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Everyman profits up as customers seek upmarket film experience
The CEO of upmarket cinema chain Everyman said the firm’s proposition was “as relevant as ever” as post-pandemic filmgoers seek an enhanced experience.
Revenue was up 60.8% to £78.8 million, while profit grew by 64.8% to £14.5 million. The growth was thanks in part to increased spending on Everyman’s food and beverage menu – including items like pizza, hot honey halloumi and a selection of wines – to £9.34 per head.
“We were encouraged by strong growth in admissions in the year, marking a return to business as usual,” CEO Alex Scrimgeour said. “Everyman remains a popular and affordable choice for consumers, combining great film, hospitality and atmosphere to provide an exceptional cinema experience.”
Scrimgeour added that the business – which already has 38 sites – would aim to epand further by resuming its organic expansion plans while also looking to acquire.
Everyman’s success comes in stark contrast to market leader Cineworld’s recent struggles. That brand filed for bankruptcy protection last year, eventually agreeing to a restructuring deal in which creditors take full control of the business.
FTSE 100 edges higher, Anglo American lower despite De Beers boost
The FTSE 100 index is back at the 7800 mark after adding 13.66 points in early dealings.
Despite this latest improvement, the mood is cautious as traders await US inflation figures and this evening’s minutes of the Federal Reserve’s March meeting.
Anglo American shares reflected the mood, dropping 28p to 2681p despite some encouraging figures from its diamonds business De Beers.
De Beers CEO Al Cook said: “We continue to see some encouraging positive trends in consumer demand for diamond jewellery, not least in China where we’re beginning to see some signs of recovery in consumer confidence following the relaxation of travel restrictions.”
The FTSE 250 index rose 28.22 points to 18,984.27, while All-Share listed banknote printer De La Rue slumped 26% or 13p to 37p following its profits warning. The company has lost 55% of its value so far this year.
De La Rue drops 30% on profit warning
Shares in De La Rue have plunged 30% in the opening minutes of trade in London after the firm sounded the alarm on its profits and said it is seeking to amend the terms of its loans and defer pension contributions.
The Basingstoke-based banknote printer said its expected profits would be below market expectations as it warned: “the demand for banknotes has been at the lowest levels for over 20 years.”
Gold above $2,000 an ounce, oil higher
The gold price is holding its position above $2,000 an ounce as the precious metal continues to provide shelter against high inflation and heightened economic uncertainty.
The price has jumped from $1,800 over the past month and is within sight of the August 2020 record of around $2,075 as traders increasingly worry about the health of the US economy.
Oanda’s senior market analyst Edward Moya said today: “Gold demand should remain healthy as a plethora of risks remain on the table this week.”
Elsewhere in commodities, the price of Brent crude stood above $85 a barrel after a rise of 2% in yesterday’s session.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said the increase followed another decline in US crude stockpiles.
She added: “There is also upward pressure coming from supply side concerns, with the effects of the announcement last week from OPEC+ countries of a reduction in output to bolster prices still lingering while exports from Kurdistan through a key pipeline remain suspended.”
Major landlord Unite Students warns on under supply of accommodation as reservations soar
Unite Students, which provides homes for almost 75,000 people at college in 23 cities in the UK, warned today that the supply of multiple-occupancy housing in the country is being outstripped by demand as private landlords desert the market.
The London-listed company said bookings for next academic year were at 90%, with “reservations significantly ahead of recent sales cycles”, leaving it on track for rental growth of 6% to 7%. This time last year, bookings were at 78%.
Unite, which runs the Stratford ONE accodomation in the capital as well asSt Pancras Way and Hayloft Point in Aldgate, also said it was committed to four development schemes totalling £339 million in costs.
Its portfolio was valued at £1.9 billion, down 0.1% on a like-for-like basis during the quarter ended on March 31.
Richard Smith, chief executive officer, said: “The supply of purpose-built student accommodation cannot keep pace with growing student demand at the same time as … landlords are leaving the sector.”
US inflation and Fed minutes in focus, FTSE 100 seen flat
Any cheer over an expected drop in the headline US inflation rate to 5.2% for March is today expected to be offset by the latest reading for core prices.
This is likely to have crept up to 5.6% on an annual basis, adding pressure on the Federal Reserve to hike interest rates by another 0.25% next month.
As well as this afternoon’s inflation print, US traders will be studying tonight’s release of minutes from the Fed’s most recent policy meeting.
The decision to hike rates by another 0.25% was made as the US banking system went through major turbulence due to the troubles of the Silicon Valley and Signature banks.
The increased expectations for another rate hike in three weeks’ time meant Wall Street technology stock came under pressure yesterday, with the Nasdaq Composite down 0.4% and the FANG+ index of mega-cap stocks 1.45% lower.
The S&P 500 index closed flat as investors held their positions ahead of today’s inflation reading, which is expected to show the lowest headline figure since May 2021. The rate currently stands at 6%.
CMC Markets sees the FTSE 100 index opening five points lower at 7780 this morning, having risen by 0.6% in yesterday’s session.
De La Rue seeks to amend lending arrangements and defer pension contributions amid profit warning
De La Rue is seeking to amend the terms of its loans and defer pension contributions after it sounded the alarm on its expected profits.
The Basingstoke-based banknote printer said its expected profits would be below market expectations as it warned: “the demand for banknotes has been at the lowest levels for over 20 years.”
De La Rue said: “The Company is in discussions with its lending banks in relation to seeking an amendment to its banking covenants, reflecting the revised outlook and also reflecting the increase in the Company’s funding costs resulting from higher Bank of England base rates.
“The Company is also in conversations with the Trustee of the De La Rue Pension Scheme and has officially requested a deferral of the next £18.75m of deficit repair contributions.”
Recap: Yesterday’s top stories
Good morning. Here are yesterday’s top stories:
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