Hollywood Bowl Group (BOWL) H2 2025 earnings summary

Executive summary

• Achieved record revenues of GBP 250.7 million, up 8.8% year-over-year, and record pre-IFRS 16 EBITDA of GBP 68.4 million, with strong trading and resilience in the business model.

• Statutory profits rose to GBP 34.6 million, with adjusted profit after tax at GBP 36.7 million and adjusted EPS at 21.51p.

• Estate expanded from 85 to 92 centres, including a record seven new openings (five in the U.K., two in Canada), with a robust pipeline and target of 130 by 2035.

• Customer engagement and employee satisfaction reached new highs, with recognition in major workplace rankings in both the U.K. and Canada.

• High capital investment was balanced by significant shareholder returns.

Financial highlights

• Total revenue rose 8.8% year-over-year to GBP 250.7 million; like-for-like revenue growth was 1.3% on a constant currency basis.

• U.K. revenues increased 6.4%, driven by a 9.2% rise in spend per game, offset by a 7.5% decline in game volumes.

• Canadian like-for-like revenue grew 3.2%, with overall Splitsville bowling revenue up 35.1% to CAD 61.1 million.

• Gross profit margin improved to 83.3% (U.K. 84.4%, Canada 77.2%), up 30–40bps year-over-year.

• Adjusted EBITDA pre-IFRS 16 was GBP 68.4 million; net cash at year-end was GBP 15.2 million.

Outlook and guidance

• FY26 revenue expected between GBP 267 million and GBP 275 million, with like-for-like and new centre growth in line with previous guidance.

• CapEx for FY26 anticipated at GBP 25–30 million, with fewer refurbishments planned.

• Business rates expected to rise by up to 10% in H2 FY26, impacting costs by around GBP 500,000 per year.

• Depreciation on PPE forecast to increase by GBP 2–2.5 million.