Hollywood Bowl may have been among the last out of the lockdown starting gates courtesy of government diktat, but it’s certainly caught up with the pack. A year end profit, all centers open and ten more new venues on the way, and things are looking a lot brighter for the bowling operator.
Hollywood Bowl has reported a post-tax profit of £1.7m for the year ending 30 September, with a 0.9 percent increase in operating profit margin – rising year-on-year from 12.4 percent to 13.3 percent.
Despite a £61.6m decline in gross profit and a £71.9m fall in group revenue, the bowling and mini golf operator remains “confident” in a continued recovery and its extensive growth programme.
“The past year has been challenging but also rewarding,” said CEO Stephen Burns. “I am delighted about the excellent performance since reopening, including delivering record activity for both a single day and an entire month, exceeding our FY19 trading levels on a like-for-like basis, and delivering a profit for the year.”
August 2021 proved a landmark month for the operator, delivering a record £20.1m and a 9.6 percent increase in spending per game.
Although the company’s £9.6m operating profit for the year represented a three percent decline compared with the prior year period, Burns added that with the company’s full estate now reopened – and with ten new sites in the pipeline – Hollywood Bowl is “well positioned” to capitalise on continued demand.
“We remain confident in the continued strong ongoing demand for fun, safe and family-friendly experiences.”
“Our strong balance sheet and highly cash generative business model means we are well positioned to continue our refurbishment programme and rollout of both the Hollywood Bowl and Puttstars brands.”