4 Nov 2021 07:00
4 November 2021
Ten Entertainment Group plc
Trading Update and Outlook for 2021
Ten Entertainment Group plc ("the Group"), a leading UK operator of bowling and family entertainment centres, today announces an update on trading and the outlook for the 2021 financial year (FY21).
The Group has continued to perform very well since the half-year results in September 2021. Outlined in those results was an expectation that sales would subside to high single digit growth from the exceptional like-for-like sales1 of 35.8% reported up to 12 September for the 17 weeks since reopening. Demand has exceeded expectations, and like-for-like sales growth has remained above 30% through September and October, with half-term setting a record for the Group. We are now looking forward to a successful Christmas trading period to end the year.
This continuing strong sales performance means that the Group now expects to make a modest profit before tax for FY21, ahead of previous expectations where a modest loss had been anticipated. This is a significant achievement for a business that was entirely closed for the first 20 weeks of the year and is testament to the strength of our Group and the strong levels of demand for experiences and great value family entertainment.
The Group is not indicating any changes to FY22 guidance amid the continuing uncertainty in respect of the economic outlook. We remain confident that our centres have broad appeal and offer great value for money. We reiterate our expectations for double-digit sales growth in FY22 compared to an FY19 baseline, with modest compression of margin as a function of ongoing inflationary cost pressures. The pipeline is progressing well, and the Group expects to open four new centres in FY22.
The Group intends to issue a full year trading update in early January ahead of its scheduled FY21 results announcement in March 2022.
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019.
Enquiries: Ten Entertainment Group plc Graham Blackwell, Chief Executive Officer Antony Smith, Chief Financial Officer and Company Secretary
|
via Instinctif Partners |
Instinctif Partners Matthew Smallwood
| Tel: 020 7457 2020 |
1 Like-for-like sales are sales compared to 2019 sales from comparable centres that were open during both trading periods.