Ten Entertainment bowled over by most successful summer ever
Family entertainment provider Ten Entertainment has marked record sales since it reopened after England’s third lockdown.
The firm – which operates 46 bowling and family entertainment centres in the UK – said it had seen 22.5 per cent sales growth in the six weeks from May 17.
Like-for-like sales in the 11 weeks since June 27 were up 42 per cent, the company said in its half year results published on Wednesday.
Shares in the company were up almost 5 per cent on Wednesday afternoon, following the update.
The business was closed for the first 20 weeks of the half-year period, in which total sales reached £10.6m, compared to £22.5m for the first half of 2020.
But the operator said it was buoyed by reopening trade and had enjoyed its most successful summer trading period ever, thanks to Brits going on staycations while international travel rules remained.
In a current trading update, Ten reported a 35.8 per cent like-for-like sales growth for the 17 weeks to 12 September, compared to last year.
Growth had been driven by increased footfall, the operator said. Customers had been enticed to return by pricing and promotions maintained at 2019 levels.
Summer trading puts Ten’s full year outlook ahead of previous expectations and it said it would target double-digit sales growth in 2022.
Four new centres will open in the financial year in addition to four major refurbishments this calendar year.
Ten posted over £28m of available debt headroom and said strong cash generation over the summer had reduced its bank net debt further.
Graham Blackwell, Ten CEO, said: “I’m delighted to see our centres so busy again, with happy staff and customers. It is great to see our investment in people and our centres paying off, with our most successful ever summer.
“We are now 100% focused on the future, returning to our strategy of growth through acquisitions and internal investment. Our cash position is secure and continues to strengthen further day by day giving us much confidence for the future.”