Hollywood Bowl reports record revenue as Brits flock to competitive socialising venues

Hollywood Bowl, the ten-pin bowling operator, has announced record revenue this year as Brits continue to enjoy competitive socialising venues. The company, which operates 85 venues across the UK and Canada, reported a 7.1 per cent increase in revenue for the year ending 30 September 2024, rising from £215.1m to £230.4m.

Earnings before interest, tax, depreciation and amortisation (EBITDA) also increased by 5.9 per cent to £87.6m. However, the firm saw a decline in profit before tax, with figures falling 5.2 per cent year on year to £42.8m, causing its share price to drop nearly seven per cent in early trades, as reported by City AM.

This was partly due to an impairment charge related to losses in its mini golf business. Despite the strong performance of the company’s bowling arm, its golf divisions continued to struggle.

The company stated that customer demand for mini-golf centres was "lower than anticipated" and took an impairment charge of £5.3m on its mini golf arm. Russ Mould, investment director at AJ Bell, questioned whether impairments were now "par for the course" for the firm, adding that the charge "marred its full-year results and put a dampener on the share price".

"Despite these negative issues, there were areas for the company to celebrate as it reported record annual revenue. Hollywood Bowl’s offering of a relatively good value, family-oriented activity, which can be enjoyed when the weather is poor, is clearly resonating in both the UK and Canada," Pattinson said.

The firm expanded its portfolio with four new bowling centres and refurbished 10 existing venues during the year. It plans to open at least four more centres in the UK and two in Canada by the end of 2025.