Ten Entertainment achieves sales growth despite 'extreme summer conditions'
By Duncan Ferris
Date: Thursday 17 Jan 2019
(Sharecast News) - Ten Entertainment on Thursday reported single digit sales growth for 2018 and said it expects further growth after the acquisition of four new sites.
For the year ended December 30, the bowling alley and gaming centres operator said sales grew 7.5% to £76.4m, improving by 2.7% on a like-for-like basis, despite the negative impact of unprecedented and sustained hot weather during the summer period.
Nick Basing, chairman of Ten Entertainment, said: "I am very pleased with this performance, the 7th consecutive year of like-for-like sales growth, despite the headwinds of the extreme summer conditions."
Basing added that the growth demonstrated that the "experiential" segment of leisure could be viewed with confidence despite "the current economic and politically uncertain times".
One underperforming site was disposed of during the year, while four more were acquired and extensively refurbished.
Duncan Garrood, chief executive of Ten Entertainment, said: "I have been very impressed by the quality of the people throughout the business, their focus on high standards of customer service and their commercial acumen. I am excited for the year ahead and look forward to driving a number of our key strategies such as our focus on digital, innovation and an enhanced customer experience."
A note from Liberum said: "We believe these impressive results given the summer weather challenges and management changes. We remain convinced that acquisition opportunities remain plentiful and that Pins & Strings could add £3.5m-4.0m to EBITDA by 2021E through revenues and cost savings with additional benefits from rent re-gears."
Ten Entertainment's shares were down 2.27% at 215.00p at 1151 GMT.
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