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Hollywood Bowl Group PLC on Thursday said it was boosted by strong demand and favourable UK weather conditions during school summer holidays. The Hemel Hempstead, England-based ten-pin bowling operator said revenue in the financial year that ended September 30 rose 11% year-on-year to £215.0 million. The company said it opened three new UK centres in financial 2023, targeting a further 15 for opening before the end of financial 2026. Further, it completed 15 refurbishments and rebrands in the UK. ‘Hollywood Bowl continues to demonstrate its resilience to inflationary pressures, following the hedging of its electricity costs to the end of FY24 and extensive programme of solar panel installations, with 27 centres now completed or under construction,’ the firm said. It aims to declare a final dividend per share of at least 7 pence per share, citing ‘strong financial performance and strategic execution.’ This could be up to 18% lower than 8.53p a year prior. Chief Executive Officer Stephen Burns said: ‘The investments behind our expanding offer have increased our resilience during this uncertain economic period and when combined with our highly cash generative business model, means we are well-placed to continue our profitable, self-funded, growth strategy in both the UK and Canada. The long-term growth opportunity is significant, and we look forward to seizing this while continuing to provide high-quality, great value entertainment for families and friends.’ Hollywood Bowl will release its annual results during December. Hollywood Bowl Group shares rose 3.1% to 240.75 pence each on Thursday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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