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Investing.com -- Hollywood Bowl Group PLC (LSE:LON:BOWL) stock climbed 2% following a trading update that highlighted a record revenue month in the UK and Canada in December.
The company, which coincided the release with its Annual General Meeting (AGM), reported total revenue growth of 11.3%, meeting board expectations.
The update revealed that UK like-for-like (LFL) sales increased by 4.5%. In Canada, the company’s Splitsville centers saw an LFL increase of 7%.
Additionally, UK revenue rose by 8%, and Canadian revenue, when adjusted for currency fluctuations, soared by 40.8%, with a notable 14.2% LFL growth that includes Striker-branded centers. Revenue from Splitsville centers alone jumped by 37.2%.
The company also noted that it is ahead of its expansion plans for fiscal year 2025, with five new UK sites expected to open, compared to the forecasted four. The two planned Canadian sites are also on track.
In terms of cost management, Hollywood Bowl expressed confidence in its ability to handle cost inflation and remains optimistic about the financial outlook for the year.
RBC commented on the update, stating, "This is a strong start to the year for BOWL, which should allay any investor concerns. LFL in the UK and Canadian bowling centers for the first trading period is ahead of our estimates for the full year, with the group ahead of plan on the UK rollout."
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