Ten Entertainment has returned to profitability, as pent-up demand pushes consumers back to bowling alleys and arcades.
The group, which operates 46 centres in the UK, swung from a more than £17m loss in 2020 into the green zone with a post-tax profit of £4m in the year to 26 December.
The London-listed entertainment group said sales momentum has rolled into the first few months of this year, although it is expected to “temper” slightly with the return of foreign holidays over spring and summer.
Sales jumped nearly 20 per cent over the 12-months, from £36.3m to £67.5m. However, the group is still more than £16m behind its pre-pandemic sales figure.
After spending the first half of the year laying down the groundwork for its reopening, after over a year of pandemic-induced closures, the group completed four major refurbishments over the year. Ten also pivoted its attention to other entertainment activities popular among Brits, including karaoke, escape rooms and laser tag.
Expansion is now on the horizon, the group confirmed in its full-year results this morning, with four new centres in the pipeline for this year, as well as seven refurbishments.
The group also announced that it is planning on reinstating a dividend sometime this year, after basic earnings per share also swung from a loss of 26.3p in 2020 to a profit of 5.6p last year.
CEO Graham Blackwell said: “I am very pleased with the return to profitability after such a challenging first half with our growth principally driven by increased footfall.
“Since the pandemic, there has been a significant change in the market, with customers wanting more from their time together.
“We have started the year with strong momentum despite the inflationary headwinds and we are set to achieve further growth and record profitability in 2022.”