Hollywood Bowl strikes it big with huge profit surge
First full year results since IPO
Ten-pin bowling firm Hollywood Bowl has reported annual pre-tax profits rising from £2.6million to £21.1million in the last year.Sales at the group grew by 8.8 per cent to £114million over the period, while like-for-like sales rose 3.5 per cent.
Over the last 12 months, the firm says there were 13 million games bowled at its centres, with the average spend per game creeping up by 0.8 per cent to £8.70.
Stephen Burns, chief executive of Hollywood Bowl, said: ‘I am delighted to report a strong operational and financial performance for our first full year since IPO. Our rebrands and refurbishments have delivered significant returns and new centres opened in the year have performed ahead of expectations.
“The investments we have made in improving our brand and customer offer have been well received by customers, resulting in more visits and increased spend per game across our portfolio.”
The group now has more than 50 sites across the UK and opened three new centres, in Derby, Southampton and The London O2, over the period.
Last year, the group’s initial public offering on the London Stock Exchange raised £181million, giving the company a valuation of around £240million. Profits were also affected by one-off costs concerning its IPO and the £22m acquisition of rival Bowlplex.
Chairman Peter Boddy added: “We are well positioned to continue to create value for all our shareholders, with the whole team working every day to generate the right levels of positive energy to deliver the best possible experience for our customers.”