22nd Mar 2023 13:47
(Alliance News) - Ten Entertainment Group PLC on Wednesday reported its best-ever annual sales in 2022 and said it has made a decent start to the new year.
Revenue in the year that ended January 1 surged 88% to GBP126.7 million from GBP67.5 million the year prior. The ten-pin bowling alley operator said pretax profit skyrocketed to GBP34.0 million from GBP4.4 million.
Versus pre-virus levels, revenue was up 51% from GBP84.1 million and pretax profit was up sharply from GBP11.8 million.
"In the first full financial year of trading since FY19, the group has delivered its highest ever sales and profit in its history and has ended the year with no bank debt and over GBP10 million of cash. Our strategy is focused on delivering high quality social entertainment to friends and families at affordable prices. We have accelerated our investment in the existing estate and in growing our UK footprint, delivering a fantastic customer experience to over 8 million people in 2022," Ten Entertainment said.
It declared a final dividend of 7.0 pence per share, taking its yearly payout to 10.0p. It made no payout for the previous financial year.
Ten Entertainment said the new financial year has "started well". Like-for-like sales in the 10 weeks to March 12 were up 2.7% on-year.
"We are pleased with this continued sales growth, and are cautiously optimistic for the year ahead. We are confident that we have a fantastic customer proposition and will continue to focus on providing the best value-for-money social experience in the market. However, we are mindful of the strain on our customers' finances and will not be complacent in assuming that the success of the past two years will automatically continue," Ten Entertainment said.
"Our target is to maintain modest like-for-like growth, supplemented with our pipeline of new centres throughout 2023. We have already opened Crewe in February and are under construction in Milton Keynes and in Dundee. We fully expect to add more centres to our estate as the year progresses."
Ten Entertainment added it expects cost pressure to persist but is confident it can manage them.
Shares were down 1.8% to 280.00 pence each in London on Wednesday afternoon.
By Eric Cunha, Alliance News news editor
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.