The Ollywood Bowl posted lower half-year profit but said sales remained steady as Britons seek affordable entertainment amid cost pressures.
The 10-pin bowling operator reported pre-tax profits of £26.7m for the six months to March 31, down from £33.4m a year ago.
But it said with a boost to trading a year earlier from the temporary VAT relief, profits jumped 7.7 per cent to £24.8million.
It saw similar sales increase by 3.5 per cent and hit a record £110.2 million in revenue for the half year.
As we navigate the current economic landscape, we understand that many of our clients are facing challenges such as rising costs of living and higher interest rates. This is why we continue to focus on providing high-quality entertainment experiences that offer great value for money.
The group said it remained in line with its full-year profit guidance and was watching for new opportunities, with plans at least every three years, saying it was “confident in demand recovery as customers seek entertainment experience worth the money”.
It also shows that visitors spend more money on snacks and fare after introducing a simpler fare menu, with comparable sales increasing by 9% for food and 1.7% for drinks. in the first half of the year.
“As we navigate the current economic landscape, we understand that many of our clients are facing challenges such as the cost of living,” said Stephen Burns, executive director of the Hollywood Bowl. increases and interest rates are higher.
“This is why we continue to focus on delivering high-quality entertainment experiences that offer great value for money.
“We are proud that families and friends are continuing to choose our comprehensive and affordable services for their entertainment spending, and we are committed to maintaining this trend in the second half. this year.”
The Hollywood Bowl opened two new centers in the UK in the first half of the year, bringing the total number of bowling and mini golf venues to 69, rebranding three locations and refurbishing five centres.
Over the past six months, it aims to open another hub – at the Merry Hill transit hub in the West Midlands – as well as complete “at least” four more refurbishments.
The company is also working on revamping its locations, including introducing “pin on the wire” technology in its bowling alleys, which is applied at 48 locations or 75% of centers in the country. UK, along with five other locations before the end of the year.
It is investing a record amount for the whole year – after spending £11.3m on its property in the first six months as part of its broader goal of opening 15 to 20 new centres. at the end of the 2024-2025 financial year in its operations in the United Kingdom and Canada.