12 Jul 2018 07:00
12 July 2018
Ten Entertainment Group plc
Half-Year Trading Update
"Good growth in sales. On track to deliver in line with full-year expectations."
Ten Entertainment Group plc ("TEG" or "the Group"), a leading UK based operator of 44 bowling and family entertainment centres, today announces a trading update for the 26 weeks to 1 July 2018.
H1 FY18 | |
Sales (£000's) | 37,804 |
Like-for-like sales change | 3.1% |
Sales growth from net new centres | 4.6% |
Total sales change | 7.7% |
· | The Group traded well during the first half of the financial year, with total sales growth of 7.7% and like-for-like sales growth of 3.1%. A good performance achieved despite the unprecedented hot and dry weather conditions throughout the whole of May and June.
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· | The Group continued to expand the size of the estate with the acquisition of four sites during the first half. This has achieved the upper-end of our acquisitions forecast for FY18, well ahead of schedule. Tenpinisation is well underway, and extensive refurbishment works at the acquired sites will be completed ahead of the fourth quarter.
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· | Group adjusted EBITDA performance for the first half is expected to be in in line with our expectations, and we expect to remain on track to meet market expectations for the full year. |
TEG expects to announce its half-year results on 12 September 2018.
Alan Hand, Chief Executive Officer, commented:
"The business has shown resilience to achieve good like-for-like sales growth and a very solid performance during the half. We are positioned well for the second half of the year and into 2019."
Enquiries:
Ten Entertainment Group plc via Instinctif Partners
Alan Hand Chief Executive Officer
Mark Willis Chief Financial Officer
Instinctif Partners Tel: 020 7457 2020
Matthew Smallwood
Tom Berger
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 44 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.