18 March 2020 – COVID-19 update
The company has announced that trading has been impacted by COVID-19 and the delay of major movie releases. Following guidance provided by the UK government, Everyman has taken the decision to close its venues to guests until further notice. All appropriate measures have been put in place to reduce the financial impact, including cost reduction and the postponement of new sites, refurbishments and other capital expenditure projects. The company has significant headroom in its loan facility and is in dialogue with its lenders on covenants to maintain liquidity through this period of uncertainty. As announced on 15 January 2020, Everyman had a good 2019 and full year results for the year ended 2 January 2020 will be released on 19 March 2020. The company has also announced that Streisan Bevan will be stepping down from the Board, with effect from 18 April 2020. Given considerable uncertainty the shares are only a HOLD.