Hollywood Bowl cheers ‘exceptional’ sales due to pent-up demand

Hollywood Bowl has hailed an “excellent start” to the financial year as pent-up demand help drive the leisure firm to a record half-year performance.

The ten-pin bowling operator saw shares jump after it told shareholders it is on track for full-year trading to surpass market expectations.

Hollywood Bowl said it saw “exceptionally strong revenue growth” as sales jumped to £91.3 million for the six months to March, compared with £12 million over the same period a year earlier as it was hit by Covid restrictions.

It highlighted that like-for-like revenues grew by 26.8% against the same period two years earlier, before the pandemic struck.

The group said it saw a “small impact” from the spread of Omicron variant around December and January but saw a strong rebound in the following months.

Hollywood Bowl said it is also “not immune from inflationary pressures” but has taken a number of mitigating measures including introducing a simplified food menu following the pandemic.

Stephen Burns, chief executive officer, said: “We have had an excellent start to the financial year, as a return to more normal operating conditions combined with strong demand and our customer-focused strategy, led to impressive sales growth and profits.

“We have continued to invest in our customer experience and in the growth and quality of our portfolio of bowling and mini-golf centres.

“We remain confident in the enduring consumer demand for fun-filled, experiential leisure activities that offer great value for money.

“The group’s strong balance sheet supports our ability to invest in our organic growth strategy and to pursue further expansionary opportunities.”

Shares in the company jumped 7.3% in early trading.