Alex Scrimgeour has stepped down as the chief executive of Everyman Media Group, the cinema chain announced on Monday. His departure comes less than three weeks after the company issued a profit warning that sent its shares tumbling.
The firm's trading update on December 10th revealed that trading at the end of the year had been "weaker than anticipated." Consequently, Everyman revised its revenue forecast for 2025 to £114.5 million and underlying earnings to at least £16.8 million. These figures are down from previous expectations of £121.5 million and £19.9 million, respectively. The announcement triggered a 20% drop in the company's share price.
Scrimgeour's exit and the preceding profit warning highlight the challenges facing the cinema industry. While Everyman distinguishes itself with luxury seating and food menus across its 49 UK venues, it remains susceptible to broader market trends affecting cinema attendance. The revised forecasts suggest that the company is struggling to meet its financial targets amid evolving consumer habits and potentially increased competition from streaming services.
Scrimgeour assumed the role of chief executive in January 2021, bringing experience from his previous position as head of French restaurant chain Cote Brasserie since 2015. During his tenure, Everyman navigated the complexities of the post-pandemic recovery. Non-executive director Farah Golant will take over as interim chief executive.
The search for a permanent replacement for Scrimgeour begins as Everyman grapples with weakened financial projections. The new leadership will be tasked with developing strategies to boost revenue and earnings in a competitive entertainment landscape. The company's ability to adapt to changing consumer preferences and optimize its business model will be crucial in the coming months.
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