Hollywood Bowl Group PLC (LSE:BOWL), the ten-pin bowling operator, reported record first-half revenues and said it is confident about the business prospects for the rest of the year.
Revenues for the company were up 10.8% to £111.1mln in the six months to 31 March 2023 compared to the same period last year, with 3.5% like-for-like growth.
Performance in Canada was in line with management’s expectations, with revenues of £12.2mln, according to a half-year trading update.
As a result, the group said it is confident about prospects based on the strong first half and the “attractiveness of its offering,” although it is mindful of the ongoing economic backdrop.
“We are excited about the significant growth opportunities ahead - our highly cash generative business model and insulation from cost of goods and energy inflationary pressures, leaves us well-placed to continue to expand and invest in our portfolio, both in the UK and Canada,” said chief executive Stephen Burns.
Following the openings of locations in Speke and Peterborough, the company expects two more centres to begin construction in the second half, including one in Colchester.
Hollywood Bowl said cash generation has been strong at £44.1mln as of 31 March, although this is down on the £49.6mln it reported this time last year.
When half-year results are released in May, the company expects to confirm a dividend alongside the interims.