Ten Entertainment bowls back to full-year profit
The firm posted pre-tax profits of £4.4 million for the year to December 26, against losses of £21.7 million the previous year.
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Your support makes all the difference.Ten pin bowling group Ten Entertainment has rebounded to full-year profit, but said sales growth may ease as overseas holidays make a comeback and the Ukraine conflict heightens the cost-of-living crisis.
The firm posted pre-tax profits of £4.4 million for the year to December 26, against losses of £21.7 million the previous year, when lockdowns pushed it deep into the red.
It cheered record annual sales growth, with a 29% jump on a like-for-like basis as demand recovered thanks to the lifting of Covid restrictions last year.
The group – which has 46 centres across the UK – said sales growth ramped up further into the first quarter of 2022, with full-year profits set to be better than expected in the market.
2021 has been a hugely successful year despite Covid-related closures and restrictive trading. We have raised our game in every aspect of customer experience
But Ten Entertainment cautioned: “This is expected to temper slightly with the return of foreign holidays over the spring and summer period and the uncertainty created by the ongoing crisis in Ukraine.”
It added: “The mounting crisis in Ukraine is putting significant inflationary pressure into the UK economy and this is likely to further squeeze disposable incomes.”
The group saw sales soar by 57.1% compared to pre-pandemic levels over the summer holiday season last year, and while this eased slightly as pent-up demand fell back, like-for-like sales continued to rise by “well over” 30% from September through to mid-December.
Sales since the year-end have risen 41.7% on a like-for-like two-year comparison basis, with another record performance over the February half term.
It forecasts this growth to drop to “low double-digit levels” over the second and third quarters.
The company said it completed four major refurbishments over the year, while it also expanded its offering to include 24 escape rooms across 12 sites and 15 laser tag arenas, three soft play areas and karaoke rooms in eight centres.
Chief executive Graham Blackwell said: “2021 has been a hugely successful year despite Covid-related closures and restrictive trading. We have raised our game in every aspect of customer experience.
“We have started the year with strong momentum despite the inflationary headwinds and we are set to achieve further growth and record profitability in 2022.”