The Original Bowling Company (TOBC), the bowling centre operator, has reported a 4.3% rise in like-for-like revenue in the six months to 31 March 2013, a period in which it opened its first new site since 2010.
The group, which was formed by the merger of AMF Bowling’s UK Family Entertainment business and Mitchells & Butlers’ Hollywood Bowl business in 2010, saw total revenue rise 5.3%. Like-for-like centre EBITDA grew 14% and total EBITDA after central costs increased 13%.
TOBC said: “This encouraging performance has extended into the Easter school holidays in April, as we comfortably exceeded last year’s record performance.”
In February TOBC opened a Hollywood Bowl site in Rochester, Kent, which “has traded well above expectations”. “This gives us great confidence about our two other new openings this year, in Maidstone and Milton Keynes.”
TOBC managing director Steve Burns said: “This is another pleasing set of results for The Original Bowling Company. Despite the tough economic conditions which have continued to squeeze families’ disposable incomes, we have continued to grow the business significantly.
“Although we suffered disruption from snow in December and February, we still improved performance in our key peak trading period. We also converted this growth to profit, despite the cold weather and rising electricity prices putting pressure on heating costs.
“It is important for us to consolidate these gains during our off peak season in the second half of the year, when external factors such as the weather can have more of an impact. Furthermore, we need to assess the negative impact of Machine Gaming Duty which has placed unwelcome pressure on already declining revenues from AWP’s in family entertainment centres.”
TOBC said it was virtually debt free and had a ratio of rent cover after central costs of 2.3x.
The company owns and operates 43 bowling centres throughout the UK, including 25 Hollywood Bowls and 18 AMF Bowling sites.
