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Ten Entertainment swings to loss; eyes May reopening for bowling alleys
StockMarketWire.com
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Bowling alley operator Ten Entertainment swung to a full-year loss after Covid-19 lockdowns crunched sales.
The company also announced that chairman Nick Bassing would stand down in September. He would oversee the appointment of a successor in the meantime.
Pre-tax losses for the year through 27 December amounted to £17.7 million, compared to a year-on-year profit of £9.0 million, as revenue plunged 57% to £36.3 million.
Ten Entertainment did not declare any dividends for the year.
The company said it intended to reopen all of its centres on 17 May, based on the UK government's reopening roadmap.
It added that it only had £6.7 million of 2020 cash deferrals falling due in 2021, which it said was 'well within' liquidity headroom.
'2020 has been extremely challenging but we can be proud of the way we have protected the long-term future of the business,' chief executive Graham Blackwell said.
'We progress towards the reopening of hospitality and leisure with a business that is fit and ready and more digitally driven than ever before.'
'We used the time wisely in lockdown to transform our digital platforms and to prepare our business for the future, to open our next generation centre in Manchester and refurbish two of our flagship centres.'
'We are in great shape, prepared, and looking forward to reopening, with our team eager to welcome back and entertain our customers.'
Story provided by StockMarketWire.com
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