15th Dec 2021 14:24
(Alliance News) - Hollywood Bowl Group PLC said it had seen "robust" customer demand in its recently ended financial year, however this did not offset the complete closure of its estate for over half of the period.
For the year ended September 30, the Hertfordshire-based bowling and mini-golf company reported its pretax profit had fallen 61% to GBP462,000 from GBP1.2 million the prior year.
Revenue also dropped, falling 9.6% to GBP71.9 million from GBP79.5 million the year before.
Hollywood Bowl cited spending over half of the financial year closed and only operating restriction-free for just over two months for the "significant impact" on its financial performance.
The summer saw very high demand from consumers, the company said, with an increase in the number of visits and an increase in the number of games played, as well as an increase in the average spend per game.
This resulted in record activity for both a single day and an entire month, with the company exceeding its 2019 trading levels by 29% on a like-for-like basis during the period since reopening on May 17.
Hollywood Bowl cited several factors to the increased consumer demand, including weather conditions that encouraged indoor entertainment and the fact that many people opted for UK holidays rather than international travel.
In accordance with the prior year, Hollywood Bowl did not declare a final dividend. The company said this was a cash preservation measure due to Covid but added that, should trading continue in line with expectations, it intends to resume its capital allocation policy.
Looking forward, Hollywood Bowl said it would continue to roll out new centres for both Hollywood Bowl, its bowling centres, and Puttstars, its mini-golf centres, saying it is on track to open a further 10 to 14 centres.
Shares in Hollywood Bowl were up 0.2% at 230.00 pence on Wednesday afternoon in London.
By Heather Rydings; [email protected]
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