Brits put recession fears aside to bowl strikes at ten-pin operator
Hollywood Bowl reported record revenues of £110.2m in its half year results this morning, up 20.7 per cent on 2022 amid strong sales, and said it would continue to eye expanding its UK estate and leisure centres.
However, the bowling operator reported a drop in its pre-tax profits to £26.7m for the six months to March 31, down from £33.4m, as Brits’ desire to opt for cheap leisure amid the cost of living crisis was not enough for the firm to avoid lower half year gains.
Stephen Burns, Hollywood Bowl’s Chief Executive, said: “We are looking forward to driving further growth in the UK and Canada, capturing the significant market opportunity ahead. Our resilience to inflationary pressures, strong balance sheet and cash-generative model gives us confidence in the future as we continue to invest so that our customers have the best experience possible in our centres.”
Burns added: “As we navigate the current economic landscape, we understand that many of our customers are facing challenges such as rising living costs and higher interest rates.”
The bowling operator has had a strong performance in the year-to-date, as Brits continue to turn to cheap fun despite the cost of living crisis and inflationary pressure.
The leisure business has been eyeing up expanding the number of its centres throughout the UK and Canada and said that 2023 will be a “record year of investment,” with “two new centre openings, three rebrands and five full centre refurbishments completed in the UL.”
Last October, the group announced ambitious plans to roll-out its business to more than 110 centres across both countries.
In today’s announcement, it said it was “on track” to meet target of 15-20 new centre openings by the end 2025 with strong new centre pipeline for Hollywood Bowl and Puttstars brands, as well as Canadian Splitsville brand.
The firm’s Canadian business performed particularly well generating pre-tax earnings of £3.1m in the period, which it said was ahead of expectations.