24th Sep 2019 09:39
(Alliance News) - Ten-pin bowling operator Ten Entertainment Group PLC said Tuesday profit rose in the first half of 2019 on good sales growth, driven by increased footfall and spend per head.
For the six months to the end of June, pretax profit rose by 20% to GBP5.9 million from GBP4.9 million a year before, despite higher exceptional costs from a business and estate restructuring programme. On an adjusted basis, pretax profit rose by 14% to GBP7.3 million to GBP6.4 million.
Revenue grew 9.6% to GBP41.4 million from GBP37.8 million the prior year, as like-for-like sales improved 7.4%, buoyed by a 5.8% increase in footfall and 1.6% increase in spend per head to GBP14.89 from GBP14.65 the year before.
Ten Entertainment declared an interim dividend of 3.7 pence per share, up 12% from 3.3p a year ago.
Looking ahead, Ten Entertainment said it expects to deliver like-for-like sales growth of 4% to 6% in the medium term, as the company met its sales targets for the year to date.
"Our growth strategy continues to generate record sales, profits and earnings for shareholders. Our new, strong management team have made a confident start and have accelerated the execution of our core strategy. We look forward to further tapping into the potential of our strengthening position in the rapidly growing experiential leisure market," said Chair Nick Basing.
Shares in Ten Entertainment were up 7.6% at 247.50 pence on Tuesday.
By Dayo Laniyan; [email protected]
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