Hollywood Bowl records record first half sales as the group cashes in on Britons’ quest for affordable entertainment
- Turnover at Britain’s largest bowling operator grew 10.9% to £111.1 million
- Hollywood Bowl Group operates 73 bowling locations across the UK and Canada
- The company said a new simplified food menu caused visitors to spend more money
Hollywood Bowl recorded record semi-annual sales as the cost-of-living crisis encouraged consumers to look for cheaper forms of entertainment.
Turnover at Britain’s largest bowling operator grew 10.9 per cent year on year to £111.1m for the six months ended March as it also benefited from the absence of Covid-related restrictions.
Stephen Burns, CEO of the company, said the results reflected that many customers were “more selective with their time and money” and demand was strong during the February half-year period.
Results: Hollywood Bowl sales grew to a record £111.1 million for the six months ending March as consumers increasingly sought out cheaper forms of entertainment
The Hertfordshire-based company added that the new simplified food menu and ‘snacks and sharers’ strip had encouraged visitors to spend more.
Trading at recently opened locations in Speke and Peterborough also outperformed the bosses’ forecasts, as did the locations in Calgary, Canada.
Construction of a further two locations in Colchester and the West Midlands Merry Hill shopping complex will begin later this year as part of the company’s aim to open a further ten branches by the end of 2025.
In addition, the company is carrying out a large-scale renovation program, with the share of UK sites with solar panels now at around 37 percent.
Meanwhile, the proportion of UK bowling centers fully fitted with ‘Pins on Strings’ technology, which is cheaper to maintain than the traditional metal frames used to return pins to a standing formation, has grown to 75 per cent.
In Canada, where the company operates the Splitsville brands, it recently exchanged contracts for a new bowling center to be built in Ontario,
Burns added: “We are excited about the significant growth opportunities ahead – our highly cash-generating business model and isolation from cost of goods and energy inflationary pressures puts us in a good position to continue to expand and invest in our portfolio, both in the UK and Canada.
Hollywood Bowl operates 73 bowling venues across the UK and Canada, along with five miniature golf courses under the Puttstars brand.
According to the website, 16.6 million games were played at bowling centers during the past fiscal year, representing about half of all revenue for that period. The remaining sales were split equally between refreshments and entertainment.
Russ Mould, director of investment at AJ Bell, said: “There is a misconception that consumers stop spending altogether when the economic outlook deteriorates.
‘They may find ways to save money by trading for cheaper alternatives, but that doesn’t mean that leisure activities come to a complete standstill.
“When life is tough, it’s nice to have a treat and things like going to the movies or a few rounds of bowling are considered affordable luxuries.”
Hollywood Bowl Group shares were up 2 percent on Tuesday morning at 250.5 pence, meaning their value is up about a fifth over the past six months.