Hollywood Bowl Group PLC (LSE:BOWL), the ten-pin bowling venues operator, has reported record revenues and said resilient customer demand means there is a significant opportunity to grow the business.
Revenues for the year ended 30 September 2022 were £193.7mln, up 48% from the year prior, while the company also reported an adjusted post-tax profit of £39.4mln, compared to £22.2mln.
"I am delighted with our excellent performance and record revenue this year, which demonstrates the continued success of our proven customer-led strategy,” said Hollywood Bowl chief executive Stephen Burns in the results statement.
The group said there has been strong trading momentum at the start of its current year, with encouraging pre-bookings for the Christmas period.
Hollywood Bowl said it is also well insulated from inflationary pressures. UK electricity usage costs are hedged until the end of the financial year 2024, while its solar panel installation programme remains on track, with roughly 30% of its UK centres now completed or under construction.
The company also noted that over 74% of revenues are not subject to inflation in the cost of goods sold.
"We are well positioned to continue to grow our business, supported by our strong balance sheet, highly cash-generative business model and our resilience to inflationary pressures.
"We are very excited about the growth opportunities for our Hollywood Bowl, Puttstars and Splitsville brands in the UK and Canada and our ability to generate further attractive returns through investment in our customer experience," Burns added.