An interim results presentation from Hollywood Bowl has shown significant progress being made by the company across all performance metrics.
New openings, the culminations of refurbishments and continued buoyancy within the UK indoor leisure sector has seen Hollywood Bowl record positive growth in the first half of its latest financial year.
An interim results presentation for the period up to 31 March 2018 paints a particularly positive picture for the company going forward with like for like revenues rising 9.3 percent to £63.6m and adjusted EBITDA coming in at £20.7m
A key driver of this growth has been the group’s commitment to new premises. During the period two new venues were opened,increasing the overall estate to 59,one refurbishment was completed and two further Bowlplex properties were rebranded.This expansion drive shows no signs of slowing with four more sites to become operational under the Hollywood Bowl banner by the end of the financial year.
Stephen Burns, chief executive officer of Hollywood Bowl, said: “Hollywood Bowl has produced another strong financial performance this period due to our continued progress in delivering against our strategic goals; the acquisition and open- ing of new centres that complement our already very high quality portfolio, creating modern,family friendly entertainment environments,and our refurbishment programme which has continued to drive organic like-for-like growth through the constant evolution of our customer experience.
“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.”
A core tenet of the company’s strategy going forward is the creation of “reasons to return”to premises in an attempt to increase the yearly frequency of customer visits. Noted in the report is the siting of redemption amusements now in 45 of 59 centres with spend per game up by 2.2 percent in the period.
Keeping pace with current market trends the report notes that payment option trials on both the lanes, and in the amusement areas have yielded positive results.
“All centres will benefit from the ‘I serve’ technology, enabling faster ordering and payment at the lanes with the roll out expected to be complete by the end of FY2018. This new technology will assist our sales focused operators in driving spend per game whilst delivering a higher level of service to our customers,” said Burns.
Looking forward he said: “Following the good first half of FY2018,I am confident this momentum will carry into the second half of the year. We will continue to invest in all areas across the business which, coupled with our sustainable organic growth strategy, means the Board is confident in the outlook of the business.We are on track to meet Board expectations for the full year, and I am encouraged by the progress we are making.”