Hollywood Bowl sees high revenues amidst opening new venues

Coinslot - Hollywood Bowl AMF
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The UK’s leading bowling chain has posted strong results thanks to its Bowlplex acquisition, rebrand, and expansion.

 

The chief executive of Hollywood Bowl Group has hailed the company’s strong halfyear performance as revenues edged closer to the £60m mark – a result mirrored in the successful opening of its new Derby and Southampton sites earlier this year.

The listed company reported revenues of £59.3m for the six-month period to 31 March 2017, an increase of 7.9 percent from £55m a year earlier. The increase was driven by a combination of like-forlike sales growth from the group’s core estate, the full year effect of the Bowlplex acquisition, refurbishment and rebrand performance as well as the opening of its latest two new centres.

Illustrating the strong results, Andrea Green, general manager of the Hollywood Bowl in Derby said the new complex is proving extremely popular. “I’d say we’re hitting about 4,000 games a week at the moment – and that’s just on the bowling side of things,” Green said. “At weekends, you pretty much can’t get a lane now unless you’ve booked online,” she added.

Contributing to the venue’s success, both the Derby and Southampton venues have introduced “tap-to-play” cards, which they can credit with cash payments.

Green said: “People are coming in, they’re loading up their cards and winning a really good standard of prizes. The concept’s gone down really well.”

Across its 56 venues in the UK, Hollywood Bowl Group also enjoyed an 18.5 percent surge in operating profit, rising from £10.9m to £13m.

Chief executive Stephen Burns explained: “The strength of this first half trading performance reflects the continued progress we have made in delivering against our three growth priorities: opening new centres and acquisitions; growing like for like revenue; and continuing to improve our existing estate through our refurbishment and rebrand programme.

“We will continue to focus on delivering an exceptional customer experience every time, investing in our customer proposition and our centres to continue the growth of the business.

“This customer focus, combined with our disciplined capital and cost management, gives us confidence in delivering another year of progress, and reporting results in line with board expectations.”

Hollywood Bowl Group, headquartered in Hemel Hempstead, listed on the main market of the London Stock Exchange in September 2016.


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