Hollywood Bowl has reported a soaring profits after the bowling venue undertook a major refurbishment programme.
In the half year to March pre-tax profits were up by 12.5% to £16.8m, shares rose by 3.5% to 233.9p after delivering a 5.3% increase of revenue to £67m.
Customer sales were up as they are spending more on each trip to the venues with the average spend per game rising by 6.4%. Food spend is up by 3.9% after rolling out new menus, while drinks spend per game increased by 8.5% after IT systems investment.
Stephen Burns, chief executive said, “We are delighted at the strong start to the year, which puts us on track to deliver our expectations for the full year.
“We continue to invest in the quality of our estate, driving returns through our new centre openings and active refurbishment programme.
“There remains significant scope for further sustainable growth through the continued investment in the quality of our centres, our new centre pipeline as well as the introduction of new technology and initiatives that enhance our already industry-leading customer proposition.”
Analysts at JP Morgan said, “Hollywood Bowl have announced a strong set of results this morning.
“The company’s ability to generate superior returns and consistent like-for-like growth above other forms of leisure activities, both through the new centre roll-out strategy and continuous upgrading of the existing estate, keeps us positive on the company’s prospects.”