viewTen Entertainment Group PLC

Ten Entertainment expects 2017 earnings to be at the top end after strong second half

"I am particularly encouraged by the business transformation opportunity of the innovative Pins & Strings technology, expanded into a further five sites during the second half of the year," said the CEO, Alex Hand.

Bowling alley lane
Like-for-like sales were up 7.0% year-on-year in the second half of 2017

Ten pin bowling centres operator Ten Entertainment Group PLC (LON:TEN) expects underlying earnings (EBITDA) for 2017 to be at the top end of market expectations.

The strong performance was driven by a strong second half of the year, which saw like-for-like (LFL) revenue growth pick up rapidly.

READ: Ten Entertainment's current trading picks up as wet weather drives leisure seekers indoors

Sales in the second half clocked in £35.95mln, up from £35.10mln in the first half.

LFL revenue growth for the year was 3.6%, with the first half seeing modest growth of just 0.4%, while the second half saw LFL sales up 7.0% year-on-year.

Three sites were acquired during the year while one underperforming site was closed during the year.

The group said good progress was made during the year to strengthen the pipeline of new sites.

"Very good progress has been made during the period, in line with the growth strategy outlined at the IPO in April 2017. Tenpin is building towards being the ideal hallmark to attract today's modern leisure customer,” declared Nick Basing, the chairman of Ten Entertainment.

READ: A spare rather than a strike as the UK's second-largest UK ten-pin bowling operator, Ten Entertainment starts trading

"TEG is demonstrating a good growth formula, driven by a combination of organic sales growth, a continuous refurbishment programme and laser-like acquisitions. I am confident that full-year group adjusted EBITDA will be at the top end of the range of current market consensus."

Quick facts: Ten Entertainment Group PLC

Price: 264 GBX

Market: LSE
Market Cap: £171.6 m

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