17 Jan 2019 07:00
17 January 2019
Ten Entertainment Group plc
Full-Year Trading Update
"Ten's strategy delivers another year of good sales growth."
Ten Entertainment Group plc ("TEG" or "the Group"), a leading UK based operator of 43 family entertainment centres, today announces a trading update for the 52 weeks to 30 December 2018.
| Half 1 FY18 | Half 2 FY18 | 52 weeks to 30 December 2018 |
Sales (£000's) | 37,804 | 38,546 | 76,350 |
Like-for-like sales change | 3.1% | 2.3% | 2.7% |
Sales growth from net new centres 1 | 4.6% | 4.9% | 4.8% |
Total sales change | 7.7% | 7.2% | 7.5% |
· | The Group performed well during the full-year, achieving total sales growth of 7.5%.
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· | Like-for-like sales growth was 2.7%, which demonstrates the strength of consumer demand, despite the significant impact of unprecedented hot weather during the summer period.
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· | The Group has made further progress with the expansion of the estate with the acquisition of four sites, which was at the upper end of the acquisitions forecast. All four sites have been extensively refurbished during FY18 and are expected to perform in line with our expectations during FY19. In addition, one under-performing site was disposed of during the year.
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· | Our pipeline of opportunities remains strong for the coming year and we retain our guidance for growth of two to four sites per annum.
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· | The Board's expectations for FY18 Group adjusted EBITDA remain unchanged.
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TEG expects to announce its full-year results on 20 March 2019.
Nick Basing, Chairman, commented:
"I am very pleased with this performance, the 7th consecutive year of like-for-like sales growth, despite the headwinds of the extreme summer conditions.
"It demonstrates that the fast-growing and substantial 'experiential' segment of leisure in which we operate, with a largely invested, well proven, and technology enabled proposition for families and millennials, provides us with confidence during the current economic and politically uncertain times.
"We continue to find opportunities to expand our footprint and successfully apply our business model when making acquisitions.
"We look forward to a strong year of growth ahead."
Duncan Garrood, Chief Executive Officer, commented:
"I am pleased to have joined a business that delivered good sales growth in the last financial year. I have been very impressed by the quality of the people throughout the business, their focus on high standards of customer service and their commercial acumen.
"I am excited for the year ahead and look forward to driving a number of our key strategies such as our focus on digital, innovation and an enhanced customer experience."
Enquiries:
Ten Entertainment Group plc Duncan Garrood, Chief Executive Officer Mark Willis, Chief Financial Officer
| via Instinctif Partners |
Instinctif Partners Matthew Smallwood Tom Berger | Tel: 020 7457 2020 |
Forward-looking statements
This announcement contains forward-looking statements regarding TEG. These forward-looking statements are based on current information and expectations and are subject to risks, uncertainties and assumptions, including market conditions and other factors outside of TEG's control that could cause actual results or events to differ materially from those expressed or implied by those statements. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. TEG undertakes no obligations to publicly update any forward-looking statement contained in this release, whether as a result of new information, future developments or otherwise, except as may be required by law.
About Ten Entertainment Group plc
The Group is the second largest ten-pin bowling operator in the UK market with a total of 43 sites trading under the Tenpin brand and approximately 1,000 bowling lanes across the estate. The Group also has a variety of other entertainment offerings, such as amusement machines, table-tennis, soft play, laser games and pool tables, plus food and beverages.
1 Growth from net new centres represents the contribution from four acquisitions and one closure completed during the year.