. The estimated useful lives are as follows:        

                                                               

Leasehold improvements       - straight line on cost over the remaining life of the lease

Plant and machinery                               - 5 years                                                                 

Fixtures and fittings                               - 8 years

 

Provisions

A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Lease dilapidation provisions are recognised when entering into a lease where an obligation is created. This obligation may be to return the leasehold property to its original state at the end of the lease in accordance with the lease terms. Leasehold dilapidations are recognised at the net present value and discounted over the remaining lease period.

 

Leases

At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The majority of leases entered into determine the lease commencement to be dependent on the date in which access to the property is provided by the landlord, at this point we assess the Group gains control.

 

To assess whether a contract conveys the right to control the use an identified asset, the Group assesses whether:

 

 

Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate determined by reference to the rate inherent in the lease unless this is not readily determinable, in which case the Group's incremental borrowing rate on commencement of the lease is used, the incremental borrowing rate is most commonly used in the Groups recognition of leases.

 

Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:

 

 

Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease.

 

If the Group revises its estimate of the term of any lease it adjusts the carrying amount of the lease liability to reflect the payments to make over the revised term, which are discounted using a revised discount rate. An equivalent adjustment is made to the carrying value of the right-of-use asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset is adjusted to zero, any further reduction is recognised in profit or loss.

 

Taxation

Tax on the profit and loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years.

 

Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated balance sheet differs from its tax base, except for differences arising on:

 

 

Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which the difference can be utilised.

 

The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax liabilities or assets are settled or recovered. Deferred tax balances are not discounted.

 

Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:

 

 

Operating segments

The Board, the chief operating decision maker, considers that the Group's primary activity constitutes one reporting segment, as defined under IFRS8.

 

The total profit measures are operating profit and profit for the year, both disclosed on the face of the consolidated profit and loss. No differences exist between the basis of preparation of the performance measures used by management and the figures used in the Group financial information.

 

All of the revenues generated relate to cinema tickets, sale of food and beverages and ancillary income, an analysis of which appears in the notes below. All revenues are wholly generated within the UK. Accordingly, there are no additional disclosures provided to the financial information.

 

Pre-opening expenses

Overhead expenses incurred prior to a new site opening are expensed to the profit and loss in the year that they are incurred. Similarly, the costs of training new staff during the pre-opening phase are expensed as incurred. These expenses are included within administrative expenses, right-of-use depreciation and financing expenses.

 

Employee benefits                                                                                                

Defined contribution plans

A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are recognised as an expense in the profit and loss in the periods during which services are rendered by employees.

 

Share-based payments          

Certain employees (including Directors and senior executives) of the Group receive remuneration in the form of equity-settled share-based payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions, through the Growth Share Scheme, Approved and Unapproved Options Schemes). The cost of share-based payments is recharged by the Company to subsidiary undertakings in proportion to the services recognised.

 

Equity-settled share based schemes are measured at fair value, excluding the effect of non-market based vesting conditions, at the date on which they are granted. The fair value is determined by using an appropriate pricing model.

 

The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award

(the vesting date). The profit or loss charge or credit for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.

 

No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vesting irrespective of whether or not the market condition has been satisfied, provided that all other performance and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation of earnings per share.

3   Financial Instruments

The Group is exposed through its operations to the following financial risks:

 

 

In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these financial statements.

 

There have been no substantive changes in the Group's exposure to financial instrument risks, it's objectives, policies and processes for managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.

 

The principal financial instruments used by the Group, from which financial instrument risk arises are as follows:

 

 

Financial assets

All the Group's financial assets are subsequently accounted for at amortised cost. These assets arise principally from the provision of goods and services to guests (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. They are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment.

 

The Group recognises an allowance for expected credit losses (ECLs) on financial assets measured at amortised cost. The financial assets comprises trade and other receivables. Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the determination of the lifetime expected credit losses. During this process the probability of the non-payment of the individual trade receivables is assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision account with the loss being recognised in profit or loss. On confirmation that the trade receivable will not be collectable, the gross carrying value of the asset is written off against the associated provision. At the year end, there are no provisions against trade receivables as the Group has limited exposure to ECLs due to its business model.

 

The Group's financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the consolidated balance sheet.

 

Cash and cash equivalents comprise cash balances, deposits and cash amounts in transit due from credit cards which are settled within seven days from the date of the reporting period.

Financial liabilities and equity                                                              

Financial instruments issued by the Group are treated as equity only to the extent that they meet the following conditions:

                                                                                                                               

To the extent that this definition is not met, the proceeds of issue are classified as a financial liability and initially recognised at fair value net of any transaction costs directly attributable. Such interest-bearing liabilities are subsequently measured at amortised cost using the effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

 

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, to assess the credit risk of new customers before entering material contracts.

 

Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions, only independently rated parties with minimum rating "A" are accepted.

 

Further disclosures regarding trade and other receivables, which are neither past due nor impaired, are provided in note 25.

 

Interest rate risk

The Group is exposed to cash flow interest rate risk from its revolving credit facility at variable rates. During 2025 and 2024, the Group's borrowings at variable rate were denominated in GBP.

 

The Group analyses the interest rate exposure on a monthly basis. A sensitivity analysis is performed by applying various reasonable expectations on rate changes to the expected facility drawdown.

 

Liquidity risk

Liquidity risk arises from the Group's management of working capital and the finance charges and principal repayments on its debt instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due.

 

The Board receives rolling 12-month cash flow projections on a monthly basis as well as information regarding cash balances. At the end of the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all reasonably expected circumstances, through utilisation of its revolving credit facility. 

4   Changes in accounting policies

New standards, interpretations and amendments adopted from 01 January 2026

 

There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in future accounting periods that the Group has decided not to adopt early.

 

The following new standards and interpretations are effective for the year ended 1 January 2026, but have not had a material impact on the Group:

 

The following standards and interpretations, which have not been applied and when adopted are not expected to have a material impact on the Group, were in issue and will be effective from 1 January 2027 (which will apply to the Group's 2027 financial reporting), unless stated below:

 

 

5   Critical accounting estimates and judgements

The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.

 

Impairment of cinemas (accounting estimate)

The Group determines whether its cinema asset and associated goodwill are impaired when impairment indicators exist or based on the annual impairment assessment. The annual assessment requires an estimate of the value in use of the CGUs to which the intangible and tangible fixed assets are allocated, which is at the individual cinema site level.

 

Estimating the value in use requires the Group to make an estimate of the expected future cash flows from each cinema and discount these to their net present value at an appropriate discount rate. All venues are located in the UK and therefore a single discount rate has been used for all CGUs. The resulting calculation is sensitive to the assumptions in respect of future cash flows and the discount rate applied. The Directors consider that the assumptions made represent their best estimate of the future cash flows generated by the CGUs and that the discount rates used are appropriate given the risks associated with the specific cash flows. A sensitivity analysis has been performed over the estimates (see Note 18)

 

Deferred tax assets (accounting estimate)

The Group recognizes deferred tax assets to the extent that it is probable that future taxable profits will be available against which temporary differences can be utilised. The recognition of deferred tax assets based on future taxable profits requires significant management judgment and estimation.

 

In assessing the probability of future taxable profits, management considers historical profitability, forecasts, and business plans. These assessments are based on various factors including, but not limited to, expected future market conditions, industry trends, regulatory environment, and specific operational strategies.

 

The Group reviewed its forecasts for a three year period based on management expectations and projections to assess the likelihood of future taxable profits and adjusts the recognition of Deferred Tax assets accordingly. However, actual results may differ from these forecasts due to changes in economic conditions, market dynamics, or other unforeseen events.

 

Incremental borrowing rate (accounting estimate)

The Group determines the incremental borrowing rates used to discount lease payments for the purpose of measuring the lease liability and right-of-use asset under IFRS 16, Leases. The determination of incremental borrowing rates involves significant judgment and estimation by management. Key factors considered are the nature and term of lease, market conditions and availability of comparable financing.

6   Revenue

			52 weeks ended	53 weeks ended
			01 January	02 January
			2026	2025
			£000	£000
Film and entertainment			55,601	51,849
Food and beverages			49,926	45,881
Venue Hire, Advertising and Membership Income			11,069	9,443
			116,596	107,173

 

All trade takes place in the United Kingdom.

 

The following table provides information about opening and closing receivables, contract assets and liabilities from contracts with customers.

 

Contract balances				52 weeks ended 01 January	53 weeks ended 02 January
				2026	2025
				£000	£000
Trade receivables				3,526	2,641
Deferred income				7,970	5,757

 

Deferred income relates to advanced consideration received from customers in respect of memberships, gift cards and advanced screenings. The movement in deferred income relates predominantly to increases in memberships, gift cards and advertising contracts.

7   Loss before taxation

Loss before taxation is stated after charging / (crediting):

		52 weeks ended	53 weeks ended
		01 January	02 January
		2026	2025
		£000	£000
Depreciation of tangible assets		9,849	10,013
Amortisation of right-of-use assets		4,261	4,073
Amortisation of intangible assets		853	781
Loss on disposal of property, plant and equipment		265	241
Share-based payment expense		541	594
Impairment charge		4,108	2,626
Impairment (reversal)		(1,162)	-

 

8   Staff numbers and employment costs            

The average number of employees (including Directors) during the year, analysed by category, was as follows:

 

				52 weeks ended	53 weeks ended
				01 January 2026	02 January 2025
				Number	Number
Management				293	276
Operations				1,541	1,352
				1,834	1,628

 

At the period end the number of employees (including Directors) was 1,940 (2024: 1,989). Management staff represent all full-time employees in the Group.

               

				52 weeks ended		53 weeks ended
					01 January	02 January
					2026	2025
					£000	£000
Wages and salaries					32,024	28,193
Social security costs					3,254	2,288
Pension costs					468	422
Share-based payment expense					541	594
					36,287	31,497

 

Wages and salaries include bonus costs.  There were pension liabilities outstanding as at 01 January 2026 of £95,000 (02 January 2025: £89,000) which were settled on 12 January 2026.         

9   Directors' remuneration

The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS24 Related Party Disclosures:

 

				52 weeks ended	53 weeks ended
				01 January	02 January
				2026	2025
				£000	£000
Salaries/fees				894	829
Bonuses				16	76
Other benefits				14	11
Pension contributions				20	19
				944	935
Share-based payment expense				141	638
				1,085	1,573

 

 

Information regarding the highest paid Director is as follows:

				52 weeks ended	53 weeks ended
				01 January	02 January
				2026	2025
				£000	£000
Salaries/fees				332	324
Bonuses				-	39
Other benefits				11	9
Pension contributions				10	10
				353	382
Share-based payment expense				80	580
				433	962

 

Directors' remuneration for each Director is disclosed in the Remuneration Committee report. The costs relating to the Directors remuneration are incurred by Everyman Media Limited for the wider Group. No Directors exercised options over shares in the Company during the year (2024: None).

 

10   Auditor's remuneration

		52 weeks ended	53 weeks ended
		01 January	02 January
		2026	2025
		£000	£000
Fees payable to the Group's auditor for:
Audit of the Company's financial statements		28	26
Audit of the subsidiary undertakings of the Company		196	189
		224	215

 

11   Other Operating Income

		52 weeks ended 01 January 2026 £'000	53 weeks ended 02 January 2025 £'000
Landlord compensation	698		506
Gain on disposal of lease	288		-
	986		506

 

 

12   Financial expenses

	52 weeks ended	53 weeks ended
	01 January	02 January
	2026	2025
	£000	£000
Interest on bank loans	2,405	2,303
Bank loan arrangement fees	54	178
Interest on lease liabilities	4,763	4,363
Interest on dilapidations provision	22	11
	7,244	6,855

 

13   Taxation	52 weeks ended	53 weeks ended
	01 January 2026	02 January 2025
	£000	£000
Deferred tax charge / (credit)	164	(1,682)
Total tax charge / (credit)	164	(1,682)

 

 

The reasons for the difference between the actual tax credit for the period and the standard rate of corporation tax in the United Kingdom applied to the loss for the year are as follows:

 

Reconciliation of effective tax rate	52 weeks ended	53 weeks ended
	01 January 2026	02 January 2025
	£000	£000
Loss before tax	(10,182)	(10,217)
Tax at the UK corporation tax rate of 25% (2024:25%)	(2,545)	(2,554)
Permanent differences (expenses not deductible for tax purposes)	1,489	1,310
Impact of difference in overseas tax rates	-	-
Effect of change in expected future statutory rates on deferred tax	-	-
Other	(250)	-
Changes in prior year capital allowance estimate	97	(468)
Tax losses/temp. differences of deferred tax previously unrecognised	1,373	30
Total tax charge / (credit)	164	(1,682)

 

14   Earnings per share

	52 weeks ended	53 weeks ended
	01 January 2026	02 January 2025
Loss used in calculating basic and diluted earnings per share (£000)	(10,346)	(8,535)
Number of shares (000's)
Weighted average number of shares for the purpose of basic earnings per share	91,181	91,178
Number of shares (000's)
Weighted average number of shares for the purpose of diluted earnings per share	91,181	91,178
Basic loss per share (pence)	(11.35)	(9.36)
Diluted loss per share (pence)	(11.35)	(9.36)

 

 

	52 weeks ended	53 weeks ended
	01 January 2026	02 January 2025
	Weighted average	Weighted average
	no. 000's	no. 000's
Issued at beginning of the year	91,181	91,178
Share options exercised	-	-
Weighted average number of shares at end of the year	91,181	91,178

 

Weighted average number of shares for the purpose of diluted earnings per share
Basic weighted average number of shares	91,181	91,178
Effect of share options in issue	-	-
Weighted average number of shares at end of the year	91,181	91,178

 

Basic earnings per share values are calculated by dividing net loss for the year attributable to Ordinary equity holders of the parent by the weighted average number of Ordinary shares outstanding during the year. The shares issued in the year in the above table reflect the weighted number of shares rather than the actual number of shares issued.

 

At the period-end the Company has 5.3m potentially issuable Ordinary shares (2024: 5.1m) all of which relate to the potential dilution from share options issued to the Directors and certain employees and contractors, under the Group's incentive arrangements (note 29). In the current year these options are anti-dilutive as they would reduce the loss per share and so have not been included in the diluted losses per share.

 

The Company made a post-tax profit for the year of £1,729,000 (2024: £1,192,000).

15   Property, plant and equipment

	Leasehold	Plant &	Fixtures &	Assets under
	improvements	machinery	Fittings	construction	Total
	£000	£000	£000	£000	£000
Cost
At 28 December 2023	97,487	19,268	20,792	8,190	145,737
Acquired in the year	8,365	2,070	1,603	2,786	14,824
Disposals	(11)	(4)	(650)	-	(665)
Transfer on completion	2,796	402	1,655	(4,853)	-
At 02 January 2025	108,637	21,736	23,400	6,123	159,896
Acquired in the year	496	1,759	1,759	7,537	11,551
Disposals	(440)	(182)	(267)	(520)	(1,409)
Transfer on completion	5,014	430	1,762	(7,206)	-
At 01 January 2026	113,707	23,743	26,654	5,934	170,038
Depreciation
At 28 December 2023	24,354	12,523	7,316	-	44,193
Charge for the year	4,795	2,897	2,321	-	10,013
Impairment	1,047	65	416	-	1,528
On Disposals	(1)	(2)	(421)	-	(424)
At 02 January 2025	30,195	15,483	9,632	-	55,310
Charge for the year	4,975	2,399	2,475	-	9,849
Impairment	1,941	96	348	-	2,385
On Disposals	(199)	(179)	(248)	-	(626)
At 01 January 2026	36,912	17,799	12,207	-	66,918
Net book value
At 01 January 2026	76,795	5,944	14,447	5,934	103,120
At 02 January 2025	78,442	6,253	13,768	6,123	104,586
At 28 December 2023	73,133	6,745	13,476	8,190	101,544

 

 

Impairment considerations of tangible fixed assets were determined using the value in use basis disclosed in Note 18.

16 Leases

 

Nature of leasing activities

The Group leases all properties in the towns and cities from which it operates. In some locations, depending on the lease contract signed, the lease payments may increase each year by inflation or and in others they are reset periodically to market rental rates. For some property leases the periodic rent is fixed over the lease term. The Group also leases certain vehicles. Leases of vehicles comprise only fixed payments over the lease terms.

 

The percentages in the table below reflect the current proportions of lease payments that are either fixed or variable. The sensitivity reflects the impact on the carrying amount of lease liabilities and right-of-use assets if there was an uplift of 5% on the balance sheet date to lease payments that are variable.

 

01 January 2026	Lease contract No.	Fixed payments %	Variable payments %	Sensitivity (+/-) £'000
Property leases with payments linked to inflation	25	-	47%	3,131
Property leases with periodic uplifts to market rentals	23	-	43%	1,660
Property leases with fixed payments	8	9%	-	-
Vehicle leases	3	-	-	-
	59	9%	90%	4,791

 

During 2025 the Group entered into three property leases and exited one lease, including the acquisition of the long leasehold interest at Barnet for the sum of £1,100,000 (including associated costs) and disposal of the Barnet occupational lease. The Barnet long leasehold runs until 22 December 2032.

 

 

 

02 January 2025	Lease contract No.	Fixed payments %	Variable payments %	Sensitivity (+/-) £'000
Property leases with payments linked to inflation	26	-	10%	3,039
Property leases with periodic uplifts to market rentals	23	-	73%	1,718
Property leases with fixed payments	5	15%	-	-
Vehicle leases	5	2%	-	-
	59	17%	83%	4,757

 

 

Right-of-Use Assets	Land & Buildings £'000	Motor Vehicles £'000			Total £'000
At 28 December 2023	68,039	49			68,088
Additions	1,410	58			1,468
Negative addition*	(1,504)	-			(1,504)
Amortisation	(4,047)	(26)			(4,073)
Impairment	(1,098)	-			(1,098)
Effect of modification to lease terms	634	-			634
At 02 January 2025	63,434	81			63,515
Additions	1,425		-	1,425
Amortisation	(4,213)		(48)	(4,261)
Impairment	(561)		-	(561)
Effect of modification to lease terms	399		-	399
Disposals	(1,240)		-	(1,240)
At 01 January 2026	59,244		33	59,277

 

*Negative right-of-use asset and lease liabilities addition relates to a lease in which lease incentives exceeded present value of fixed rent payments resulting in a negative right-of-use asset. This materialised due to the nature of the lease agreement in which rent payments are made up of turnover based rent and quarterly rent. Turnover rent is excluded from the present value of lease liabilities on recognition of the lease.

Lease incentives received prior to lease commencement during the year are deducted directly from the right of use, these amounted to £0 (2024: £250,000).

 

Lease liabilities	Land & Buildings £'000	Motor Vehicles £'000	Total £'000
At 28 December 2023	103,226	12	103,238
Additions	1,334	58	1,392
Negative addition*	(1,541)	-	(1,541)
Interest expense	4,361	2	4,363
Effect of modification to lease terms	789	-	789
Lease payments	(7,669)	(24)	(7,693)
Landlord contributions	5,680	-	5,680
At 02 January 2025	106,180	48	106,228
Additions	546	-	546
Interest expense	4,761	2	4,763
Effect of modification to lease terms	(275)	-	(275)
Lease payments	(7,802)	(42)	(7,844)
Landlord contributions	4,473	-	4,473
Disposals	(1,528)	-	(1,528)
At 01 January 2026	106,355	8	106,363

 

*Negative right-of-use asset and lease liabilities addition relates to a lease in which lease incentives exceeded present value of fixed rent payments resulting in a negative right-of-use asset. This materialised due to the nature of the lease agreement in which rent payments are made up of turnover based rent and quarterly rent. Turnover rent is excluded from the present value of lease liabilities on recognition of the lease.

	01 January 2026  £'000	02 January 2025  £'000
Lease liabilities
Current	3,633	2,146
Non-current	102,730	104,082
	106,363	106,228

 

Maturity analysis of lease payments

	01 January 2026 £'000	02 January 2025 £'000
Contractual future cash outflows
Land and buildings
Less than one year	8,362	8,413
Between one and five years	34,512	33,910
Over five years	122,393	124,343
	165,267	166,666
Motor Vehicles
Less than one year	9	42
Between one and five years	-	9
	9	51

 

17   Goodwill and intangible assets

The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined based on value in use calculations. The use of this method requires the estimation of future cash flows and the determination of a discount rate in order to calculate the present value of the cash flows. The Group has determined there is no impairment on goodwill for the period ending 01 January 2026.

 

 

	Goodwill £'000	Software £'000	Total £'000
Cost
At 28 December 2023	8,951	4,765	13,716
Acquired in the year	-	640	640
At 02 January 2025	8,951	5,405	14,356
Acquired in the year	-	401	401
At 01 January 2026	8,951	5,806	14,757
Amortisation and impairment
At 28 December 2023	1,599	2,729	4,328
Charge for the year	-	781	781
At 02 January 2025	1,599	3,510	5,109
Charge for the year	-	853	853
At 01 January 2026	1,599	4,363	5,962
Net book value
At 01 January 2026	7,352	1,443	8,795
At 02 January 2025	7,352	1,895	9,247
At 28 December 2023	7,352	2,036	9,388

 

Amortisation is applied to write down the carrying value of assets over expected useful economic lives. The estimated useful economic life for software intangible assets is 3 years, which commences when the asset is available for use.

 

Goodwill is allocated to the following CGUs:

 

			01 January	02 January
			2026	2025
			£000	£000
Baker Street			103	103
Barnet			1,309	1,309
Esher			2,804	2,804
Gerrards Cross			1,309	1,309
Islington			86	86
Muswell Hill			1,215	1,215
Oxted			102	102
Reigate			113	113
Walton-On-Thames			94	94
Winchester			217	217
			7,352	7,352

 

The Company evaluates assets for impairment annually in relation to goodwill, or when indicators of impairment exist for other defined life assets.  

 

The annual impairment assessment requires an estimate of the value in use of each cash-generating unit (CGU) to which goodwill, property plant and equipment and right-of-use assets are allocated, which is the individual cinema level. The recoverable amount of a CGU is the higher of value in use and fair value less cost of disposal. The Company determines the recoverable amount with reference to its value in use. 

 

Estimating the value in use requires estimate of the expected future cash flows from each CGU and discount these to their net present value at a post-tax discount rate. Forecast cash flows are derived from adjusted EBITDA (defined as earnings before interest, taxes, depreciation, amortisation, profit/loss on disposal of plant & equipment, impairment, pre-opening expenses and exceptional items, less capital expenditure) generated by each CGU which is based on management's forecast performance. Cash flow forecasts have been prepared for each CGU by applying growth assumptions to key drivers of cash flows, including admissions, average ticket price, spend per head, direct and overhead costs.  

 

As required by IAS 36, the company assessed whether there was an indication that a previously recognised impairment no longer exists or may have decreased. A reversal of an impairment loss should only be recognised if there has been a change in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognised 

 

A pre-tax WACC of 14.0% (2024: 15.0%) was used in the impairment calculation. The equivalent post-tax WACC was 10.5% (2024: 11.25%). Discount rates are based on the Group's WACC adjusted to reflect management assessment of specific risks relating to the CGU.  

 

Adjusted EBITDA used for 2026 is based on the Board approved projection and represents the balanced and most likely outcome of future cashflows in light of anticipated economic and market conditions. The forecast period for each CGU is determined based on the remaining length of the lease of the premises, if the lease is due to expire within the next 10 years there has been an assumed extension.  The following assumptions have been applied except in limited cases where adjustments have been made for venue-specific factors: 

  

 

At the year end, in determining the period over which to consider future cash flows when calculating the value in use of a venue, management have used remaining lease term as the basis of the value in use estimate. In the prior period end, the terminal value approach was used, based on a 5 year forecast and a long term growth rate of 2%.  

 

The net impairment charge recognised in the period is £2.9m (2024: £2.6m) with £2.4m recognised against property, plant and equipment (2024: £1.5m) and £0.6m recognised against right of use assets (2024: £1.1m). The net impairment charge comprises:  

 

 

The cumulative impairment charge (net of reversals) that have been recognised in previous periods are summarised in the below table. 

 

	02 January	Net Impairment Charge	01 January
	2025 £000	2025 £000	2026 £000
Goodwill	1,599	-	1,599
Right-of-use	2,130	561	2,691
Property, plant & equipment	2,752	2,385	5,137
Total	6,481	2,946	9,427

 

Sensitivity analysis

 

Impairment reviews are sensitive to changes in key assumptions. Sensitivity analysis has been performed by considering incremental changes in assumptions of admission levels and discount rates. The scenarios reflect realistic scenarios which management believe would have the most significant impact on the cash flows of each CGU. 

 

Scenarios 

 

The following sensitivity scenarios have been applied to the cash flow forecasts for stress testing purposes: 

 

 

	Upside Impairment provision increase / (decrease)	Number of venues Impaired*		Downside Impairment provision increase / (decrease)	Number of venues Impaired*
	£,000			£,000
Admissions sensitivity	(3,103)	3		4,333	10
Average ticket price	(1,547)	6		1,761	7
WACC sensitivity	(1,257)	6		1,395	7
Cost inflation	(1,236)	6		1,530	7
Combined sensitivity	(4,155)	2		11,632	14

* excludes venues with an impairment reversal

 

 

19 Inventories

			01 January	02 January
			2026	2025
			£000	£000
Food and beverages			936	964

 

Finished goods recognised as cost of sales in the year amounted to £11,936,000 (2024: £10,969,000).

 

20 Trade and other receivables

 

			01 January	02 January
			2026	2025
			£000	£000
Trade receivables			3,526	2,641
Other receivables			374	512
Prepayments and accrued income			3,334	4,566
			7,234	7,719

 

			01 January	02 January
			2026	2025
			£000	£000
Included in current assets			6,931	7,386
Included in non-current assets			303	333
			7,234	7,719

 

There were no receivables that were considered to be impaired. There is no significant difference between the fair value of the other receivables and the values stated above. Other debtors include deposits paid in respect of long-term leases and have been recognised as non-current assets.

 

21   Trade and other payables

 

		01 January	02 January
		2026	2025
		£000	£000
Trade creditors		5,582	5,850
Social security and other taxation		4,005	3,290
Other creditors		723	910
Accrued expenses		9,263	12,318
Deferred income		7,970	5,757
		27,543	28,125

 

22   Loans and borrowings

 

		01 January	02 January
		2026	2025
		£000	£000
Total Bank Debt		30,000	28,000
Cash		(8,418)	(9,883)
Net Bank Debt		21,582	18,117

 

Commitment fees are charged quarterly on any balances not drawn at 40% of the applicable rate of drawn funds. The face value is deemed to be the carrying value. The Group had drawn down £30 million of the £35 million debt facility as at 01 January 2026 (2024: £28 million of the £35 million debt facility).

23 Changes in liabilities from financing activities

	Non- current loans and borrowings	Lease liabilities	Total
	£000	£000	£000
At 02 January 2025	28,000	106,228	134,228
Cash flows	2,000	(3,371)	(1,371)
Non- cash flows:
Interest accruing in period	-	4,763	4,763
Lease additions	-	546	546
Effect of modifications to lease terms	-	(275)	(275)
Lease Disposals	-	(1,528)	(1,528)
At 01 January 2026	30,000	106,363	136,363

 

 

	Non- current loans and borrowings	Lease liabilities	Total
	£000	£000	£000
At 28 December 2023	26,000	103,238	129,238
Cash flows	2,000	(2,013)	(13)
Non- cash flows:
Interest accruing in period	-	4,363	4,363
Lease additions	-	(149)	(149)
Effect of modifications to lease terms	-	789	789
At 02 January 2025	28,000	106,228	134,228

 

24 Financial instruments                                                                                                                       

Investments, financial assets and financial liabilities, cash and cash equivalents and other interest-bearing loans and borrowings are measured at amortised cost and the Directors believe their present value is a reasonable approximation to their fair value.

 

		01 January	02 January
		2026	2025
		£000	£000
Financial assets measured at amortised cost
Cash and cash equivalents		8,418	9,883
Trade and other receivables		3,900	3,153
Accrued income		1,078	963
		13,396	13,999

 

Financial liabilities measured at amortised cost
Bank borrowings		30,000	28,000
Trade creditors		5,582	5,850
Leases		106,363	106,228
Other creditors		723	910
Accrued expenses		9,263	12,318
		151,931	153,306

25 Financial risks

 

The Board has overall responsibility for the determination of the Group's risk management objectives and policies. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group's competitiveness and flexibility. The Group has not issued or used any financial instruments of a speculative nature and the Group does not contract derivative financial instruments such as forward currency contracts, interest rate swaps or similar instruments.

 

The Group is exposed to the following financial risks:                                         

                                                                               

 

To the extent financial instruments are not carried at fair value in the consolidated Balance Sheet, net book value approximates to fair value at 01 January 2026 and 02 January 2025.

 

Trade and other receivables are measured at amortised cost. Book values and expected cash flows are reviewed by the Board and there have been no impairment losses recognised on these assets.

 

Cash and cash equivalents are held in sterling and placed on deposit in UK banks. Trade and other payables are measured at book value and held at amortised cost.

 

Credit risk

Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Group's receivables from customers and investment securities.            

 

At 01 January 2026 the Group has trade receivables of £3,526,000 (2024: £2,641,000).  Trade receivables arise mainly from advertising and sponsorship revenue. The Group is exposed to credit risk in respect of these balances such that, if one or more of the customers encounters financial difficulties, this could materially and adversely affect the Group's financial results. The Group attempts to mitigate credit risk by assessing the credit rating of new customers prior to entering into contracts and by entering into contracts with customers with agreed credit terms. At 01 January 2026 the Directors have recognised expected credit losses of £Nil (2024: £Nil) as credit losses are assessed as immaterial.

 

The maximum exposure to credit risk at the balance sheet date by class of financial instrument was:

	01 January	02 January
	2026	2025
	£000	£000
Ageing of receivables
<30 days	3,412	2,011
31-60 days	107	513
61-120 days	-	18
>120 days	7	99
	3,526	2,641

 

 

In determining the recoverability of trade receivables, the Group considers any change in the credit quality of the trade receivable from the date credit was initially granted up to the reporting date. Credit risk is limited due to the customer base being diverse and unrelated. There has not been any impairment other than existing provisions in respect of trade receivables during the year (2024: £nil). There were no material expected credit losses in the year.

 

Liquidity risk

Liquidity risk arises from the Group's management of working capital. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group's policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due. To achieve this aim, it seeks to maintain cash balances to meet its expected cash requirements as determined by regular cash flow forecasts prepared by management.

 

The Group's forecasts show sufficient headroom in banking covenants for the next 12 months.

 

Exposure to liquidity risk

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts shown are gross, not discounted and include contractual interest payments and exclude the impact of netting agreements.

		Contractual cash flows
01 January 2026	Carrying	Less than	Between one	Between three	Over five
	amount	one year	and two years	and five years	years	Total
	£000	£000	£000	£000	£000	£000
Non-derivative financial liabilities
Secured bank facility	30,000	1,477	30,985	-	-	32,462
Trade creditors	5,582	5,582	-	-	-	5,582
Leases	106,363	8,370	8,659	25,853	122,393	165,275
Other creditors	723	723	-	-	-	723
Accrued expenses	9,263	9,263	-	-	-	9,263
	151,931	25,415	39,644	25,853	122,393	213,305

 

 

		Contractual cash flows
02 January 2025	Carrying	Less than	Between one	Between three	Over five
	amount	one year	and two years	and five years	years	Total
	£000	£000	£000	£000	£000	£000
Non-derivative financial liabilities
Secured bank facility	28,000	1,595	29,063	-	-	30,658
Trade creditors	5,850	5,850	-	-	-	5,850
Leases	106,228	8,413	8,352	25,558	123,613	165,936
Other creditors	910	910	-	-	-	910
Accrued expenses	12,318	12,318	-	-	-	12,318
	153,306	29,086	37,415	25,558	123,613	215,672

Interest rate risk                                                                                                    

Interest rate risk arose from the Group's holding of interest-bearing loans linked to SONIA. The Group is also exposed to interest rate risk in respect of its cash balances held pending investment in the growth of the Group's operations. The effect of interest rate changes in the Group's interest-bearing assets and liabilities is set out below.

 

In respect of interest-earning financial assets and interest-bearing financial liabilities, the following indicates their effective interest rates at the end of the year and the periods in which they mature:

	Effective	Maturing	Maturing	Maturing
	interest	within	between 1 to	between 2 to
	rate	1 year	2 years	5 years
	%	£000	£000	£000
At 02 January 2025
Bank borrowings*	7.25%	234	-	28,000
Bank current and deposit balances	0.01%	9,883	-	-
At 01 January 2026
Bank borrowings*	6.71%	236	-	30,000
Bank current and deposit balances	0.01%	8,418	-	-

 

*Bank borrowings comprises SONIA of 3.72% (2024: 4.7%) and margin of 2.99% (2024: 2.55%).

 

The following table demonstrates the sensitivity to a reasonably plausible change in interest rates, with all other variables held constant, of the Group's profit and loss before tax through the impact on floating rate borrowings and bank deposits and cash flows:

	Change in	01 January	02 January
	rate	2026	2025
	%	£000	£000
Bank borrowings	0.5%	(150)	(140)
	1.0%	(300)	(280)
	1.5%	(450)	(420)
Bank current and deposit balances	0.5%	42	49
	1.0%	84	99
	1.5%	126	148

 

Capital management

               

The Group's capital is made up of share capital, share premium, merger reserve and retained earnings totalling £26.5m (2024: £36.5m).

 

The Group's objectives when maintaining capital are:

 

 

The capital structure of the Group consists of shareholders equity as set out in the consolidated statement of changes in equity. All funding required to set-up new cinema sites and for working capital purposes are financed from existing cash resources where possible. Management will also consider future fundraising or bank finance where appropriate.

 

26 Provisions

 

	Leasehold Dilapidations £,000
As at 28 December 2023	1,631
Additions	112
Revaluation of net present value	(158)
Unwinding of discount	11
As at 02 January 2025	1,596
Additions	52
Revaluation of net present value	(120)
Unwinding of discount	22
As at 01 January 2026	1,550

 

 

 

 

 

 

 

 

All provisions for lease dilapidations are classified as non-current as the average remaining lease term as at 1 January 2025 is 17 years (2024: 17 years).

 

Leasehold dilapidations relate to the estimated cost of returning leasehold property to its original state at the end of the lease in accordance with lease terms. The cost is recognised as depreciation of leasehold improvements over the remaining term of the lease. The main uncertainty relates to estimating the cost that will be incurred at the end of the lease term.

 

27   Deferred tax

                                                                                       

	01 January	02 January
	2026	2025
	£000	£000
Deferred tax gross movements
Opening balance	4,487	2,805
Deferred tax asset recognised in period	(164)	1,682
Closing balance	4,323	4,487
Recognised in profit and loss
Arising on loss carried forward	(1,366)	(1,658)
Net book value in excess of tax written down value	1,461	529
Amortisation of IFRS accumulated restatement	46	45
Prior year adjustment	97	(468)
Other temporary differences	(74)	(130)
Charge/ (Credit) to profit and loss	164	(1,682)
Deferred tax comprises:
Temporary differences on property, plant and equipment	9,112	7,618
Temporary differences on IFRS 16 accumulated restatement	(464)	(510)
Available losses	(13,096)	(11,719)
Other temporary and deductible differences	125	124
	(4,323)	(4,487)

 

 

Deferred tax is calculated in full on temporary differences under the liability method using the tax rates that have been substantively enacted for future periods, being 25% from 1 April 2023. The deferred tax liability has arisen due to the timing difference on property, plant and equipment, the deferral of capital gains tax arising from the sale of property and other temporary and deductible differences.

 

Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets where the Directors believe it is probable that they will be recovered. The Group has consulted the FRC's thematic review of Deferred Tax Assets published in September 2022 and concluded that an asset should be recognised on the basis of a sufficient level of probable future taxable profits. The Group has taken the decision to recognise the Deferred Tax Asset in 2024 and 2025 due to increased certainty over future trading performance.

 

Certain deferred tax assets and liability have been offset.  The following is an analysis of the deferred tax balances (before offset) for financial reporting purposes.

Deferred tax assets	13,646	12,337
Deferred tax liabilities	(9,323)	(7,850)
Net deferred tax asset	4,323	4,487

 

The Group has £6.7m of deferred tax assets that are unrecognised at the period-end.

 

28   Share capital and reserves

 

		01 January	02 January
	Nominal	2026	2025
	value	£000	£000
Authorised, issued and fully paid Ordinary shares	£0.10
At the start of the year		9,118	9,118
Issued in the year		-	-
At the end of the year		9,118	9,118
Number of shares		01 January	02 January
		2026	2025
		Number	Number
Authorised, issued and fully paid Ordinary shares
At the start of the year		91,180,760	91,177,969
Issued in the year		-	2,791
At the end of the year		91,180,760	91,180,760

 

The holders of Ordinary shares are entitled to one vote per share. During the year the Company did not issue any Ordinary shares (2024: 2,791)

 

Merger reserve

In accordance with s612 of the Companies Act, the premium on Ordinary shares issued in relation to acquisitions is recorded as a merger reserve.

                               

Share premium      

Share premium is stated net of share issue costs.

 

Dividends

No dividends were declared or paid during the period (2024: £nil).

29 Share-based payment arrangements

 

EMI, Non-Qualifying and LTIP Schemes

 

The Group operates three equity-settled share-based remuneration schemes for employees. The schemes combine a long term incentive scheme, an EMI scheme and an unapproved scheme for certain senior management, executive Directors, non-executive Directors and certain contractors.

 

All equity-settled share options are measured at fair value as determined through use of the Binomial technique, at the date of grant, aside from those with market-based performance conditions, which are valued using the Black-Scholes model. During the year, no equity-settled share options were issued with market-based performance conditions.

 

The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the Groups estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.

 

	Weighted average exercise
	price per share in the year ended
	01 January	02 January	01 January	02 January
	2026	2025	2026	2025
	Pence	Pence	Number	Number
Options at the beginning of the year	85.3	90.4	5,141,336	7,196,834
Options issued in the year	15.1	10	2,122,644	1,119,797
Options exercised in the year	-	-	-	(2,791)
Option forfeited in the year	70.6	70.4	(1,991,216)	(3,172,504)
Options at the end of the year	62.6	85.3	5,272,764	5,141,336

 

The exercise price of options outstanding at 01 January 2026 ranged between 10.0 pence and 178.0 pence (2024: 10.0 pence and 184.0 pence) and their weighted average contractual life was 10 years (2024: 10 years).

 

The weighted average share price (at the date of exercise) of options exercised during the year was Nil (2024: 10.0 pence)

 

The weighted average fair value of each option granted during the year was 28.0p (2024: 49.7p).

 

No options lapsed beyond their contractual life in the year (2024: nil).

 

The following information is relevant in the determination of the fair value of options granted during the year and equity-settled share-based remuneration schemes operations by the Group:

 

 

Option scheme conditions for options issued in the year:	01 January	02 January
	2026	2025
Option pricing model used	Binomial	Binomial
Weighted average share price at grant date (pence)	40.0	59.0
Weighted average option exercise prices (pence)	10	10
Expected volatility	30%	30%
Expected option life (years)	1.1	1.7
Weighted average contractual life of outstanding share options (years)	10	10
Risk-free interest rate	4.13%	4.12%
Expected dividend yield	0.0%	0.0%
Fair value of options granted in the year (pence)	28.0	49.7

 

Volatility has been calculated based on historical share price movements of the Company as at each grant date.

 

The share-based remuneration expense applicable to key management personnel was as follows:

	01 January	02 January
	2026	2025
	£000	£000
Equity-settled schemes	248	637

 

Growth Shares

 

On 8th April 2021, the Group announced that Alexander Scrimgeour, Chief Executive Officer of Everyman, had been issued 2,000,000 A ordinary shares ("Growth Shares") in a subsidiary company, Everyman Media Holdings Ltd. The Growth Shares could be exchanged for new Ordinary Shares in the future, subject to meeting certain vesting conditions and share price performance criteria.

Subsequent to this, on 23rd January 2023, the Remuneration Committee resolved that the share price performance condition attached to the Growth Shares was no longer appropriate. The Company announced that, subject to vesting conditions and financial performance targets being met, the Growth Shares would entitle Mr. Scrimgeour to receive an amount equivalent to the market value of an Ordinary Share in the Company less 86.0p, being the closing share price of the Company on 20th January 2023.

On 18 August 2023, the Remuneration Committee has resolved that, due to equity market conditions, the terms of the Growth Shares should be amended so that Mr. Scrimgeour will now receive an amount equivalent to the market value of an Ordinary Share less 60.0p, being the closing share price of the Company on 17 August 2023. All other terms and conditions relation the Growth Shares remain unchanged.

On 15 April 2025, the Remuneration Committee has resolved that, due to equity market conditions, the terms of the Growth Shares should be amended so that Mr. Scrimgeour will now receive an amount equivalent to the market value of an Ordinary Share less 37.5p, being the closing share price of the Company on 14 April 2025. All other terms and conditions relation the Growth Shares remain unchanged. Details of the outstanding shares under the A Growth Share Scheme are as follows:

	01 January	02 January
	2026	2025
Outstanding at beginning of year	2,000,000	2,000,000
Lapsed in year	-	-
Outstanding at end of year	2,000,000	2,000,000

 

Following the amendment to the terms of the Growth Shares on 15 April 2025, the Binomial model was used for fair valuing the awards at the date of modification. The inputs to the model were as follows:

	A Growth Share Scheme
	Target 1	Target 2
Number of shares	1,000,000	1,000,000
Adjusted EBITDA Target	£20.0m	£23.0m
Expected volatility	30.3%	30.3%
Risk free interest rate	4.20%	4.16%
Option life (years)	5	5
Share price at valuation date	£0.375	£0.375

 

On 24 December 2025, Alex Scrimgeour stepped down as a director of the Group; however, Mr Scrimgeour remained an employee of the Group until 31 March 2026.

Share-based payments charged to the profit and loss were as follows:

	01 January	02 January
	2026	2025
	£000	£000
Share options charge	326	50
Growth shares charge	215	544
Administrative costs	541	594

 

The charge for the Company was £nil (2024: £nil) after recharging subsidiary undertakings with a charge of £326,000 (2024: £594,000). The relevant charge is included within administrative costs.

 

30   Commitments

 

There were capital commitments for tangible assets at 01 January 2026 of £3,938,000 (2024: £11,950,000). The amount of landlord contributions committed were £2,500,000 (2024: £7,015,000) which is not included in the above figure.

 

31   Events after the balance sheet date

 

The following key management personnel changes occurred in 2026, as follows:

 

 

On 21 April 2026 the Group signed an RCF covenants amendment letter.  At the time of the accounts signing the Group has drawn down £29.0 million of the £35.0 million debt facility, having repaid £1.0m of borrowings on 23 April 2026.

 

32    Related party transactions

 

In the period ending 1 January 2026, the Group engaged services from entities related to the Directors and key management personnel, with total transactions amounting to £679,000 (2024: £649,000). These comprised head office and call centre rental of £140,000 (2024: £110,000) and venue rental for Bristol, Harrogate and Maida Vale of £539,000 (2024: £539,000).

 

In addition, the Group incurred venue rental in respect of the Stratford‑upon‑Avon site. This venue is classified as a related party due to an entity controlled by an entity related to a Director of the Company. These comprised venue rental of £204,000 (2024: £204,000).

 

The Group's commitment to leases is set out in the above notes. Within the total contractual future cash outflow of £165,000,000 (2024: £167,000,000) (Note 16) is an amount of £351,000 (2024: £386,000) relating to head office rental, £3,910,000 (2024: £4,114,000) relating to Stratford-Upon-Avon, £2,691,000 (2024: £2,865,000) relating to Bristol, £694,000 (2024: £804,000) relating to Madia Vale and £3,898,000 (2024: £4,115,000) relating to Harrogate. The landlords of the sites are entities related to the Directors of the Company.

 

There were no other related party transactions. There are no key management personnel other than the Executive Directors. Further information regarding the remuneration of the Executive Directors is provided in the Remuneration report on pages 29 to 31.

 

33   Ultimate controlling party

The Company has a diverse shareholding and is not under the control of any one person or entity.