Hollywood Bowl strikes with revenue jump
By Frank Prenesti
Date: Wednesday 25 May 2022
(Sharecast News) - Ten-pin bowling chain Hollywood Bowl reported surging revenues and reinstated its dividend as it cashed in on pent-up demand after Covid lockdowns.
It also unveiled the acquisition of Canadian-based bowling business Teaquinn Holdings for 17m Canadian dollars.
The company said revenue said in the six months to March 31 soared to £100.2m from £10.4m a year earlier and up 36.3% on the £67m in the pre-pandemic 2019. Hollywood Bowl said it had only seen a limited impact from the Omicron Covid variant in December.
Adjusted core earnings rolled in at £42m from £0.2m a year ago and a dividend of 3p a share was declared.
"We saw exceptional pent-up demand in the first half which, in addition to the investments made in our customer experience, led to us achieving a record first half with four of our top performing months ever," said chief executive Stephen Burns.
"The strength of our balance sheet supports our ability to continue to invest in our growth strategy, including growing our portfolio in the UK as well as our entry into the Canadian market."
"While we are aware of the financial challenges many of our customers are facing, we continue to provide a great value for money experience."
"We are confident that demand will remain resilient as families seek out affordable leisure activities."
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10 Lower Thames St,
London EC3R 6EN