Friday 18 January 2019

Hollywood Bowl plans new sites as profits rise to record levels

Revenue was higher as customers spent more per game.

Hollywood Bowl reported record profits and revenues
Hollywood Bowl reported record profits and revenues

By Alys Key, Press Association City Reporter

Hollywood Bowl has made record profits and revenues this year, and is plotting a string of new openings, the company said.

Profit before tax at the UK’s largest 10-pin bowling operator rose 13.4% to £23.9 million during the 12 months to the end of September.

Revenue was 5.8% higher at £120.5 million, with customers spending 6.1% more per game.

The company unveiled a special dividend of 4.33p per share, taking the total dividends for the year to 10.59p per share.

The group, which listed in 2016, said this would add up to £29.8 million returned to shareholders since the IPO.

Chief executive Stephen Burns said: “Operating our business in line with our customer-led strategy has delivered another strong revenue performance which, combined with our continued focus on cost management, has resulted in a year of record profits and significant operating cash generation.

“The investment into our high-quality portfolio of 58 profitable centres continues to deliver significant, above target, returns. Our new centres are performing very well and we have secured a strong pipeline of new openings that will further enhance the quality of our portfolio.”

New sites are due to open in Intu Watford and Intu Lakeside in the current financial year, while more openings are in the pipeline until 2022.

Press Association

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