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Ten Entertainment Group reports £12.2m loss in 2020 due to pandemic
StockMarketWire.com
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Ten Entertainment Group, which operates 46 family entertainment centres across the UK, reported a £12.2 million loss after tax due to significant disruption resulting from the pandemic.
However, the company said its robust response to Covid-19 'protects a strong underlying business well placed to return to growth'.
The business was fully closed for 49% of the year and severely disrupted for a further 30% of the time, which pulled sales down by 56.9% in the year. The £47.9m reduction in sales resulted in a £21.3m reduction in profit after tax on an IAS 17 basis.
The principal focus for the year was cash management and liquidity conservation. The group made an equity placing of 3,250,000 ordinary shares, 5% of the issued share capital, which raised £5 million.
The company's bank net debt grew by only £8.5 million in the year to £12.6 million, which left a further £12.4m of available liquidity headroom. As at 26 March, the Group has remaining liquidity headroom in excess of £18 million.
CEO Graham Blackwell said: '2020 has been extremely challenging dealing with the Covid-19 pandemic, but it has also been a year that we can be proud of. We have protected the long-term future of the business. All our centres currently remain closed, almost exactly a year after the first Government Lockdown on 20 March. We are in good health and look forward to welcoming back our customers on 17 May as the Government Lockdown eases.'
At 9:34am: (LON:TEG) Ten Entertainment Group PLC share price was 0p at 179p
Story provided by StockMarketWire.com
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