Hollywood Bowl hails first results as listed business despite IPO costs strike
Newly listed Hollywood Bowl has reported rising revenues but said that costs associated with its stock market flotation have hit full-year profits.
The UK's largest 10-pin bowling operator said total sales rose 23.9% to £106.6 million, while pre-tax profit fell from £4.8 million to £2.6 million.
Hollywood Bowl said exceptional items, including initial public offering (IPO) costs and the acquisition of Bowlplex, dented its figures.
But chief executive Stephen Burns struck an upbeat note: "We are really pleased to report our maiden results as a listed business.
"The new financial year has started well and in line with the board's expectations. From October through to the Easter holidays is a key trading period for any indoor leisure-based business and we have been pleased with the performance to date."
Like-for-like sales during the period rose 6.8% with the firm saying it has a strong pipeline of new centres in place, with Southampton due to open this month.
The firm raised £181 million in September through an initial public offering on the London Stock Exchange, valuing the firm at £240 million.