(Alliance News) - Ten-pin bowling operator Ten Entertainment Group PLC said Wednesday its sales soared in the first half, and it is in line to resume dividend payouts.
In the 26 weeks to June 26, Ten Entertainment recorded 53% sales growth on the same period in 2019, before the coronavirus pandemic. Like-for-like sales growth in the first half of 2022 was 46% compared to the same period in 2019.
It also recorded 20% growth in the 6 weeks since May 16 year on year.
"Record-breaking sales performances during the February half-term; the Easter break; and the May Jubilee bank holiday all contributed to an unprecedented level of sales growth. Customer demand has been consistently in growth throughout the first half of 2022," it explained. "We have been rewarded with footfall that is 43% higher than experienced in 2019."
As a result of its strong cash generation, Ten plans to repay financing received as part of the UK's Coronavirus Large Business Interruption Loan Scheme this month, allowing it to resume dividends.
Chief Executive Graham Blackwell said: "I am delighted that our teams have stepped up to the mark to deliver this excellent result.
"We have significantly outperformed the leisure and hospitality sector and are confident of delivering a record result this year."
Ten said it expects a full-year performance ahead of current forecasts.
Ten will publish its interim results on September 21.
Shares in Ten Entertainment were 4.9% higher in London on Wednesday morning at 223.00 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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