Hollywood Bowl Group has announced its fiscal 2023 results, revealing a slight decrease in pretax profit but a growth in revenue. The company continues to expand its operations in both the U.K. and Canada.
Profit and Revenue
For the fiscal year ended Sept. 30, pretax profit dipped to £45.1 million ($57.2 million), compared to £46.7 million in fiscal 2022. However, revenue increased to £215.1 million from £193.7 million, driven by growth across all streams of revenue, including bowling, food and drink, and amusements. On a like-for-like basis, revenue grew by 4.5%.
Factors for Success
Hollywood Bowl credited its focus on delivering a great customer experience and favorable weather conditions in the U.K. for its better-than-expected financial results.
The company has ambitious plans for expansion, with new center openings and acquisitions in the pipeline for both the U.K. and Canada. In fiscal 2024, at least three new centers are expected to open in the U.K.
Dividends and Share Buybacks
Hollywood Bowl has announced a final dividend of 8.54 pence per share, slightly higher than the previous year's 8.53 pence per share. In addition, a special dividend of 2.73 pence per share will be paid out. The company also plans to buy back shares worth up to £10 million in 2024.