Alex Scrimgeour has stepped down as the chief executive of Everyman Media Group, the cinema chain announced on Monday. His departure follows a trading update issued on December 10th, where the company lowered its revenue and earnings forecasts, causing a significant drop in its share price.
The trading update revealed that Everyman anticipated revenues of £114.5 million for 2023, and underlying earnings of at least £16.8 million. These figures were down from previous forecasts of £121.5 million and £19.9 million respectively. The announcement triggered a 20% decline in the company's share value, reflecting investor concern over the revised financial outlook.
Scrimgeour's exit and the preceding profit warning highlight the challenges facing the cinema industry. While Everyman has carved a niche with its premium experience, including luxury seating and food menus across its 49 UK venues, it remains susceptible to broader market trends impacting cinema attendance and consumer spending.
Scrimgeour, who previously led French restaurant chain Cote Brasserie, had been at the helm of Everyman Media Group since January 2021. During his tenure, the company navigated the complexities of the pandemic and sought to capitalize on the resurgence of cinema-going. Farah Golant, a non-executive director, will take over as interim chief executive while the company searches for a permanent replacement.
The company's future direction remains uncertain as it grapples with weaker-than-anticipated trading. The appointment of an interim CEO suggests a period of evaluation and strategic reassessment. The search for a permanent leader will be crucial in determining Everyman's ability to adapt to the evolving entertainment landscape and regain investor confidence.
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