Hollywood Bowl cheers document gross sales following moist summer time
- Britain’s largest ten-pin bowling operator additionally owns Puttstars minigolf retailers
- Hollywood Bowl achieved a really sturdy lead to July and document gross sales in August
- Rival Ten Entertainment just lately agreed to a takeover by Trive Capital Partners
Hollywood Bowl Group scored document income final monetary 12 months as poor summer time climate drove households to hunt reasonably priced indoor leisure.
Britain’s largest ten-pin bowling operator, which additionally owns Puttstars minigolf retailers, revealed turnover elevated by 16.2 per cent to £215.1million within the 12 months ending September.
The Hertfordshire-based agency’s UK websites achieved a very sturdy efficiency in July, one of many wettest in British historical past, and a document £20.2million in gross sales throughout August.
Impressive outcome: Ten-pin bowling operator Hollywood Bowl scored document income final 12 months as poor summer time climate drove households to hunt reasonably priced indoor leisure
Hollywood Bowl additionally attained its highest ever first-half revenues due to the group shopping for and opening new websites, and introducing a ‘snacks and sharers’ lane to spice up meals purchases.
For the full-year interval, customers spent on common 9.9 per cent further on meals per recreation as costs on common menu gadgets remained at pre-pandemic ranges.
Trading was additional boosted by clients taking part in extra video games and growing their spending on amusement machines on the firm’s UK venues.
This helped Hollywood Bowl’s annual turnover broaden by 4.5 per cent on a like-for-like foundation, as did a sturdy efficiency by the agency’s Canadian enterprise.
‘Our value-for-money buyer proposition has attracted extra visits over the 12 months from new and returning clients who’re selecting to spend extra time in our centres,’ the group stated.
However, its pre-tax income dipped by 3.4 per cent to £45.1million due partly to the UK Government ending a quickly diminished VAT charge for the British hospitality sector.
At the identical time, profitability in its Canadian division was impacted by decrease margins on the Striker bowling gear and installations enterprise, and the bigger share of foods and drinks gross sales at its bowling centres.
Hollywood Bowl plans to open one new centre in Canada in the course of the present monetary 12 months with a objective of including ten venues within the nation over the approaching 5 years.
In the UK, the group intends to launch three places and refurbish one other seven websites this 12 months.
Russ Mould, funding director at AJ Bell, stated: ‘Bowling stays an reasonably priced deal with which provides individuals a launch from the cares of on a regular basis life, and the efficiency of the nascent Canadian operation will solely present additional encouragement for the corporate to pursue its growth plans.’
Hollywood Bowl Group shares had been 2.5 per cent up at 289.5p on early Monday afternoon and have risen by roughly a fifth for the reason that 12 months started.
The firm’s annual outcomes arrive lower than a fortnight after its closest rival Ten Entertainment agreed to a £287million takeover by American personal fairness home Trive Capital Partners.
Ten’s bosses urged shareholders to again the acquisition, saying the agency was ‘not proof against the extremely unstable nationwide and worldwide political outlook along with a unstable financial backdrop.’
