Shares in the cinema chain Everyman slumped after it warned investors about the impact of box office flop Joker: Folie à Deux.
The company lost around 10% of its value with shares slumping to 45.25p on a downbeat trading update which singled out the Hollywood turkey.
The movie, starring Joaquin Phoenix and Lady Gaga, was expected to drive box office takings in the Autumn but was a critical and commercial disaster making only $37.6 million on its opening weekend against an expected $70 million.
In its statement Everyman Media Group, which operates 163 screens at 47 venues, said :”Box office performance in the fourth quarter was not as strong as anticipated, the most notable underperformer being Joker; Folie à Deux.
“This was followed by congestion in the calendar on remaining blockbuster releases, with five in five weeks, leading to titles competing against each other negatively impacting the period.”
The company also said customer spend per head had weakened slightly in November and December “due to the higher than expected proportion of family content.”
The company concluded that “as a consequence of increased uncertainty arising from the Autumn statement, the Board is more cautious around the outlook for 2025 and 2026. “
However, it expected a stronger response to this year’s slate of blockbusters which includes Bridget Jones: Mad About the Boy, F1, Mission: Impossible - The Final Reckoning, Michael, Wicked: For Good and Avatar: Fire and Ash.
Planned new openings for 2025 include a three-screen venue at Brentford Lock in the Spring and a five-screen venue at The Whiteley (Bayswater) in the summer. A further three venues are scheduled for 2026.
CEO Alex Scrimgeour said: "Despite the last year's film slate being heavily impacted by the actor and writer's strikes as well as the Q4 box office underperformance of certain movies, we have made positive operational and strategic progress, resulting in record levels of membership and growth in market share.”
The company said group revenues rose 17.9% to £107.2 million in the 53 weeks to 2 January. Its market share rose from 4.8% to 5.4%. Earnings were slightly down at £16.1 million.
Average ticket prices were up 2.8% to £11.98 while food and drink spend was up 3.4% at £10.64.
