Hollywood Bowl has reported a dip in half-year profits but said sales have remained resilient as Britons seek affordable entertainment amid cost-of-living pressures. The 10-pin bowling operator posted pre-tax profits of £26.7 million for the six months to March 31, down from £33.4 million a year earlier.
However, when stripping out the temporary VAT reduction that boosted last year's figures, profits rose 7.7% to £24.8 million. Like-for-like sales increased by 3.5%, and the company achieved record revenues of £110.2 million over the half year.
Chief executive Stephen Burns said: 'As we navigate the current economic landscape, we understand that many of our customers are facing challenges such as rising living costs and higher interest rates. This is why we continue to focus on providing a high-quality leisure experience that offers great value for money.'
The group remains on track for full-year profit guidance and plans to open at least three new centres per year. It has also seen increased spending on snacks and sharer foods after simplifying its menu, with comparable sales up 9% for food and 1.7% for drinks.
Hollywood Bowl opened two new UK centres in the first half, bringing its total to 69 venues, and aims to open another in Merry Hill shopping centre in the West Midlands. It is investing a record amount this year, spending £11.3 million on its estate in the first six months as part of plans to open 15 to 20 new centres by the end of the 2024-2025 financial year.
