Ten Entertainment Group PLC Full Year Trading Update (5547X)
06 Enero 2022 - 12:59AM
UK Regulatory
TIDMTEG
RNS Number : 5547X
Ten Entertainment Group PLC
06 January 2022
6 January 2022
Ten Entertainment Group plc
Full-Year Trading Update
A compelling recovery with sector-leading sales growth.
Profits to be at the top end of expectations.
Ten Entertainment Group plc ("TEG" or "the Group"), a leading UK
operator of 46 bowling and family entertainment centres, today
announces a trading update for the 52 weeks to 26 December
2021.
Sector-leading sales growth since reopening
-- +32.4% sales growth since May compared to FY19
-- Consistently strong like-for-like[1] growth for FY21 of +29%
-- Total Group sales of GBP67m despite closure for 38% of the year
A sustained return to profit and cash generation
-- Record profit delivered in each month since June
-- First half lockdown losses offset to deliver a return to full-year profitability
-- Strong cash generation repays net bank debt to below pre-pandemic levels
Maximising market opportunity through strategic investment
-- A new-build centre in Walsall will open in H2 and a new
centre acquisition has been agreed for H1
-- Expect to open at least four centres in FY22 with several in advanced stages of negotiation
-- Customer experience improved with four major refurbishments
in FY21 and seven planned for FY22
The remarkable strength and resilience of the Group has been
demonstrated by the excellent sales recovery and growth since
reopening on 17 May. Once restrictions were fully lifted on 19
July, sales and profit increased to record levels and were
consistently strong for the balance of the year.
Sustained high consumer demand and tight cost controls are
expected to result in FY21 profit at the top end of market
expectations and with lower net bank debt.
Trading during December remained good, albeit understandably
there was some softening of demand from large groups and parties
driven by government messaging and the impact of the implementation
of constraints in Wales and Scotland. For the first week of FY22,
immediately following Christmas, we returned to the previous trend,
delivering the Group's highest ever sales for the Christmas and New
Year period.
Given the continuing strength of demand and the resilience of
our customer offer, management's view for FY22 remains optimistic.
This will still depend on how the government's Covid response
unfolds. Absent any further government restrictions, management
remain confident that their strategy will continue to deliver
strong long-term growth and profitability in the year ahead.
The Group plans to release its full-year results for FY21 on 29
March 2022
Graham Blackwell, Chief Executive Officer, commented:
"It reflects the strength of our business, our people and our
improved customer experience that TEG has delivered record trading
months since May and returned to full-year profitability in 2021
despite closure in the first half of the year. I am grateful for
the hard work of all our teams, suppliers and partners who have
contributed to this very strong recovery, and I thank our customers
for their continued support and loyalty.
We are well set to deliver continued growth and success in
2022."
Enquiries:
Ten Entertainment Group plc via Instinctif Partners
Graham Blackwell, Chief Executive Officer
Antony Smith, Chief Financial Officer
and Company Secretary
Instinctif Partners Tel: 020 7457 2020
Matthew Smallwood
[1] Like-for-like sales growth compared to 2019 comparable
trading weeks open excluding new openings
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END
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January 06, 2022 01:59 ET (06:59 GMT)
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