(Alliance News) - Hollywood Bowl Group PLC on Friday hailed "exceptional trading" through school summer holidays as the ten-pin bowling operator, reported a significant rise in revenue since sites reopened.
Revenue for the financial year that ended September 30 was GBP74.6 million, down 6.2% from GBP79.5 million the previous year. However since reopening sites on May 17, like-for-like revenue was up 29% to GBP61.3 million, with revenue up 50% to GBP20.1 million in August compared to the pre-pandemic August 2019.
The strong trading performance exceeded Hollywood Bowl's expectations on reopening, it said, with costs "well controlled", resulting in good profit generation from sales.
Positive earnings before interest, tax, depreciation and amortisation and cash generation was achieved in all months since reopening, the firm noted.
Hollywood Bowl said it expects annual Ebitda margin to be in line with the prior year and for it to return to pre-pandemic levels going forward.
"I am delighted at the pace and strength of our recovery since reopening," commented Chief Executive Stephen Burns.
"We took a number of actions to ensure that the group was in as strong as possible position to reopen, and our balance sheet strength is allowing us to accelerate our proven strategy of delivering growth from investing in new and existing centres and customer-led innovation."
Shares were up 0.2% in London on Friday morning at 243.50 pence each.
By Will Paige; willpaige@alliancenews.com
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Hollywood Bwl (BOWL)