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Ten Entertainment Group PLC on Wednesday reported a record performance as ‘value-for-money proves to be a winning formula’.
The Cranfield, England-based ten pin bowling alley operator said total sales growth was up 88% from 2021, and up 51% from 2019’s pre-Covid-19 figures.
Like-for-like sales growth comparing 45 of Ten Entertainment’s current 48 centres showed a 5.5% increase on 2021 figures, and a 39.8% increase on 2019, ‘bucking the trend in hospitality and leisure’.
Ten Entertainment said adjusted pretax profit for 2022 is expected to be at the upper end of current market expectations of between £25.0 million to £26.1 million.
The company reported net cash of £10 million for the year end, marking the first time it has ever been in a net cash position at the end of a financial year, Ten Entertainment noted.
Chief Executive Officer Graham Blackwell said: ‘A record-breaking performance delivered for 2022 demonstrating our customer appeal and our team’s commitment to excellence in entertainment.
‘We know that there will be challenges this year, but with such a strong 2022 behind us and a proven track record, we are confident that we will continue to deliver an excellent experience and high-quality service. Our winning formula of great value for money social entertainment makes us well placed to continue to deliver strong returns for our shareholders.’
The company said at least four new centres are expected to be developed and opened in 2023, while two new centres were opened in 2022.
Ten Entertainment shares were down 2.3% trading at 285.76 pence per share on Wednesday afternoon in London.
By Harvey Dorset, Alliance News reporter
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