The UK’s largest ten-pin bowling operator Hollywood Bowl Group PLC (LON:BOWL) surpassed the £100mln mark in sales for the year just gone as it published its first results as a listed company.
Total revenues were up 24% to £106.6mln for the 12 months to end September (2015: £86mln), boosted by the group acquisition of Bowlplex this time last year.
Profit before tax slipped to £2.6mln (2015: £4.8mln), dented by the various costs associated with the acquisition and listing on the stock exchange.
A more accurate measure of the group’s progress in 2016 is the adjusted underlying earnings, which rose more than 40% to £29.4mln (2015: £20.6mln).
“Listing on the stock market is an important step in the development of the business,” said chief executive Stephen Burns.
“It reflects on the strength of the business and the whole Hollywood Bowl team that at the same time we have also delivered a strong business performance.”
Burns also told investors that the group – which owns and operates 54 bowling centres across the UK – had continued the good form into the start of this current financial year as it heads into the key Christmas trading period.
The Hemel Hempstead-based group added that its property pipeline “is at its strongest in [its] history”, and is on track meet its target of opening two new centres each year.
Over the next few months, it expects to add a new site in Southampton and one more in Derby, the firm said.
Hollywood Bowl raised just over £180mln in September when it listed on the London Stock Exchange, valuing the firm at around £240mln.
Shares fell 1% to 187p.