Record revenues for Hollywood Bowl as Merry Hill plan moves step closer
Hollywood Bowl has announced record first half Group revenue as plans for a new venue in the West Midlands are stepped up.
The ten-pin bowling operator, which has sites at Bentley Bridge, Wolverhampton and Shrewsbury, revealed first half Group revenue of £110.2m, up 9.7 per cent on last year.
In interim results for the six-month period ending March 31the company also reported pre-tax profits of £26.7 million, down from £33.4 million a year ago.
However, it said with the trading boost a year earlier from the temporary VAT reduction stripped out, profits lifted 7.7% to £24.8 million.
The group said it remains aligned with full-year profit guidance and on track for new openings, with plans for at least three a year, saying it is “confident in resilient demand as customers look for value-for-money leisure experience”.
It has also seen visitors spend more money on snacks and sharer foods after introducing a simpler food menu, with comparable sales up 9% for food and 1.7% for drinks over the first half.
It comes as bosses announced builders are 'currently on site' in Hollywood Bowl Merry Hill, which it says is due to open in quarter four of the 2023 financial year.
A Hollywood Bowl spokesperson added: "We’re excited to be bringing Hollywood Bowl to Merry Hill later this year as part of our ongoing expansion plans.
"Merry Hill is a fantastic location for us and we’re thrilled to be opening a 24 lane centre in the area. We are looking forward to welcoming customers to their new Hollywood Bowl in the next few months.”
The company also has also completed eight refurbishments – including three rebrands and further centres have had solar panels installed, bringing the total to 26 centres.
Stephen Burns, Chief Executive of Hollywood Bowl, said: "I am delighted with our record performance in the first half, and I would like to thank our fantastic team members for all the hard work that goes into delivering excellent value for money, high quality experiences.
"It is clear from our high customer satisfaction scores that our continually evolving proposition appeals to all generations looking to enjoy affordable leisure activities together.
"We are looking forward to driving further growth in the UK and Canada, capturing the significant market opportunity ahead.
"Our resilience to inflationary pressures, strong balance sheet and cash-generative model gives us confidence in the future as we continue to invest so that our customers have the best experience possible in our centres."
