Hollywood Bowl Group plc Trading Statement - Year Ended 30 September 2021 (3981O)
08 Octubre 2021 - 1:00AM
UK Regulatory
TIDMBOWL
RNS Number : 3981O
Hollywood Bowl Group plc
08 October 2021
Hollywood Bowl Group plc
Trading update for the year ended 30 September 2021
VERY STRONG CUSTOMER DEMAND FOLLOWING ESTATE REOPENING
Hollywood Bowl Group plc ("Hollywood Bowl" or the "Group"), the
UK's market leading ten-pin bowling operator, today announces a
trading update for the financial year ended 30 September 2021
(FY21).
Following the impact of multiple trading restrictions and the
complete closure of the estate for 50 per cent of the financial
year, the full year performance reflects the robust rebound in
customer demand upon the reopening of all centres in England and
Wales from 17 May 2021 and the subsequent lifting of Covid
restrictions from 19 July 2021.
Key highlights
-- 29% like-for-like revenue growth since reopening on 17 May compared to FY19
-- Total revenue of GBP61.3m since reopening on 17 May, and
total of GBP74.6m for FY21 (FY20: GBP79.5m)
-- Exceptional trading through the school summer holiday period,
including record total revenue levels of GBP20.1m in August (+50
per cent LFL% vs August 2019)
-- Positive EBITDA (pre IFRS16) and cash generation in all
months since reopening (including May)
-- Three centre refurbishments completed and continued
investment in Pins on Strings, scoring and CRM systems
-- Further progress with new centre programme - currently on site at two new locations
-- Strong balance sheet with net cash of GBP30m at year end
enabling the Group to accelerate its investment programme
-- New, undrawn GBP25m credit facility in place with Barclays to December 2024
Trading since reopening on 17 May 2021 has been excellent,
reflecting the significant consumer demand for great value family
entertainment. This strong trading performance was well ahead of
the Board's expectations on reopening, and costs have continued to
be well controlled, resulting in good profit generation from these
sales. The Group expects FY21 EBITDA margin % (pre IFRS16) to be in
line with FY20 and for it to return to pre-pandemic levels going
forward.
Management has made further progress with the new centre roll
out, starting construction at Resorts World Birmingham (Hollywood
Bowl) and Harrow (Puttstars). The Group remains on track to deliver
its target of 14-18 new centres by 2024. The Group's ongoing
investment programme continued with the second half refurbishments
of Stevenage, Basildon and Cheltenham centres (with ROI expected to
be in line with the Group's pre-pandemic target levels of 33%), the
further roll out of Pins on Strings into six centres, the estate
wide deployment of the Group's new scoring system and a new CRM
platform.
The Group's balance sheet remains in a strong position with net
cash of GBP30m at year end. A new banking facility with Barclays,
at a lower margin than the previous facility, was put in place on
29 September 2021. This new GBP25m RCF remains undrawn due to
strong trading since reopening, giving the Group GBP55m of
liquidity.
Stephen Burns, Chief Executive of Hollywood Bowl Group said:
"I am delighted at the pace and strength of our recovery since
reopening. It has been fantastic to welcome our customers back in
record numbers, and to see families and friends enjoying their time
in our bowling and mini-golf centres once again. I would
particularly like to thank our team members who have demonstrated
great resilience and enthusiasm despite the challenges of the last
year and continue to provide safe and enjoyable experiences for our
customers. We took a number of actions to ensure that the Group was
in as strong as possible position to reopen, and our balance sheet
strength is allowing us to accelerate our proven strategy of
delivering growth from investing in new and existing centres and
customer-led innovation."
Hollywood Bowl expects to report its Full Year results on 14
December 2021.
Enquiries: Via Tulchan Communications
Hollywood Bowl Group PLC
Stephen Burns, Chief Executive
Laurence Keen, Chief Financial Officer
Mat Hart, Chief Marketing and Technology
Officer
Tulchan Communications
Elizabeth Snow Hollywoodbowl@tulchangroup.com
James Macey White +44 (0)20 7353 4200
Laura Marshall
Notes to Editors:
Hollywood Bowl Group is the UK's largest ten-pin bowling
operator, with a high-quality portfolio of 64 centres operating
across the UK under the Hollywood Bowl, AMF and Puttstars (mini
golf) brands. The Group specialises in operating large, high
quality bowling centres, predominantly located in out-of-town
multi-use leisure parks (typically co-located with cinema and
casual dining sites) and large retail parks. The centres are
designed to offer a complete family entertainment experience with
each centre offering bowling lanes, on-site dining, licensed bars,
and state-of-the-art family games arcades.
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END
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