Hollywood Bowl has posted lower half-year profits but said sales have remained resilient as Britons look for affordable entertainment amid cost pressures.
The 10-pin bowling operator reported pre-tax profits of £26.7 million for the six months to March 31, down from £33.4 million a year ago.
But it said with the trading boost a year earlier from the temporary VAT reduction stripped out, profits lifted 7.7% to £24.8 million.
It saw like-for-like sales rise 3.5% and notched up record revenues of £110.2 million over the half year.
As we navigate the current economic landscape, we understand that many of our customers are facing challenges such as rising living costs and higher interest rates. This is why we continue to focus on providing a high-quality leisure experience that offers great value for money
Stephen Burns, Hollywood Bowl
The group said it remains aligned with full-year profit guidance and on track for new openings, with plans for at least three a year, saying it is “confident in resilient demand as customers look for value-for-money leisure experience”.
It has also seen visitors spend more money on snacks and sharer foods after introducing a simpler food menu, with comparable sales up 9% for food and 1.7% for drinks over the first half.
Stephen Burns, chief executive of Hollywood Bowl, said: “As we navigate the current economic landscape, we understand that many of our customers are facing challenges such as rising living costs and higher interest rates.
“This is why we continue to focus on providing a high-quality leisure experience that offers great value for money.
“We are proud that families and friends are continuing to choose our inclusive and affordable offerings for their leisure spending, and we are committed to maintaining this trend through the second half of the year.”
Hollywood Bowl opened two new centres in the UK over the first half, taking its total bowling and mini golf venues to 69, while also rebranding three sites and refurbishing five centres.
Over the final six months, it aims to open another centre – in Merry Hill shipping centre in the West Midlands – as well as completing “at least” four more refurbishments.
The company has also been working on refurbishing its venues, including by introducing “pins on strings” technology in its bowling alleys, which is in place in 48 sites or 75% of its UK centres, with another five before the year end.
It is investing a record amount over the full year – after spending £11.3 million on its estate over the first six months as part of wider aims to open 15 to 20 new centres by the end of the 2024-2025 financial year across its operations in the UK and Canada.
