16th Dec 2022 11:29
(Alliance News) - Hollywood Bowl Group PLC on Friday said it reinstated its total dividend in its recent financial year, as annual pretax profit surged and beat pre-pandemic 2019, following revenue growth across all divisions.
The Hertfordshire, England-based ten-pin bowling operator recorded a pretax profit of GBP46.7 million in the year that ended September 30, compared to GBP462,000 a year before. It beat pre-pandemic pre-Covid financial year 2019 by 69%, for which the firm reported a pretax profit of GBP27.6 million.
The company declared a total dividend per share of 14.53 pence, up 22% from 11.93p in financial 2019. No dividend was paid in financial 2021.
Revenue multiplied to GBP193.7 million from GBP71.9 million in financial 2022 from the prior-year, which Hollywood Bowl said was driven by increases in footfall and spend. Revenue was up 49% from GBP129.9 million posted for financial year 2019.
Bowling revenue jumped to GBP94.5 million from GBP34.8 million a year prior, food and drink revenue increased to GBP47.7 million from GBP17.4 million, and amusement revenue increased to GBP47.3 million from GBP18.6 million.
Hollywood Bowl said improvements were made in its centres throughout the year, such as increasing the space for amusements and adding additional lanes, and three new centres opened in financial 2022.
"We are well positioned to continue to grow our business, supported by our strong balance sheet, highly cash generative business model and our resilience to inflationary pressures," Chief Executive Stephen Burns said.
"We have had a strong start to the new financial year, with an encouraging number of pre-bookings received ahead of Christmas."
Hollywood Bowl shares were up 3.0% to 236.44p on Friday morning in London.
By Jaskeet Briah, Alliance News reporter
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