Hollywood Bowl reports record H1 revenues

11th Apr 2023 07:19

(Sharecast News) - Ten-pin bowling centres operator Hollywood Bowl reported record interim revenues on Tuesday as it continued to "execute successfully" against its new openings strategy.

Hollywood Bowl said first-half revenues had risen 10.9% to £111.1m in the six months ended 31 March, with like-for-like revenues up 2.4% year-on-year. Revenues from the group's Canadian operations hit £12.2m, in line with internal expectations.

The London-listed group, which completed seven refurbishments completed and opened two new centres during the period, stated its investment programme had continued, with the installation of pins on strings and solar panels.

Cineworld also highlighted that its net cash position at 31 March was £44.1m, while its £25.0m revolving credit facility remained undrawn.

Chief executive Stephen Burns said: "We are delighted with our record performance in the first half of the year. Our improvement on what was already an impressive prior year reflects the huge customer appeal of our great value for money offer at a time when many consumers are being more selective with their time and money.

"We are excited about the significant growth opportunities ahead - 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."

As of 0850 BST, Hollywood Bowl shares were up 2.08% at 250.60p.

Reporting by Iain Gilbert at Sharecast.com