LONDON (Alliance News) - Hollywood Bowl Group PLC on Tuesday reported a fall in profit in its maiden set of annual results since listing on the London Main Market in September, due to costs associated with its initial public offering and acquisition of Bowlplex, but revenue rose on the back of increased customer numbers and spend.
The ten-pin bowling centre operator said its pretax profit in the year ended September 30 fell to GBP2.6 million from GBP4.8 million the year before, as exceptional costs rose to GBP5.2 million from GBP722,000. Exceptional costs related to the IPO and the acquisition of Bowlplex earlier in the year.
The acquisition added ten centres to Hollywood Bowl's estate, taking the total to 54 centres across the UK.
Revenue, meanwhile, grew to GBP106.6 million from GBP86.0 million, boosted by a 6.3% increase in total average spend per game and a 16% rise in total games volume. The total number of games played also rose to 12.1 million from 10.4 million.
Hollywood Bowl declared a maiden dividend of 0.19 pence per share for the year.
"The new financial year has started well and in line with the board's expectations. From October through to the Easter holidays is a key trading period for any indoor leisure-based business and we have been pleased with the performance to date," Chief Executive Stephen Burns said in a statement.
Shares in Hollywood Bowl were trading down 0.1% at 188.00 pence on Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com; @KarolinaAllNews
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Hollywood Bwl (BOWL)