Ten Entertainment reports continued sales growth
Ten Entertainment Group
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16:34 23/01/24
Bowling-focussed leisure operator Ten Entertainment reported positive trading in a first-half update on Wednesday, with continued sales growth as it maintained a strong performance compared to pre-Covid levels.
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The London-listed firm reported a 1.6% increase in like-for-like sales growth during the first half of 2023.
In addition, total sales rose 3.2% compared to the same period last year, as the company noted its sales showed an increase of 57% compared to the pre-pandemic period.
The group experienced a record-breaking Easter performance, achieving its biggest sales week in history.
Ten Entertainment said it had also been expanding its estate significantly, with plans to open at least four new centres in 2023.
In February, the company opened a new site in Crewe, which it said had been performing well.
Additionally, the Milton Keynes site was scheduled to open at the end of July, while the Dundee centre’s construction was nearing completion and was expected to open in August.
Furthermore, the firm said it had started construction on an innovative entertainment centre in the heart of Sheffield.
The company said it was progressing well towards another year of profitable growth, adding that it anticipated profit before tax for the first half to be slightly ahead of the prior year.
Moreover, Ten Entertainment said it remained on track to deliver full-year profit growth in line with market expectations.
It said it had successfully fixed its energy costs until September 2026, securing a level significantly below previous forecasts.
Despite pursuing a number of significant strategic investments, the company said it maintained a net cash balance.
“I am delighted that the first half of 2023 has delivered growth despite a difficult economic backdrop,” said chief executive officer Graham Blackwell.
“We have been relentless in our focus on value-for-money and high-quality entertainment and our customers have rewarded us with their loyalty.”
Blackwell added that the company was continuing to evolve and improve its proposition, with new sites, new games and activities.
“We are well set to continue to drive profitable growth in the second half of the year and to meet market expectations.”
At 0848 BST, shares in Ten Entertainment Group were up 3.12% at 288.74p.
Reporting by Josh White for Sharecast.com.