Bowling operator Hollywood Bowl managed to bring home profits despite Covid restrictions halting business for the better part of the year. The company’s shares have gone down 0.87 per cent, to 227.50p.
In its final results for the year ended 30 September, Hollywood Bowl registered a 0.9 per cent increase in its operating profit margin, going from 12.4 per cent to 13.3 per cent, with the group profit after tax increasing to £1.7m.
As a result of the pandemic’s financial impact on business, the company registered a £9.6m operating profit, 3 per cent down compared with the previous year. The group’s gross profits and revenues suffered the same fate sliding down to £61.6m and £71.9m respectively.
“The past year has been challenging but also rewarding,” said chief executive 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 FY2019 trading levels on a like-for-like basis, and delivering a profit for the year.”
Pent-up demand was the main driver behind Hollywood Bowl’s positive results, as the company registered a record £20.1m in August and 9.6 per cent increase in spending per game.
“Notwithstanding the ongoing uncertainties regarding COVID-19 restrictions, we remain confident in the continued strong ongoing demand for fun, safe and family-friendly experiences,” Burns added.
“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.”