Brits embrace ‘value’ fun as Hollywood Bowl’s revenue up 11 per cent and outlook raised
Bowling operator Hollywood Bowl has lifted its outlook for the rest of the year after a 11 per cent increase in revenue, as Brits turned to the affordable activity in the cost of living crisis.
The leisure business, which operates across the UK and Canada, said group revenue in the six months to March 2023 reached £111.1m, up 10.9 per cent compared to the same period last year.
The London-listed firm, which also owns mini golf brand Puttstars, said that like-for-like revenue also grew 3.5 per cent as consumers turned to the operator for a reasonably priced day out.
Price ranges at Hollywood Bowl range between £10.88 and £38.48.
The Hemel Hempstead headquartered firm added that it has a net cash position of £44.1m as it continues on its roll out of new sites across the UK.
It did not reveal its profits for the last six months.
The group is set to open two new sites in Merry Hill and a combined Hollywood Bowl and Colchester.
Earlier this year, Hollywood Bowl also welcomed the opening of a new site in Speke and a Puttstars in Peterborough both trading “ahead of management’s expectations”.
“Our improvement on what was already an impressive prior year reflects the huge customer appeal of our great value for money offer at a time when many consumers are being more selective with their time and money,” Stephen Burns, chief executive officer at Hollywood Bowl said.
“We are excited about the significant growth opportunities ahead – our highly cash generative business model and insulation from cost of goods and energy inflationary pressures, leaves us well-placed to continue to expand and invest in our portfolio, both in the UK and Canada,” he added.