Business
Trading Statement - Year Ended 30 September 2021
Trading Statement - Year Ended 30 September 2021.
About this update from Hollywood Bowl Group Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3981O\n Hollywood Bowl Group plc\n 08 October 2021\n \n \n \n Hollywood Bowl Group plc\n \n Trading update for the year ended 30 September 2021\n \n VERY STRONG CUSTOMER DEMAND FOLLOWING ESTATE REOPENING\n \n Hollywood Bowl Group plc (\"Hollywood Bowl\" or the \"Group\"), the UK's market leading ten-pin bowling operator, today announces a trading update for the financial year ended 30 September 2021 (FY21).\n \n Following the impact of multiple trading restrictions and the complete closure of the estate for 50 per cent of the financial year, the full year performance reflects the robust rebound in customer demand upon the reopening of all centres in England and Wales from 17 May 2021 and the subsequent lifting of Covid restrictions from 19 July 2021.\n \n Key highlights\n \n \n · 29% like-for-like revenue growth since reopening on 17 May compared to FY19\n \n · Total revenue of £61.3m since reopening on 17 May, and total of £74.6m for FY21 (FY20: £79.5m)\n \n · Exceptional trading through the school summer holiday period, including record total revenue levels of £20.1m in August (+50 per cent LFL% vs August 2019)\n \n · Positive EBITDA (pre IFRS16) and cash generation in all months since reopening (including May)\n \n · Three centre refurbishments completed and continued investment in Pins on Strings, scoring and CRM systems\n \n · Further progress with new centre programme - currently on site at two new locations\n \n · Strong balance sheet with net cash of £30m at year end enabling the Group to accelerate its investment programme\n \n · New, undrawn £25m credit facility in place with Barclays to December 2024\n \n Trading since reopening on 17 May 2021 has been excellent, reflecting the significant consumer demand for great value family entertainment. This strong trading performance was well ahead of the Board's expectations on reopening, and costs have continued to be well controlled, resulting in good profit generation from these sales. The Group expects FY21 EBITDA margin % (pre IFRS16) to be in line with FY20 and for it to return to pre-pandemic levels going forward.\n \n Management has made further progress with the new centre roll out, starting construction at Resorts World Birmingham (Hollywood Bowl) and Harrow (Puttstars). The Group re...