Ten Entertainment delivers record FY sales, profits
By Iain Gilbert
Date: Wednesday 22 Mar 2023
(Sharecast News) - Ten-pin bowling centre operator Ten Entertainment Group said on Wednesday that it had delivered record sales and profits in the 53 weeks ended 1 January.
Ten Entertainment stated total sales had risen 50.6% to £126.7m, with like-for-like sales growing 5.5% year-on-year, and pre-tax profits surging 188.2% to £34.0m.
Adjusted underlying earnings after rental costs shot up 68.2% to £39.6m and basic earnings per share improved 179.5% to 38.9p.
The London-listed group also highlighted that it had swung to a net cash position of £10.1m, a marked improvement on the prior year's net debt position of £2.5m.
Ten Entertainment said like-for-like sales growth in the first 10 weeks of 2023 was "an encouraging" 2.7% as it operational focus turned to minimising the impact of cost pressures and maximising revenues to maintain profitability.
Chief executive Graham Blackwell said: "2022 has built on the success of 2021 and we have taken the customer experience another step forwards. Our teams work tirelessly to deliver high-quality social entertainment and it is great to see those efforts rewarded by this record financial performance.
"We continue to be mindful of the macroeconomic climate and its effects. However, we remain confident that our investment strategy to deliver state of the art social entertainment together with our value proposition will continue to be very attractive to customers."
As of 0845 GMT, Ten Entertainment shares were up 4.73% at 298.48p.
Reporting by Iain Gilbert at Sharecast.com
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