Hollywood Bowl Group PLC on Tuesday reported that it benefited from customers spending money on leisure experiences, despite a cost of living crisis.
The Hertfordshire, England-based ten-pin bowling operator said revenue in the half-year ended March 31 was up 11% year-on-year to a record £111.1 million from £100.2 million a year prior. It noted ‘continued strong customer demand’, with like-for-like revenue growth of 3.5%.
The company said its business ‘appeals to customers looking for inclusive leisure experiences to enjoy together’.
During the period, it opened Hollywood Bowl Speke and Puttstars Peterborough, which are both trading ‘ahead of management’s expectations’.
While ‘mindful’ of the economic backdrop, Hollywood said it is confident of its prospects for financial 2023 as a whole. It said it expects to announce its interim dividend alongside its half-year results in May.
‘Our highly cash generative business model and insulation from cost of goods and energy inflationary pressures, leaves us well-placed to continue to expand and invest in our portfolio, both in the UK and Canada,’ said Chief Executive Stephen Burns.
Hollywood Bowl shares rose 2.4% to 251.50 pence each in London on Tuesday morning.
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