Monday marked the announcement from Hollywood Bowl, the prominent ten-pin bowling operator in the UK and Canada, of a trading update for the financial year ending on September 30, 2024. The company reported record revenues of £230.4 million, marking a 7.2% increase compared to the previous fiscal year. This growth was fueled by a 3.8% rise in UK revenue to £199.7 million and a significant 42.2% surge in Canada revenue to CAD 53.0 million (£30.7 million) on a constant currency basis.
The total Group like-for-like revenue exhibited a modest growth of 0.2%. Within this, UK bowling centres saw a 0.3% increase, while Canadian centres experienced a 5.9% growth, contributing to a total Canadian like-for-like revenue increase of 6.3% when evaluated on a constant currency basis. Hollywood Bowl also anticipates reporting EBITDA pre-IFRS 16 surpassing market expectations, expecting to exceed £65.0 million.
In terms of operational achievements, the company completed refurbishments of seven UK and four Canadian centres. The expansion included eight new centres, four each in the UK and Canada. The company's portfolio now includes 72 centres in the UK and 13 in Canada. The Group has a robust pipeline with plans to open four centres in the UK and two in Canada in FY2025, aligning with its target of 130 centres by 2035.
Hollywood Bowl's technological advancements include the rollout of a new customer reservation system in the UK in July, with a pilot currently underway in Canada. The firm ended the year with £28.6 million in net cash, following record levels of capital investment, and has access to an undrawn £25 million revolving credit facility.
The company's CEO, Stephen Burns, expressed satisfaction with the year's performance, attributing the company's growth to its customer-led strategy and investment in the quality of its centres. The dedication to providing excellent customer experiences has resulted in increased dwell time and higher spend-per-game. With a strong cash position, the company is poised to continue investing in its growth strategy.
Hollywood Bowl is set to publish its final results for the year on December 17, 2024.
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