Hollywood Bowl, the UK’s largest bowling operator, saw revenues rise to record levels in the year ended 30 September.
Hollywood Bowl’s latest year of operation has proven to also be its greatest as a rapid expansion strategy coupled with rising consumer demand saw revenues reach new heights.
Financial statements made up to 30 September 2018 show that company revenues grew by 5.8 percent on the year prior to come in at £120.5m and operating profit up 12.1 percent to £24.9m.
Chief executive Stephen Burns was enthused by the figures, and why not? “I am very pleased with the Group’s full year performance,” he said. “Operating our business in line with our customer led strategy has delivered another strong revenue performance which, combined with our continued focus on cost management, has resulted in a year of record profits and significant operating cash generation.”
The acquisition and rebranding of competing bowling venues has paid dividends for the group which currently has plans to open two new premises per year up to 2022.
This is reaping dividends, as Burns explained: “The investment into our high quality portfolio of 58 profitable centres continues to deliver significant, above target, returns. Our new centres are performing very well and we have secured a strong pipeline of new openings that will further enhance the quality of our portfolio.”
And Hollywood Bowl are pinning their hopes on it.“We will continue to invest in the overall quality of our estate, in technology initiatives that enhance our industry- leading proposition and in initiatives to attract and retain only the very best talent,all with a view to continually improving the experience for our customers,” Burns concluded.
Whilst bowling alleys may have historically been situated on the outskirts of towns the company’s drive to establish itself as a key name in high footfall areas has allowed it to make best use of diverse offering and drive repeat visits.With venues set to open this financial year in the Intu Watford and Lakeside shopping centres this company focus looks set to continue.
Being able to offer a diverse arcade space and various amenities alongside the core game of bowling brought with it success, with average customer spend up by 6.1 percent in the most recent report.
The group’s wholesale positivity comes at a time when many high street operators found them- selves negatively impacted by this summer’s hot weather and England’s extendedWorld Cup run.
Having weathered these adverse market conditions and with a solid plan for expansions it would appear that company bosses are bullish about future prospects and have announced a special dividend payout for the second year running.