Good morning, it’s Paul here with the SCVR for Friday.

Timing - today's report is now finished.

Agenda -

Backlog items to start with (written up last night)

Ten Entertainment (LON:TEG) - full year trading update

Luceco (LON:LUCE) - FY 12/2020 trading update - strong Q4

Cloudcall (LON:CALL) - FY 12/2020 trading update

Today's trading updates/results:

Treatt (LON:TET) - Materially ahead of expectations update, but looks very expensive now

Character (LON:CCT) - 4 month trading update to 31 Dec 2020. Looks good value to me

Sorry I didn't get round to covering Works Co Uk (LON:WRKS) - I'm tired out after a really busy week, and have a Doctors appointment this afternoon. See a brief comment on it from me in the comments section below. I don't think it's madly exciting, is the quick summary!

Same with Zytronic (LON:ZYT) and Mysale (LON:MYSL) - I had a quick look at both this morning, and can't see anything interesting at the moment in either.

Ten Entertainment (LON:TEG)

205p - mkt cap £140m

Full-Year Trading Update

Ten Entertainment Group plc ("TEG" or "the Group"), a leading UK based operator of 46 family entertainment centres, today announces a trading update for the 52 weeks to 27 December 2020.
"Strong growth potential, well positioned to take advantage of tailwinds on reopening"

Monthly revenues - the table below is very interesting, as it shows performance at the various covid stages in 2020. Key points;

  1. It was doing well before covid struck, with strong +LFL performance
  2. Full shutdown in April to July, so zero revenues (but support from furlough & business rates relief will have helped)
  3. LFL sales negative, and a worsening trend from August to year end, due to social distancing restrictions (only able to operate at 50% capacity) and regional lockdowns, I suppose.



Clearly that’s not encouraging information. I’m comparing this with some retailers, who saw a bounce-back of pent-up demand, and positive LFLs in the autumn. Not so here. Plus of course, a leisure business like this cannot move transactions online. The booking is done online, but it still is a physical experience to visit a bowling alley.

TEG’s sites were closed for 49% of the available…

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