Hollywood Bowl Group PLC (LON:BOWL) has confirmed it is planning a capital payment to shareholders following another good half for the bowling alley owner.
The plan to rebrand Bowlplex sites into Hollywood Bowl centres has worked well, it said, and earnings for the year to 30 September 2017 will now be marginally ahead of its expectations.
READ: It's a strike for Hollywood Bowl as it reports first half revenue growth
Second half revenue rose by 10% from the comparable period last year. Overall, group revenue for the full year grew 8.9%, with like-for-like revenue growth of 3.5%.
“Hollywood Bowl's business model means that it is able to sustain its investment programme going forward through its ongoing cash generation. Therefore as initially noted in April at the Group's half year trading update, the board is considering returning capital to the group's shareholders.”
Stephen Burns, chief executive, added: "We are very pleased with our full year performance, delivering good results marginally ahead of expectations, through the effective execution of our customer led strategy which is underpinned by our capital expenditure programme.”
READ: Hollywood Bowl strikes through the £100mln sales mark
Hollywood Bowl is the UK's largest ten-pin bowling operator, with a portfolio of 58 centres operating across the UK under the Hollywood Bowl, AMF and Bowlplex brands.