REG - Hollywood Bowl Group - Half Year Results
29/05/2025 07:00
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RNS Number : 4761K Hollywood Bowl Group plc 29 May 2025
Hollywood Bowl Group plc
("Hollywood Bowl", the "Company" or the "Group")
Interim Results
for the Six Months ended 31 March 2025
STRONG PERFORMANCE AND PROFITS IN LINE DRIVEN BY INVESTMENT IN GROWTH STRATEGY
AND CONTINUED DEMAND FOR FAMILY-FRIENDLY, AFFORDABLE LEISURE
Financial summary
Adjusted results(1) Statutory results
H1 FY2025 H1 FY2024 Mvt H1 FY2025 H1 FY2024 Mvt
Revenue £129.2m £119.2m +8.4% £129.2m £119.2m +8.4%
Group EBITDA pre-IFRS 16(2) £38.8m £38.6m +0.5% N/A N/A N/A
Group EBITDA(2) £49.7m £48.3m +2.9% N/A N/A N/A
Group profit before tax(2) £28.0m £30.9m -9.4% £28.3m £29.5m -4.0%
Group profit after tax £20.6m £23.3m -11.6% £20.9m £21.9m -6.0%
Earnings per share 12.01p 13.60p -11.6% 12.00p 12.78p -6.1%
Interim ordinary dividend per share N/A N/A N/A 4.10p 3.98p +3.0%
Key highlights
· Record revenues and EBITDA with growth in UK and Canada
o Total Group like-for-like (LFL) revenue growth of 2.1%, negatively
impacted by 0.9% due to movement of Easter and 0.2% due to the additional leap
year trading day in 2024
o UK LFL total revenue up 1.3%, with bowling centres LFL of 1.5%
o Canada LFL total revenue up 13.6%, with bowling centres LFL of 3.7%, on a
constant currency basis
o Group adjusted EBITDA pre-IFRS 16 up 0.5% to £38.8m
o Underlying group adjusted EBITDA pre-IFRS 16 grew by 8.8%, after taking
account of prior year one off impacts totalling £3.0m(2)
o Good returns from investments in new centres and refurbishments in the UK
and Canada
o Strong net cash position at 31 March 2025 of £22.7m; new undrawn £25m
RCF signed with £5m accordion at improved margin
o Successful completion of £10m share buyback - equivalent to two years of
special dividends based on historical payouts
o Interim dividend of 4.10 pence per share, up 3.0% vs H1 FY2024 (3.98 pence
per share)
1 A reconciliation between adjusted and statutory is shown later in the
report.
2 The Group's adjusted EBITDA pre-IFRS 16 rose by 0.5% to £38.8m. Compared to
the first half of FY2024, the Group faced negative impacts from one-off items
totalling £3.0m, including business rates rebates (£1.1m), closures at
Surrey Quays and Liverpool Edge Lane (£0.9m), and the Easter/leap year effect
(£1.0m). Adjusting for these, the rebased H1 FY2024 Group adjusted EBITDA
pre-IFRS 16 would be £35.8m, resulting in 8.8% growth for H1 FY2025. This
£3.0m negative impact is also seen in the comparatives for H1 FY2024 on Group
profit before tax (£2.2m on profit after tax).
UK (75 centres at period end)
· Driving returns through investment in UK estate - on track to open
a record five new centres in FY2025
o Opened three new centres in Swindon, Preston and Inverness, all trading
well and in line with expectations (at least 19% ROI)
o Completed four refurbishments, all trading above UK target hurdle rate of
33% ROI
o On track to open two new centres and complete one refurbishment in H2
FY2025
o Pipeline continues to grow with five new locations signed
Canada (15 centres at period end)
· Since acquiring our Canadian business in May 2022, it has trebled
in size from 5 to 15 centres, with revenue and EBITDA more than tripling over
the same period.
· Growing our market-leading presence in Canada and receiving
excellent customer feedback from refurbished and new centres
o Two new "Hollywood Bowl style" centres opened in Kanata, Ottawa and
Creekside, Calgary, both trading well and above expectations
o Two refurbishments completed in Meridian, Calgary and Glamorgan, Calgary,
performing well and receiving excellent feedback
o On track to complete four refurbishments in H2 FY2025
o Starting construction at Christy's Corner, Alberta in H2 FY2025, due to
open in H1 FY2026
o Pipeline continues to grow with three new locations signed
· Continued investment in customer experience in the UK and Canada
driving higher spend per game (SPG) and record NPS
o 6.3% higher UK SPG with 11.6% increase in amusement SPG following
investment in new game formats and space optimisations
o 5.4% higher Canada SPG with 10.7% increase in food and drink SPG
reflecting improvements to menu and service
o Pins on Strings roll out complete in the UK and underway in the Canadian
estate, saving costs and enhancing the customer experience
o New reservation system roll out completed across the Group, significantly
improving customer and team experience
Outlook
· Cash generative business model and strong balance sheet supports
investment in future growth
o Strong pipeline for H2 and beyond, on track to achieve target of 130
centres by 2035
o Resilient demand for value for money leisure experiences
o Well-insulated from inflationary pressures with over 70% of revenue not
subject to cost of goods inflation. Low labour-to-revenue ratio of under 20%
in the UK; well-positioned to mitigate higher employment costs
o The recent warm and dry weather - marking the driest spring in over a
century - has had a short-term impact on trading over that period. In
response, we have proactively managed margins and costs, maintaining strong
operational performance, which remains at historically high levels.
o Despite this temporary headwind, we remain confident in our outlook for
the second half of the year. We are well-prepared for the key July and August
holiday period and continue to expect full-year EBITDA to fall within the
range of current analyst forecasts.
Stephen Burns, Chief Executive Officer, commented:
"We delivered another strong financial performance in the first half and made
excellent progress with our growth strategy in the UK and Canada. Investment
in new centres, our refurbishment programme and customer experience continue
to deliver excellent returns and record customer satisfaction scores.
"The prolonged period of unprecedented dry and warm weather from March to May,
has had a short-term impact on trading. However, we've responded quickly,
managing margins and costs while maintaining strong operational performance,
which remains as good as it's ever been. Looking ahead, we're well positioned
for the key summer holiday period, and we remain confident that full-year
EBITDA will be within the range of current analyst forecasts. The significant
investments we have made in the estate over the last 12 months, put us on
course to enhance future EBITDA returns."
"We remain focused on our growth strategy, supported by our strong balance
sheet. We have an exciting, growing pipeline in the UK and Canada and we
remain on track to reach 130 centres over the next ten years."
Via Teneo
Enquiries:
Hollywood Bowl Group PLC
Stephen Burns, Chief Executive Officer
Laurence Keen, Chief Financial Officer
Mat Hart, Chief Sustainability and Communications Officer
Teneo
Elizabeth Snow hollywoodbowl@teneo.com
Laura Marshall +44 (0)20 7353 4200
CHIEF EXECUTIVE OFFICER'S REVIEW
Hollywood Bowl Group reported strong results in the first half of the year,
driven by the successful execution of our customer-focused strategy and
capital investment programme in both the UK and Canada. The Group delivered
record first half revenue of £129.2m, an 8.4% increase, with like-for-like
("LFL") revenues up 2.1%. UK revenue was up 4.7% to £108.2m, with LFL revenue
up 1.3%, and bowling centre LFL revenue up 1.5%. The Canadian business also
performed well, showing 13.6% LFL revenue growth, with bowling centre LFL
revenue growth of 3.7% on a constant currency basis. Total revenues in Canada
were CAD 38m (£21.1m), growth of 40.8% on the prior period.
Group LFL revenues were negatively impacted 1.1% in the period under review by
a combination of the movement of Easter (0.9%) and the extra leap year day in
2024 (0.2%), collectively worth £1.4m.
We remain focused on enhancing the customer experience and the overall quality
of the estate, through new centre openings and acquisitions, both in the UK
and in Canada, our programme of refurbishments and rebrands of the Canadian
acquisitions, as well as continuous innovation and investments in technology.
The Group's adjusted EBITDA pre-IFRS 16 rose by 0.5% to £38.8m. Adjusting for
one off items, totalling £3.0m in H1 FY2024, the rebased H1 FY2024 Group
adjusted EBITDA pre-IFRS 16 would be £35.8m, resulting in 8.8% growth for H1
FY2025. These one-off items include business rates rebates (£1.1m), closures
at Surrey Quays and Liverpool Edge Lane (£0.9m), and the Easter/leap year
effect (£1.0m).
Statutory profit before tax for the year was £28.3m (H1 FY2024: £29.5m). The
Group delivered profit after tax of £20.6m (H1 FY2024: £21.9m). Payment of
the FY2024 final ordinary dividend in the first half of this financial year
and the successful completion of a £10m share buyback, with 3,762,176 shares
purchased and cancelled, offset by the strong cash generation of the Group,
resulted in net cash of £22.7m at the end of the period. In line with our
progressive dividend policy, the Board has declared an interim dividend of 34
per cent of FY2024 full ordinary dividend at 4.10 pence per share,
representing 2.5 per cent growth on the comparable period last year, with a
record date of 27(th) June 2025.
Notwithstanding the broader economic landscape and the associated challenges
for consumers, we remain confident that by executing our proven strategy of
providing an industry-leading leisure experience at a competitive price point,
we will continue to generate favourable returns for our shareholders. This
confidence is underpinned not only by our dedicated teams and continued focus
on cost management, but also by the resilience and consistent long-term growth
of the bowling industry, which has demonstrated its ability to perform through
economic cycles.
Consistent growth strategy
Our growth strategy remains unchanged, and we are pleased with the progress we
have made during the period. Our new centre opening programme is on track in
both the UK and Canada, and we continue to grow like‐for‐like revenue
through the improvement of the existing estate and our refurbishment programme
which continues to deliver very attractive returns.
UK like-for-like growth
We saw a reduction of 4.5% in LFL game volumes versus H1 FY2024, due in the
main to the movement of Easter and the leap year impact (1.1%) and the warm
and dry weather in late February and all of March, as well as continuing
competition from new competitive socialising offerings opening. Whilst we have
seen game volumes down, our spend per game is up 6.3%, from £11.21 in H1
FY2024 to £11.87 in H1 FY2025 as customers continue to seek value for money.
Our value for money strategy has remained unchanged, and we are still able to
offer the lowest price and best value for money product of all the branded
bowling operators, with a family of four able to bowl at peak time for less
than £26. Our dynamic pricing technology has helped us offer even better
value for customers at non-peak periods while driving incremental volume and
carefully controlled yield enhancement, with bowling spend per game up 5.9%
compared to H1 FY2024, to £5.46.
Refurbishment and space optimisation projects, along with the integration of
contactless payment technology, improved prizes, and innovative game formats,
contributed to a 11.6% LFL growth in amusement spend per game and a 6.4%
increase in LFL amusement revenues. The amusement offering forms a crucial
aspect of the overall customer experience. Generally, we have maintained the
cost to play at £1 despite substantial enhancements in the gaming experience.
However, we are leveraging new payment technologies to optimise yield on
certain games where appropriate. New digital payment trials are also underway
in several of our centres in both Canada and the UK with some encouraging
early results.
Spend on drink grew on a per game LFL basis by 1.2 per cent, as we made
further enhancements to the at-lane ordering systems, web upsells, and game
and drink product ranges, helping to underpin the performance.
Food spend was also up in the year showing 1.1% LFL improvement in the half.
Our focus on speed, quality, consistency, and value for money with our food
offer has been well received by our customers. New menu items have been added
in line with customer feedback and sales data, and although we have made some
changes to price to mitigate the inflationary increases, our most popular
product of burger and fries, is still less than £8 (an increase of less than
3.2% CAGR since 2019), and lower than other branded operators.
Expanding and enhancing our UK portfolio
New centres:
Three new centres were opened during the half, taking the total number of
centres in the estate to 75, with Reading and Uxbridge scheduled to open
during the second half of the financial year, delivering an annual record five
new openings in the UK. All of the centres opened in the first half are
trading in line with expectations and expected to achieve at least a 19% ROI.
Hollywood Bowl Swindon, at the popular Greenbridge leisure and retail park,
opened on 23(rd) November 2024 for a gross capital spend of £3.5m. The centre
is a key anchor complementing the leisure offering of the scheme, alongside a
well-established cinema, a gym, and a good selection of lifestyle retail
operators. The 22-lane centre occupying 25k square feet, has been very well
received and is trading in line with expectations.
We opened Hollywood Bowl Preston on 8(th) March at the newly developed Animate
scheme, close to the town centre. The 18-lane centre, set over 25k square feet
is located next to a brand-new cinema, new parking provision and multiple
restaurants.
Hollywood Bowl Inverness opened its doors on 29(th) March at the very popular
Inverness Retail Park. The scheme, co-anchored by a leading cinema, has a good
mix of retail and leisure in an excellent location within the city.
Our new centre pipeline is in excellent shape, with five signed and more in
heads of terms and legals stages. We remain confident in our ability to
continue to deliver on our plan of an average of a minimum of two new UK
openings a year.
Refurbishments and estate investments:
Our UK refurbishment programme remained on track during the period, with four
refurbishments completed in Birmingham Resorts World, Birmingham Bentley
Bridge, Yeovil and Tolworth, and a space optimisation project in Putt and Play
in Harrow. The refurbishment of our Bentley Bridge centre included extending
the amusement area and adding an interactive darts experience to complement
the existing offer. All refurbished centres are trading in line with our
expectations and above our target UK hurdle rate of 33 per cent return on
investment.
One other project, the full redevelopment of our Hollywood Bowl at Edge Lane
in Liverpool, completed in the early part of the second half of this financial
year. This includes a reduction in overall square footage of 20 per cent, a
rent reduction of 25 per cent and a space efficient centre that now reflects
all the best features of our recent refurbishments and new centres.
Continued strong growth in Canada
I am delighted with the progress we have made against our strategy in Canada.
Over the three years since our entry into our first international market, we
have trebled the size of the estate, alongside a more than tripling of
revenues and EBITDA. The Canadian business now accounts for 16.3 per cent of
Group revenues and 11.6 per cent of Group adjusted EBITDA pre-IFRS 16.
In the first half, the Canadian business contributed CAD 38m (£21.1m) in
revenue and CAD 8.2m (£4.5m) of EBITDA on a pre-IFRS 16 basis. Total revenue
growth in Canada was 40.8 per cent. Our strategic objectives for FY2025 are to
focus on four key areas: enhancing our current estate, establishing new
centres, building a pipeline for new centre and strategic acquisitions, and
supporting the broader Canadian bowling market with Striker's products and
services.
We opened two new Splitsville centres in the first half. Kanata, in the
capital Ottawa, opened on 28(th) February 2025. The new centre, which is the
only ten pin bowling centre in the city, is located on the very popular Kanata
Entertainment Centrum mixed leisure and retail park. Kanata is the first new
opening to mirror a 'Hollywood Bowl' style centre in both size, offer and
location. The 18-lane centre sells games of bowling rather than time, allows
customers to bowl in their own shoes and boasts a fabulous amusement offer
provided by our UK partner Namco. The gross capital spend of CAD 5.1m is
expected to deliver a 19 per cent return and is currently trading ahead of
expectations. Creekside, in Calgary, Alberta opened on 27(th) March 2025. The
18-lane centre is located on a mixed retail and leisure park to the north of
the city with a catchment of residential areas not covered by the three other
centres we operate in Calgary. Also following the Hollywood Bowl model, the
centre has made a very encouraging start and has been well received in the
local market.
We continue to build our market-leading presence across Canada. We will be on
site with construction of Christy's Corner, Edmonton, Alberta in the second
half, with it due to open the first half of FY2026.
Our refurbishment programme has seen solid progress with two refurbishments
and re-brands completed in the half at our centres in Meridian Calgary and
Glamorgan Calgary, which are trading in line with our expectations. Four more
refurbishments will be completed in the second half of the financial year as
we upgrade the remaining Splitsville centres and fully rebrand the centres
acquired in 2022 and 2023. By the end of the financial year all but two of our
15 centres will be in new or refurbished format.
We remain excited about the growth opportunities in Canada. The learnings from
the three new centres we have opened, and the performance of the refurbished
acquisitions, have helped inform our Canadian roll out strategy, and we are
confident of adding an average of two new centres a year over the next 10
years, taking the estate to 35 centres. We have made significant investments
in our new centres and refurbishments which will deliver increased EBITDA over
the next 12 months and beyond. The learnings from our multi-activity centre
'Stoked' have also been very informative and offer us a compelling proposition
for deployment in larger units in high quality locations.
The Striker business continues to play an important role supporting the
bowling industry in Canada. In addition to providing the Splitsville centres
with the equipment for new builds, refurbishments, and conversions to Pins on
String technology, at cost, the external order book is strong for FY2025, with
multiple installation and maintenance projects across the country. Revenues in
H1 grew from CAD 2.5m, to CAD 5.2m, an increase of 112.3% on a LFL basis.
Group operational excellence
We have made some excellent progress in the half with the expansion of some
Group functions which now support both the UK and Canadian operations, to
ensure that we are maximising best practice and efficiencies in the areas of
marketing, technology, finance, people, and property.
Our new customer booking system has been rolled out across both territories,
and we are seeing gains in online conversion and cross-sale rates. We are
excited about the roadmap of new functionality that will be tested and
introduced in the coming months.
Our progress of delivering against our ESG strategy and targets continued in
the first half. Waste recycling percentages improved, and we now have solar
panels in 33 UK centres. Our People team has made further progress with our
industry-leading training and development programmes in both the UK and
Canada, and we were delighted to improve our team members engagement scores in
both territories, being awarded a "best place to work" by The Sunday Times.
Importantly, we also continue to play an important role in our local
communities, again increasing the number of concessionary access and school
games played and growing our fundraising support for charity partner
Macmillan.
Outlook
We remain focused on the Group's future growth through investment in the size
and quality of our estate in the UK and Canada, and in enhancing our
market-leading customer experience, and are on course to deliver our key
strategic goals for the year.
Whilst it has been challenging to mitigate the inflationary costs in first
half, we are pleased to have achieved this. We continue to be well placed to
mitigate future inflationary head winds in both territories, with 70 per cent
of revenues not subject to cost of goods inflation, hedged energy costs until
the end of FY2027 and UK centre payroll at less than 20 per cent.
The recent warm and dry weather – marking the driest spring in over a
century – has had a short-term impact on trading over that period. In
response, we have proactively managed margins and costs, maintaining strong
operational performance, which remains at historically high levels.
We remain confident in our outlook for the second half of the year. We are
well-prepared for the key July and August holiday period and continue to
expect full-year EBITDA to fall within the range of current analyst
forecasts. The significant investments we have made in the estate over the
last 12 months, put us on course to enhance future EBITDA returns.
The Group remains well placed for the future, given our strong cash generation
and balance sheet, which supports our growth strategy, our accessible, value
for money offer, and bowling retaining its unique appeal to a wide demographic
within a growing competitive socialising market.
Stephen Burns
Chief Executive Officer
29 May 2025
CHIEF FINANCIAL OFFICER'S REVIEW
Group financial results
Adjusted results(1) Statutory results
H1 FY2025 H1 FY2024 Mvt H1 FY2025 H1 FY2024 Mvt
Revenue £129.2m £119.2m 8.4% £129.2m £119.2m 8.4%
Gross profit £107.3m £99.4m 8.0% £82.4m £77.1m 6.9%
Gross profit margin 83.0% 83.3% -40bps 63.8% 64.7% -90bps
Administrative expenses £78.9m £69.2m 13.9% £49.2m £42.7m 15.2%
Operating profit N/A N/A N/A £34.9m £34.4m 1.5%
Group EBITDA pre-IFRS 16(2) £38.8m £38.6m 0.5% N/A N/A N/A
Group EBITDA(2) £49.7m £48.3m 2.9% N/A N/A N/A
Group profit before tax(2) £28.0m £30.9m -9.4% £28.3m £29.5m -4.0%
Group profit after tax £20.6m £23.3m -11.6% £20.9m £21.9m -6.0%
Earnings per share 12.01p 13.60p -11.6% 12.00p 12.78p -6.1%
Interim ordinary dividend per share N/A N/A N/A 4.10p 3.98p +3.0%
1 A reconciliation between adjusted and statutory is shown later in the
report.
2 The Group's adjusted EBITDA pre-IFRS 16 rose by 0.5% to £38.8m.
Compared to the first half of FY2024, the Group faced negative impacts from
one-off items totalling £3.0m, including business rates rebates (£1.1m),
closures at Surrey Quays and Liverpool Edge Lane (£0.9m), and the Easter/leap
year effect (£1.0m). Adjusting for these, the rebased H1 FY2024 Group
adjusted EBITDA pre-IFRS 16 would be £35.8m, resulting in 8.8% growth for H1
FY2025. This £3.0m negative impact is also seen in the comparatives for H1
FY2024 on Group profit before tax (£2.2m on profit after tax).
Following the introduction of the lease accounting standard IFRS 16, the Group
continues to maintain the reporting of Group adjusted EBITDA on a pre-IFRS 16
basis, as well as on an IFRS 16 basis. This is because the pre-IFRS 16 measure
is consistent with the basis used for business decisions, a measure that
investors use to consider the underlying business performance as well as being
a measure contained within the group's available loan facility. For the
purposes of this review, the commentary will clearly state when it is
referring to figures on an IFRS 16 or pre-IFRS 16 basis.
New centres in the UK and Canada are included in LFL revenue after they
complete the calendar anniversary of their opening date. Closed centres are
excluded for the full financial year in which they were closed.
Further details on the alternative performance measures used are at the end of
this report.
Revenue
We had a strong start to the financial year, including a record revenue month
in December. We grew in both the UK and Canada, achieving record revenues in
the first half of FY2025, despite Easter falling into the second half. Total
Group revenue for the first half was £129.2m, 8.4 per cent growth on FY2024.
UK centre LFL revenue growth was 1.3 per cent with spend per game growth of
6.3 per cent, taking LFL average spend per game to £11.87, and a 4.5 per cent
reduction in LFL game volumes. As noted above, LFL revenues were negatively
impacted by Easter moving to the second half, which was worth 0.9 per cent on
LFL revenue, as well as the negative impact of the extra trading day in FY2024
due to the leap year, worth 0.2 per cent on LFL revenue. The weather impact in
late February and all of March, as well as the continuing competition from new
competitive socialising offerings opening in certain locations, were also
factors in the game volume reduction versus H1 FY2024.
The LFL revenues, alongside the performance of the new UK centres, resulted in
record UK revenues of £108.2m and growth of 4.7 per cent compared H1 FY2024.
This total revenue growth has been impacted by the September 2024 closure of
the Hollywood Bowl centre in Surrey Quays (H1 FY2024 revenue: £1.7m) as part
of an overall landlord redevelopment and the requirement to close our
Hollywood Bowl at Edge Lane Liverpool during its refurbishment (H1 FY2024
revenue: £0.5m).
Canadian LFL revenue growth, when reviewing in Canadian Dollars (CAD) to allow
for the disaggregation of the foreign currency effect (constant currency), was
13.6 per cent. Alongside this continued LFL revenue growth and new centre
openings, Striker saw revenue growth of 112.3 per cent, resulting in total
Canada revenues of CAD 38.0m (£21.1m). Splitsville bowling centre revenue was
up CAD 8.2m (33.4 per cent) to CAD 32.7m.
Gross profit on cost of goods sold
Gross profit on cost of goods sold is calculated as revenue less directly
attributable cost of goods sold and does not include any payroll costs. Gross
profit on cost of goods sold was £107.3m, 8.0 per cent growth on H1 FY2024
with gross profit margin on cost of goods sold at 83.0 per cent in H1 FY2025,
a reduction of 40bps, due to revenue mix, on the corresponding period in
FY2024.
Gross profit on cost of goods sold for the UK business was £91.1m with a
margin of 84.2 per cent, up 30 bps on H1 FY2024.
Gross profit on cost of goods sold for the Canadian business was in line with
expectations at CAD 29.2m (£16.2m), with a margin of 76.8 per cent (H1
FY2024: 80.0 per cent). Splitsville had a gross profit margin on cost of goods
sold of 83.3 per cent, down 140bps compared to the prior year, due to the
higher revenue growth reported in amusements, food and drink revenue through
non-LFL acquisitions and new centres.
Administrative expenses
Following the adoption of IFRS 16 in FY2020, administrative expenses exclude
property rents (turnover rents are not excluded) and includes the depreciation
of property right-of-use assets.
Total administrative expenses, including all payroll costs, were £74.0m. On a
pre-IFRS 16 basis, administrative expenses were £78.9m (H1 FY2024: £69.2m).
Employee costs in centres were £24.9m, an increase of £2.6m when compared to
the same period in the prior year, due to a combination of the impact of the
national minimum and living wage increases seen, the impact of higher LFL
revenues, new UK centres, as well as the continued growth in Canada.
Total centre employee costs in Canada were CAD 8.2m (£4.9m), an increase of
CAD 2.3m, whilst UK centre employee costs were £19.9m, an increase of £1.4m.
Total property-related costs, accounted for under pre-IFRS 16, were £24.6m,
with £21.4m for the UK business (H1 FY2024: £18.7m). Rent costs in the UK
increased to £9.9m (H1 FY2024: £9.2m). Business rates costs were £3.7m in
the first half, an increase of £0.7m compared to H1 FY2024, which was in line
with expectations given the change in the uniform business rate effective for
the rating year and lower business rates refunds (£0.7m less in refunds this
year).
Canadian property centre costs were CAD 5.8m (£3.2m), an increase of CAD 2.6m
due to the increased size of the estate when compared to H1 FY2024.
Utility costs increased by £0.9m compared to the same period in FY2024, with
UK centres accounting for £0.7m of this increase due to the new hedged rate
announced during FY2024, with the balance in relation to the increased number
of centres in Canada.
Total property costs, under IFRS 16, were £26.0m, including £6.3m accounted
for as property lease assets depreciation and £6.3m in implied interest
relating to the lease liability.
Total corporate costs increased marginally to £12.7m. UK corporate costs
reduced by £0.2m to £10.4m. As we continue to build out our support team in
Canada for growth, corporate costs increased to CAD 4.2m (£2.3m) from CAD
2.9m (£1.7m).
The statutory depreciation and amortisation charge for H1 FY2025 was £15.5m
(H1 FY2024: £12.7m). This increase is in part due to the continued capital
investment programme, including new centres and refurbishments, with £0.6m
due to the increase in IFRS 16 depreciation.
Canadian performance
The Group has continued to grow its footprint in Canada, with 15 centres at
the end of the period. During the first half of FY2025, two greenfield centres
were opened - one in Kanata, Ottawa and the other in Creekside, Calgary. These
centres represent the first centres that are co-located with retail,
hospitality and leisure which is an important element in our new centre trials
for future growth.
It was widely reported that Canada saw an abnormal amount of snow during
certain parts of the first half, including over "Family Weekend" holiday which
negatively impacted LFL by 2.7%, with Toronto experiencing more snow in just
30 days than it did in all of 2024. Despite this, the Canadian business
continues to trade well, with total revenues in Canada of CAD 38.0m (£21.1m),
and just over CAD 8.2m (£4.5m) of EBITDA on a pre-IFRS 16 basis. Bowling
centres contributed CAD 32.7m of revenues with EBITDA on a pre-IFRS 16 basis
of CAD 11.2m, an increase of CAD 0.9m on the same period in FY2024.
Exceptional items
Exceptional items in the first half FY2025 totalled £0.4m as a net credit and
relate to three areas. The first, £1.6m income, is in relation to a business
interruption insurance claim received in the period. The second, £0.1m, is
administration costs related to the closure of Hollywood Bowl Surrey Quays.
The final element is the earn out consideration for Teaquinn President Pat
Haggerty, which is an exceptional cost of £1.2m, of which £0.9m is in
administrative expenses and £0.3m is in interest expenses. See the table
below for the exceptional items included in the Group adjusted EBITDA and
operating profit reconciliation. More detail on these exceptional costs is
shown in note 4 to the Financial Statements.
Group adjusted EBITDA and operating profit
Group adjusted EBITDA pre-IFRS 16 increased 0.5 per cent, to £38.8m. When
comparing to the first half of FY2024 the Group is negatively impacted from
one offs, to the value of £3.0m, including business rates rebates (£1.1m),
Surrey Quays and Liverpool Edge Lane closures (£0.9m) and the Easter / leap
year impact of £1.0m. The rebased H1 FY2024 Group adjusted EBITDA pre-IFRS 16
would be £35.8m, resulting in growth of 8.8 per cent for H1 FY2025. This
growth is due to a combination of LFL revenue performance in both the UK and
Canada, netted off in part by expected increases in costs and new centre
EBITDA.
The reconciliation between statutory operating profit and Group adjusted
EBITDA on both a pre-IFRS 16 and under-IFRS 16 basis is shown in the table
below.
H1 FY2025 H1 FY2024
£'000 £'000
Operating profit() 34,888 34,368
Depreciation 14,906 12,271
Amortisation 556 431
Loss on property, right-of-use assets, plant and equipment and software 20 15
disposal
Exceptional costs / (income) excluding interest (667) 1,197
Group adjusted EBITDA under IFRS 16 49,703 48,282
IFRS 16 adjustment (10,891) (9,663)
Group adjusted EBITDA pre-IFRS 16 38,811 38,619
Segmentation
Period ended 31 March 2025
UK Canada Total
£'000 £'000 £'000
Revenue 108,168 21,081 129,249
Group adjusted EBITDA(1) pre-IFRS 16 34,307 4,504 38,811
Group adjusted EBITDA(1) 43,304 6,399 49,703
Depreciation and amortisation (12,713) (2,749) (15,462)
Impairment of PPE and ROU assets - - -
(Loss)/gain on property, right-of-use assets, plant and equipment and software (24) 4 (20)
disposal
Exceptional income/(costs) before interest 1,563 (896) 667
Operating profit 32,130 2,758 34,888
Finance income 529 26 555
Finance expense (5,653) (1,456) (7,109)
Profit before tax 27,006 1,328 28,334
(1) IFRS 16 adoption has an impact on EBITDA, with the removal of rent
from the calculation. For Group adjusted EBITDA pre-IFRS 16, it is deducted
for comparative purposes and is used by investors as a key measure of the
business. The IFRS 16 adjustment is in relation to all rents that are
considered to be non-variable and of a nature to be captured by the standard.
Financing
Finance costs (net of finance income) increased to £6.6m (H1 FY2024: £4.8m)
comprising mainly of implied interest relating to the lease liability under
IFRS 16 of £6.6m (H1 FY2024: £5.4m).
During the second half of FY25, the Group agreed a new three-year, £25m RCF
and £5m accordion, with its current provider, Barclays PLC, effective 8 May
2025.
The terms of the new RCF remain largely the same as the current, except for
the margin rate which reduced to 1.30 per cent (from 1.65 per cent) above
SONIA.
The RCF remains fully undrawn.
Cash flow and liquidity
The liquidity position of the Group remains strong, with a net cash position
of £22.7m as at 31 March 2025. Detail on the cash movement in the year is
shown in the table below.
During the first half of FY2025 the Group completed £6.3m of an announced
£10m share buyback programme. The balance of the buyback was completed in
early April 2025. The Group holds no ordinary shares in treasury and therefore
the total voting rights in Hollywood Bowl, post the completion of the share
buyback, is 168,852,799.
Based on the Group's historic special dividend rates, this buyback represents
the equivalent of two-years' worth of special dividends, and in our view was a
more efficient method of distributing cash to shareholders.
Capital expenditure
During the first half, the Group invested net capex of £20.0m, including
£10.1m in relation to the five new centres that opened during the period.
A total of £4.1m was invested into the refurbishment programme, with four UK
centres refurbished as well as the completion of two refurbishments in Canada.
Despite this investment and the associated depreciation, clearly not all of
the benefit is evident at this stage in the Group profits due to the growth
and expected maturity curve of this capital spend, with UK refurbishments
targeting a 33% ROI, Canadian refurbishments a 22% ROI, and all new centres a
19% ROI.
The Group's strong liquidity ensures it can continue to invest in profitable
growth and will open a further two new centres in the UK in FY2025 - Uxbridge
and Reading - as well as complete the full refurbishment of its centres in
Liverpool Edge Lane plus an additional four in Canada. The new centre pipeline
for FY2026 and onwards continues to grow in both the UK and Canada.
The Group spent £5.8m on maintenance capital, including £1.0m on Pins on
Strings installations and £0.3m on solar panels.
We expect total capital expenditure for FY2025 to be in the region of £40m to
£45m.
Cash flow and net debt
H1 FY2025 H1 FY2024
£'000 £'000
Group adjusted EBITDA under IFRS 16 49,703 48,282
Movement in working capital 63 (340)
Maintenance capital expenditure (5,850) (5,685)
Taxation (4,157) (4,964)
Payment of capital elements of leases (6,754) (5,995)
Adjusted operating cash flow (OCF)(1) 33,005 31,298
Adjusted OCF conversion 66.41% 64.8%
Expansionary capital expenditure(2) (14,176) (10,273)
Net bank interest received 535 960
Lease interest paid (6,608) (5,453)
Free cash flow (FCF)(3) 12,756 16,532
Exceptional items 1,551 (297)
Acquisition of centres in Canada - (3,060)
Cash acquired in acquisitions - 20
Acquisition of centres in UK - (4,475)
Share (buyback) (6,312) (379)
Dividends paid (13,904) (19,351)
Net cash flow (5,909) (11,010)
(1) Adjusted operating cash flow is calculated as Group adjusted EBITDA
less working capital, maintenance capital expenditure, taxation and payment of
the capital element of leases. This represents a good measure for the cash
generated by the business after considering all necessary maintenance capital
expenditure to ensure the routine running of the business. This excludes
exceptional items, net interest paid, debt drawdowns and any debt repayments.
(2) Expansionary capital expenditure includes refurbishment and new
centre capital expenditure.
(3) Free cash flow is defined as net cash flow pre-exceptional items,
cost of acquisitions, debt facility repayment, debt drawdowns, dividends, and
share buybacks.
Taxation
The Group's tax charge for the half was £7.7m (effective tax rate of 27.2%)
arising on the profit before tax generated in the period.
Earnings
Group adjusted profit before tax is £28.0m, whilst Group adjusted profit
after tax is £20.6m and basic adjusted earnings per share of 12.01 pence per
share (H1 FY2024: 13.60 pence per share).
Statutory profit before tax for the year was £28.3m (H1 FY2024: £29.5m). The
Group delivered profit after tax of £20.6m (H1 FY2024: £21.9m) and basic
earnings per share was 12.00 pence (H1 FY2024: 12.78 pence).
For more detail on adjusted see note 4 to the Financial Statements and the
summary at the end of this report.
Dividend and capital allocation policy
Whilst the Group will continue to pay its full year ordinary dividend based on
55% of adjusted profit after tax, as an update to our policy and to provide
investors with a clear view on interim dividends, the Group will declare
interim dividends equivalent to 34% of the prior year's full ordinary
dividend.
Therefore, in line with the Group's capital allocation policy and the above
rule, the Board has declared an interim dividend of 4.10 pence per share.
The ex-dividend date is 26 June 2025, with a record date of 27 June 2025 and a
payment date of 25 July 2025.
Going concern
As detailed in note 2 to the Financial Statements, the Directors are satisfied
that the Group has adequate resources to continue in operation for the
foreseeable future, a period of at least 12 months from the date of this
report.
Laurence Keen
Chief Financial Officer
29 May 2025
Note on alternative performance measures (APMs)
The Group uses APMs alongside statutory measures throughout the interim report
("Report"). The APMs are not intended to replace statutory financial
measures but are provided for the following reasons:
A to provide users of the Report with a clear view of what the Company
consider to be its underlying operations, enabling a consistent comparison
over time as well as across the industry and sector
B to provide additional information to users the Report about the key
performance indicators used in the business
C to show reconciliations used by the Remuneration Committee in
determining incentive payments
APM Reason for use H1 FY2025 (£m) H1 FY2024 (£m)
LFL revenue A Revenue 129.2 119.2
Less: new centres non-annualised (9.8) -
Less: closed centre (full year) - (2.2)
LFL revenue 119.4 117.0
Gross profit on costs of goods sold (Adjusted gross profit) A Gross profit 82.4 77.1
Add: centre staff costs 24.9 22.3
Adjusted gross profit 107.3 99.4
Administrative expenses pre-IFRS 16 A Administrative expenses 49.2 42.7
Add: centre staff costs 24.9 22.3
IFRS 16 movement 4.8 4.2
Adjusted administrative expenses 78.9 69.2
Group adjusted EBITDA A, B, C Operating profit 34.9 34.4
Add: depreciation 14.9 12.3
Add: amortisation 0.6 0.4
Add: loss on PPE 0.0 0.0
Add: exceptional items before tax and interest (0.7) 1.2
Group adjusted EBITDA 49.7 48.3
Group adjusted EBITDA pre-IFRS 16 A, B, C Group adjusted EBITDA 49.7 48.3
Less: rent (10.9) (9.7)
Group adjusted EBITDA pre-IFRS 16 38.8 38.6
Adjusted group profit before tax B Group profit before tax 28.3 29.5
Add: exceptional items before tax (0.4) 1.4
Adjusted group profit before tax 28.0 30.9
Condensed Consolidated Income Statement and Statement of Comprehensive Income
For the six months ended 31 March 2025
Six months ended 31 March 2025 Six months ended 31 March 2024
Before exceptional Exceptional items Total Before exceptional Exceptional Total
items (note 4) Unaudited Items Items Unaudited
Unaudited Unaudited £'000 Unaudited (note 4) £'000
£'000 £'000 £'000 Unaudited
Note £'000
Revenue 129,249 - 129,249 119,187 - 119,187
Cost of goods sold (21,950) - (21,950) (19,825) - (19,825)
Centre staff costs (24,869) - (24,869) (22,269) - (22,269)
Gross profit 82,430 - 82,430 77,093 - 77,093
Other income - 1,613 1,613 - - -
Administrative expenses (48,209) (946) (49,155) (41,528) (1,197) (42,725)
Operating profit 34,221 667 34,888 35,565 (1,197) 34,368
Finance income 5 555 - 555 1,029 - 1,029
Finance expenses 5 (6,818) (291) (7,109) (5,668) (201) (5,869)
Profit before tax 27,958 376 28,334 30,926 (1,398) 29,528
Tax charge 6 (7,310) (391) (7,701) (7,581) - (7,581)
Profit for the period attributable to equity shareholders 20,648 (15) 20,633 23,345 (1,398) 21,947
Other comprehensive income (1,219) - (1,219) (321) - (321)
Retranslation (loss) of foreign currency denominated operations
Total comprehensive income for the period attributable to equity shareholders 19,429 (15) 19,414 23,024 (1,398) 21,626
Earnings per share
Basic earnings per share (pence) 12.00 12.78
Diluted earnings per share (pence) 11.93 12.69
Weighted average number of shares - Basic 171,939,567 171,676,053
Dilutive potential ordinary shares 1,040,490 1,306,478
Weighted average number of shares - Diluted 172,980,057 172,982,531
Reconciliation of operating profit to Group adjusted EBITDA
Six months ended 31 March 2025 Six months ended 31 March 2024
Unaudited Unaudited
Note £'000 £'000
Operating profit 34,888 34,368
Exceptional items 4 (667) 1,197
Depreciation of property, plant and equipment 9 6,746 5,256
Depreciation of right-of-use assets 10 8,160 7,015
Amortisation of intangible assets 11 556 431
Loss on disposal of property, plant and equipment, right-of-use assets and
software
9, 10, 11 20 15
Group adjusted EBITDA 49,703 48,282
Group adjusted EBITDA (earnings before interest, tax, depreciation and
amortisation) reflects the underlying trade of the overall business. It is
calculated as operating profit plus depreciation, amortisation, impairment
losses, loss on disposal of property, plant and equipment, right-of-use assets
and software and exceptional items.
Management use Group adjusted EBITDA as a key performance measure of the
business and it is considered by management to be a measure investors look at
to reflect the underlying business.
Reconciliation of net debt Six months Six months Year ended
ended ended 30 September
31 March 2025 31 March 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Cash and cash equivalents (22,738) (41,404) (28,702)
Net (cash) excluding finance leases (22,738) (41,404) (28,702)
Finance leases 231,523 205,054 218,242
Net debt 208,785 163,650 189,540
Net debt is defined as borrowings from bank facilities excluding issue costs,
plus finance leases less cash and cash equivalents.
Condensed Consolidated Statement of Financial Position
As at 31 March 2025
31 March 31 March 30 September
2025 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Note
Assets
Non-current assets
Property, plant and equipment 9 114,261 91,209 101,936
Right-of-use assets 10 184,927 160,840 172,767
Goodwill and intangible assets 11 99,596 94,150 100,323
Deferred tax asset 577 131 518
399,361 346,330 375,544
Current assets
Cash and cash equivalents 22,738 41,404 28,702
Trade and other receivables 7 7,544 9,213 9,420
Corporation tax receivable - - 1,268
Inventories 3,045 2,898 2,897
33,327 53,515 42,287
Total assets 432,688 399,845 417,831
LIABILITIES
Current liabilities
Trade and other payables 8 28,725 29,574 30,427
Lease liabilities 10 15,155 12,964 14,231
Corporation tax payable 1,424 799 -
45,304 43,337 44,658
Non-current liabilities
Other payables 8 7,907 6,237 7,116
Lease liabilities 10 216,368 192,090 204,011
Deferred tax liability 4,971 1,655 3,993
Provisions 6,019 5,652 5,848
235,265 205,634 220,968
Total liabilities 280,569 248,971 265,626
NET ASSETS 152,119 150,874 152,205
Equity attributable to shareholders
Share capital 12 1,702 1,716 1,721
Share premium 39,716 39,716 39,716
Merger reserve (49,897) (49,897) (49,897)
Capital redemption reserve 25 1 1
Foreign currency translation reserve (2,409) (454) (1,190)
Retained earnings 162,982 159,792 161,854
TOTAL EQUITY 152,119 150,874 152,205
Condensed Consolidated Statement of Changes in Equity
For the six months ended 31 March 2025
Note Share Merger Foreign Retained
capital
earnings
Capital redemption reserve reserve currency translation reserve
Total
£'000
£'000
£'000 Share £'000 £'000 £'000
premium
£'000
Equity at 30 September 2023 (audited) 1,717 - 39,716 (49,897) (133) 156,537 147,940
Share buy back 12 (1) 1 - - - (379) (379)
Dividends paid - - - - - (19,351) (19,351)
Share-based payments 14 - - - - - 752 752
Deferred tax on share-based payments - - - - - 286 286
Retranslation of foreign currency denominated operations - - - - (321) - (321)
Profit for the period - - - - - 21,947 21,947
Equity at 31 March 2024 (unaudited) 1,716 1 39,716 (49,897) (454) 159,792 150,874
Shares issued in the period 5 - - - - - 5
Dividends paid - - - - - (6,829) (6,829)
Share-based payments 14 - - - - - 1,030 1,030
Deferred tax on share-based payments - - - - - (102) (102)
Retranslation of foreign currency denominated operations - - - - (736) - (736)
Profit for the period - - - - - 7,963 7,963
Equity at 30 September 2024(audited) 1,721 1 39,716 (49,897) (1,190) 161,854 152,205
Shares issued during the period 5 - - - - - 5
Share buy back 12 (24) 24 - - - (6,313) (6,313)
Dividends paid - - - - - (13,904) (13,904)
Share-based payments 14 - - - - - 778 778
Deferred tax on share-based payments - - - - - (66) (66)
Retranslation of foreign currency denominated operations - - - - (1,219) - (1,219)
Profit for the period - - - - - 20,633 20,633
Equity at 31 March 2025 (unaudited) 1,702 25 39,716 (49,897) (2,409) 162,982 152,119
Condensed Consolidated Statement of Cash Flows
For the six months ended 31 March 2025
Note Six months Six months
ended ended
31 March 2025 31 March 2024
Unaudited Unaudited
£'000 £'000
Cash flows from operating activities
Profit before tax 28,334 29,528
Adjusted by:
Depreciation of property, plant and equipment (PPE) 9 6,746 5,256
Depreciation of right-of-use (ROU) assets 10 8,160 7,015
Amortisation of intangible assets 11 556 431
Net interest expense 5 6,554 4,840
Loss on disposal of property, plant 20 15
and equipment, software and ROU Assets
Share-based payments 778 752
Operating profit before working capital changes 51,148 47,837
(Increase) in inventories (148) (397)
Decrease/(increase) in trade and other receivables 1,857 (962)
(Decrease)/increase in payables and provisions (1,540) 1,167
Cash inflow generated from operations 51,317 47,645
Interest received 581 1,040
Corporation tax paid (4,157) (4,964)
Bank interest paid (46) (80)
Lease interest paid (6,608) (5,453)
Net cash inflow from operating activities 41,087 38,188
Cash flows from investing activities
Acquisition of subsidiaries - (7,535)
Subsidiary cash acquired - 20
Purchase of property, plant and equipment (19,669) (15,523)
Purchase of intangible assets (358) (435)
Net cash used in investing activities (20,027) (23,473)
Cash flows from financing activities
Payment of capital elements of leases (6,754) (5,995)
Share buy back 12 (6,313) (379)
Dividends paid (13,904) (19,351)
Net cash used in financing activities (26,971) (25,725)
Net change in cash and cash equivalents for the period (5,911) (11,010)
Effect of foreign exchange rates on cash and cash equivalents (53) (41)
Cash and cash equivalents at the beginning of the period 28,702 52,455
Cash and cash equivalents at the end of the period 22,738 41,404
Notes to the condensed consolidated interim financial statements
1. General information
The Directors of Hollywood Bowl Group plc (together with its subsidiaries, the
"Group" or "HWB Group") present their interim report and the unaudited
financial statements for the six months ended 31 March 2025 ('Interim
Financial Statements').
HWB Group is incorporated and domiciled in England and Wales, under company
registration number 10229630. The registered office of the company is Focus
31, West Wing, Cleveland Road, Hemel Hempstead, HP2 7BW, United Kingdom.
The Group's principal activities are that of the operation of ten-pin bowling
and mini-golf centres, and a supplier and installer of bowling equipment as
well as the development of new centres and other associated activities.
The interim Financial Statements were approved by the Board of Directors on 29
May 2025.
The Group's last annual audited financial statements for the year ended 30
September 2024 have been prepared in accordance with UK-adopted International
Accounting Standards ('IFRS Accounting standards') and the requirements of the
Companies Act 2006, and these Interim Financial statements should be read in
conjunction with them.
The comparative figures for the year ended 30 September 2024 are an abridged
version of the Group's last annual financial statements and, together with
other financial information contained in these interim results, do not
constitute statutory financial statements of the Group as defined in section
434 of the Companies Act 2006. A copy of the statutory accounts for the year
ended 30 September 2024 have been delivered to the Registrar of Companies. The
external auditor has reported on those accounts: their report was unqualified
and did not contain a statement under s498 (2) or (3) of the Companies Act
2006.
2. Basis of preparation
The Interim Financial Statements have been prepared in accordance with IAS 34,
'Interim Financial Reporting' and the Disclosures and Transparency Rules of
the United Kingdom's Financial Conduct Authority. They do not include all of
the information required for a complete set of IFRS financial statements.
However, selected explanatory notes are included to explain events and
transactions that are significant to an understanding of the changes in the
Group's financial position and performance since the last financial
statements.
The functional currencies of entities in the Group are Pounds Sterling and
Canadian Dollars. The Interim Financial Statements are presented in Pounds
Sterling, rounded to the nearest thousand pounds, except where otherwise
indicated; and under the historical cost convention, except for fair value
items on acquisition.
The accounting policies adopted in the preparation of the Interim Financial
Statements are consistent with those applied in the presentation of the
Group's consolidated financial statements for the year ended 30 September
2024. At the date of authorisation of this financial information, certain new
standards, amendments and interpretations to existing standards applicable to
the Group have been published but are not yet effective and have not been
adopted early by the Group. The impact of these standards is not expected to
be material.
Basis of consolidation
The consolidated financial information incorporates the Financial Statements
of the Company and all of its subsidiary undertakings. The Financial
Statements of all Group companies are adjusted, where necessary, to ensure the
use of consistent accounting policies. Acquisitions are accounted for under
the acquisition method from the date control passes to the Group. On
acquisition, the assets, liabilities and contingent liabilities of a
subsidiary are measured at their fair values at the date of acquisition. Any
excess of the cost of acquisition over the fair values of the identifiable net
assets acquired is recognised as goodwill, or a gain on bargain purchase if
the fair values of the identifiable net assets are greater than the cost of
acquisition. Intragroup balances and any unrealised gains and losses or income
and expenses arising from intragroup transactions are eliminated in preparing
the consolidated financial statements.
Going concern
The financial position of the Group, its cash flows, performance and position
are described in the financial review section. Details of the Group's
available and drawn facilities are included in note 13. At 31 March 2025, the
Group had a cash balance of £22.7m with an undrawn RCF of £25m with Barclays
Bank plc, and no outstanding loan balances, giving an overall liquidity of
£47.7m.
In their consideration of going concern, the Directors have reviewed the
Group's future cash forecasts and profit projections using a base case and a
severe but plausible downside scenario. The Directors are of the opinion that
the Group's forecasts and projections show that the Group is able to operate
within its current facilities and comfortably comply with the covenants
outlined in its RCF.
Taking the above, and the principal risks faced by the Group as outlined in
note 15 to these interim financial statements, into consideration, the
Directors are satisfied that the Group has adequate resources to continue in
operation for the foreseeable future, a period of at least twelve months from
the date of this report. Accordingly, the Group continues to adopt the going
concern basis in preparing these interim financial statements.
Exceptional items and other adjustments
Exceptional items and other adjustments are those that in management's
judgement need to be disclosed by virtue of their size, nature and incidence,
in order to draw the attention of the reader and to show the underlying
business performance of the Group more accurately. Such items are included
within the income statement caption to which they relate and are separately
disclosed on the face of the condensed consolidated income statement and in
the notes to these interim Financial Statements.
Summary of other estimates and judgements
The preparation of the Group financial statements requires management to make
judgements, estimates and assumptions in applying the Group's accounting
policies to determine the reported amounts of assets, liabilities, income and
expenditure. Actual results may differ from these estimates. The estimates and
underlying assumptions are reviewed on an ongoing basis, with revisions
applied prospectively.
Judgements made by the Directors in the application of these accounting
policies that have a significant effect on the financial statements and
estimates with a significant risk of material adjustment in the next financial
year are set out below.
Key sources of estimation uncertainty
There are no estimates that have a significant risk of resulting in a material
adjustment to carrying amounts of assets and liabilities in the next financial
year. Set out below are certain areas of estimation uncertainty in the
financial statements. There are also no key judgements other than those
related to an area of estimation uncertainty:
· Property, plant and equipment and right-of-use asset impairment
reviews
Property, plant and equipment and right-of-use assets are assessed for
impairment when there is an indication that the assets might be impaired by
comparing the carrying value of the assets with their recoverable amounts. The
recoverable amount of an asset or a CGU is typically determined based on
value-in-use calculations prepared on the basis of management's assumptions
and estimates.
The key assumptions in the value-in-use calculations include growth rates of
revenue and costs during the five year forecast period, discount rates and the
long term growth rate. The carrying value of property, plant and equipment and
right-of-use assets have been assessed to reasonable possible changes in key
assumptions and these would not lead to a material impairment.
Further information in respect of the Group's property, plant and equipment
and right-of-use assets is included in notes 9 and 10 respectively.
· Contingent consideration
Non-current other payables includes contingent consideration in respect of the
acquisition of Teaquinn Holdings Inc. in FY2022. The additional consideration
to be paid is contingent on the future financial performance of Teaquinn
Holdings Inc. in FY2025 or FY2026. This is based on a multiple of 9.2x
Teaquinn's EBITDA pre-IFRS 16 in the financial period of settlement and is
capped at CAD 17m. The contingent consideration has been accounted for as
post-acquisition employee remuneration and recognised over the duration of the
employment contract to FY2026. The key assumptions include a range of possible
outcomes for the value of the contingent consideration based on Teaquinn's
forecasted EBITDA pre-IFRS 16 and the year of payment.
· Dilapidation provision
A provision is made for future expected dilapidation costs on the opening of
leasehold properties not covered by the Landlord and Tenant Act 1985 (LTA) and
is expected to be utilised on lease expiry. This also includes properties
covered by the LTA where we may not extend the lease, after consideration of
the long-term trading and viability of the centre. Properties covered by the
LTA provide security of tenure and we intend to occupy these premises
indefinitely until the landlord serves notice that the centre is to be
redeveloped. As such, no charge for dilapidations can be imposed and no
dilapidation provision is considered necessary as the outflow of economic
benefit is not considered to be probable.
Adjusted measures
The Group uses a number of non-Generally Accepted Accounting Principles
(non-GAAP) financial measures in addition to those reported in accordance with
IFRS. The Directors believe that these non-GAAP measures, listed below, are
important when assessing the underlying financial and operating performance of
the Group by investors and shareholders. These non-GAAP measures comprise of
like-for-like revenue growth, adjusted profit after tax, adjusted earnings per
share, net cash, Group adjusted operating cash flow, revenue generating capex,
total average spend per game, free cash flow, gross profit on costs of goods
sold, Group adjusted EBITDA and Group adjusted EBITDA margin.
Further explanation on alternative performance measures is provided in the
Chief Financial Officer's review.
3. Segmental reporting
Management consider that the Group consists of two operating segments, as it
operates within the UK and Canada. No single customer provides more than ten
per cent of the Group's revenue. Within these two operating segments there are
multiple revenue streams which consist of the following:
Six months ended 31 March 2025 Six months ended 31 March 2024
UK Canada Total UK Canada Total
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
£'000 £'000 £'000 £'000 £'000 £'000
Bowling 48,372 9,117 57,489 46,387 8,249 54,636
Food and drink 28,644 5,656 34,300 28,527 4,178 32,705
Amusements 29,846 2,928 32,774 27,216 1,783 28,999
Mini-golf 1,248 85 1,333 1,153 105 1,258
Installation of bowling equipment - 2,897 2,897 - 1,449 1,449
Other 58 398 456 46 94 140
108,168 21,081 129,249 103,329 15,858 119,187
Six months ended 31 March 2025 Six months ended 31 March 2024
UK Canada Total UK Canada Total
Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited
£'000 £'000 £'000 £'000 £'000 £'000
Revenue 108,168 21,081 129,249 103,329 15,858 119,187
Group adjusted EBITDA(1) 43,304 6,399 49,703 42,708 5,574 48,282
Depreciation and amortisation (12,713) (2,749) (15,462) (11,221) (1,481) (12,702)
Loss/(gain) on property, right-of-use assets, plant and equipment and software (24) 4 (20) (15) - (15)
disposals
Exceptional items excluding interest 1,563 (896) 667 (1) (1,196) (1,197)
Operating profit 32,130 2,758 34,888 31,471 2,897 34,368
Finance income 529 26 555 957 72 1,029
Finance expense (5,653) (1,456) (7,109) (4,980) (889) (5,869)
Profit before tax 27,006 1,328 28,334 27,448 2,080 29,528
PPE asset additions 12,201 7,534 19,735 11,086 4,890 15,976
Intangible asset additions 358 - 358 435 - 435
Total assets 341,902 90,786 432,688 338,873 60,972 399,845
Total liabilities 227,572 52,997 280,569 211,052 37,919 248,971
(1) Group adjusted EBITDA (earnings before interest, tax, depreciation and
amortisation) is calculated as operating profit plus depreciation,
amortisation, impairment losses, loss on disposal of property, plant and
equipment, right-of-use assets and software and exceptional items.
4. Exceptional items
Exceptional items are disclosed separately in the financial statements where
the Directors consider it necessary to do so to provide further understanding
of the financial performance of the Group. They are material items or expenses
that have been shown separately due to, in the Directors judgement, their
significance, one-off nature or amount:
Six months ended Six months ended
31 March 2025 31 March 2024
Unaudited Unaudited
£'000 £'000
Insurance proceeds(1) 1,613 -
Administrative expenses(2) (62) -
Acquisition fees(3) - (297)
Contingent consideration - administrative expenses(4) (884) (900)
Exceptional items before interest expense 667 (1,197)
Contingent consideration - interest expense(4) (291) (201)
Exceptional items before tax 376 (1,398)
Tax charge (391) -
Exceptional items after tax (15) (1,398)
(1) Business interruption insurance claim proceeds received during the period.
(2) Administrative expenses related to the closure of Hollywood Bowl Surrey
Quays in FY2024.
(3) Legal and professional fees in the prior year relating to the acquisitions
of Lincoln Bowl, Woodlawn Bowl Inc and Lucky 9 Bowling
Centre Limited.
(4) Contingent consideration of £884,000 (31 March 2024: £900,000) in
administrative expenses and £291,000 (31 March 2024:
£201,000) of interest expense in relation to the acquisition of Teaquinn
in May 2022.
5. Finance income and expenses
Six months Six months
ended ended
31 March 2025 31 March 2024
Unaudited Unaudited
£'000 £'000
Interest on bank deposits 555 1,029
Finance income 555 1,029
Interest on bank borrowings 105 100
Unwinding of discount on provisions 105 115
Unwinding of discount on contingent consideration (note 4) 291 201
Finance costs on lease liabilities 6,608 5,453
Finance expense 7,109 5,869
6. Taxation
Six months Six months
ended ended
31 March 2025 31 March 2024
Unaudited Unaudited
£'000 £'000
The tax expense is as follows:
- UK Corporation tax 5,622 5,399
- Foreign tax suffered 1,160 968
Total current tax 6,782 6,367
Deferred tax:
Origination and reversal of temporary differences 919 1,214
Total deferred tax 919 1,214
Total tax expense 7,701 7,581
Factors affecting tax charge:
The income tax expense was recognised based on management's best estimate of
the weighted average annual income tax rate expected for the full financial
year applied to the profit before tax for the half year ended 31 March 2025.
Deferred tax
Deferred tax assets and liabilities are measured using the tax rates that are
expected to apply to the periods when the assets are realised or liabilities
settled, based on tax rates enacted or substantively enacted at 31 March 2025.
7. Trade and other receivables
Six months Six months Year ended
ended ended 30 September
31 March 2025 31 March 2024 2024
Unaudited Unaudited Audited
£'000 £'000 £'000
Trade receivables 823 1,799 1,537
Other receivables 1,351 115 95
Prepayments 5,370 7,299 7,788
7,544 9,213 9,420
Trade receivables have an ECL against them that is immaterial. There were no
overdue receivables at the end of any period.
8. Trade and other payables
Six months Six months Year ended
ended ended 30 September
31 March 2025 31 March 2024 2024
Unaudited Unaudited Audited
Current £'000 £'000 £'000
Trade payables 6,119 4,783 5,494
Other payables 4,200 3,785 3,658
Accruals and deferred income 13,159 15,723 16,162
Taxation and social security 5,247 5,283 5,113
28,725 29,574 30,427
Six months Six months Year ended
ended ended 30 September
31 March 2025 31 March 2024 2024
Unaudited Unaudited Audited
Non-current £'000 £'000 £'000
Other payables 7,907 6,237 7,116
Accruals and deferred income includes a staff bonus accrual of £3,090,000 (31
March 2024: £2,097,000, 30 September 2024: £3,950,000). Deferred income
includes £1,593,000 (31 March 2024: £1,065,000, 30 September 2024:
£983,000) of customer deposits received in advance and £1,128,000 (31 March
2024: £3,342,000, 30 September 2024: £2,628,000) relating to bowling
equipment installations, all of which is recognised in the income statement
during the following 12 months.
Non-current other payables includes £4,974,000 (31 March 2024: £3,357,000,
30 September 2024: £3,928,000) of contingent consideration and £1,747,000
(31 March 2024: £1,831,000, 30 September 2024: £1,759,000) of deferred
consideration in respect of the acquisition of Teaquinn Holdings Inc.
9. Property, plant and equipment
Freehold property Long leasehold property(1) Short leasehold property £'000 Lanes and pinspotters Plant & machinery, fixtures and fittings Total
£'000 £'000 £'000 £'000 £'000
Cost
At 1 October 2023 6,889 1,240 49,764 22,163 54,868 134,924
Additions - - 23,723 3,900 10,907 38,530
Acquisitions - - 189 448 545 1,182
Disposals - - (846) (648) (2,343) (3,837)
Transfer to right-of-use assets(1) - (1,240) - - - (1,240)
Effects of movement in foreign exchange (615) - (249) (170) (141) (1,175)
At 30 September 2024 (audited) 6,274 - 72,581 25,693 63,836 168,384
Additions - - 10,012 4,953 4,770 19,735
Disposals - - (796) - (217) (1,013)
Effects of movement in foreign exchange (155) - (383) (100) (69) (707)
At 31 March 2025 (unaudited) 6,119 - 81,414 30,546 68,320 186,399
Accumulated depreciation
At 1 October 2023 86 417 21,819 5,112 29,211 56,645
Depreciation charge 64 - 3,810 932 6,361 11,167
Impairment charge - - 1,605 - 1,203 2,808
Disposals - - (834) (589) (2,245) (3,668)
Transfer to right-of-use assets(1) - (417) - - - (417)
Effects of movement in foreign exchange (10) - (27) (22) (28) (87)
At 30 September 2024 (audited) 140 - 26,373 5,433 34,502 66,448
Depreciation charge 75 - 2,584 595 3,492 6,746
Disposals - - (784) - (203) (987)
Effects of movement in foreign exchange (6) - (26) (16) (21) (69)
At 31 March 2025 (unaudited) 209 - 28,147 6,012 37,770 72,138
Net book value
At 31 March 2025 (unaudited) 5,910 - 53,267 24,534 30,550 114,261
At 30 September 2024 (audited) 6,134 - 46,208 20,260 29,334 101,936
(1) During the previous year, management reviewed the classification of long
leasehold property. Subsequently, the long leasehold property previously
classified as property, plant and equipment was reclassified as right-of-use
assets (see note 10).
Short leasehold property includes £2,747,000 (31 March 2024: £4,157,000; 30
September 2024: £7,721,000) of assets in the course of construction, relating
to the development of new centres.
As at 31 March 2024, outstanding capital commitments to fit out new and
refurbish existing sites totalled £10,812,451 (31 March 2024: £14,176,000;
30 September 2024: £5,312,000).
10. Leases
Group as a lessee
The Group has lease contracts for property and amusement machines used in its
operations. The Group's obligations under its leases are secured by the
lessor's title to the leased assets. The Group is restricted from assigning
and subleasing the leased assets. There are ten (FY2024: eight) lease
contracts that include variable lease payments in the form of revenue-based
rent top-ups.
The Group also has certain leases of equipment with lease terms of 12 months
or less and leases of office equipment with low value. The Group applies the
'short-term lease' and 'lease of low-value assets' recognition exemptions for
these leases.
Set out below are the carrying amounts of right-of-use assets recognised and
the movements during the period:
Property Amusement machines Total
£'000 £'000 £'000
Cost
At 1 October 2023 185,971 15,690 201,661
Lease additions 13,405 5,029 18,434
Acquisition 17,641 - 17,641
Lease surrenders - (1,391) (1,391)
Lease modifications 4,890 - 4,890
Transfer from property, plant and equipment(1) 1,240 - 1,240
Effects of movement in foreign exchange (2,338) - (2,338)
At 30 September 2024 (audited) 220,809 19,328 240,137
Lease additions 19,096 2,331 21,427
Lease surrenders - (832) (832)
Effects of movement in foreign exchange (931) - (931)
At 31 March 2025 (unaudited) 238,974 20,827 259,801
Accumulated depreciation
At 1 October 2023 42,546 8,304 50,850
Depreciation charge 11,577 3,175 14,752
Impairment charge 2,508 - 2,508
Transfer from property, plant and equipment(1) 417 - 417
Lease surrenders - (1,157) (1,157)
At 30 September 2024 (audited) 57,048 10,322 67,370
Depreciation charge 6,288 1,872 8,160
Lease surrenders - (656) (656)
At 31 March 2025 (unaudited) 63,336 11,538 74,874
Net book value
At 31 March 2025 (unaudited) 175,638 9,289 184,927
At 30 September 2024 (audited) 163,761 9,006 172,767
(1) During the previous year, management reviewed the classification of long
leasehold property. Subsequently, the long leasehold property previously
classified as property, plant and equipment was reclassified as right-of-use
assets (see note 9).
Set out below are the carrying amounts of lease liabilities and the movements
during the period:
Property Amusement machines Total
£'000 £'000 £'000
Lease liabilities
At 1 October 2023 185,936 8,269 194,205
Lease additions 13,405 5,029 18,434
Acquisitions 15,641 - 15,641
Accretion of interest 11,144 471 11,615
Lease modifications 4,890 - 4,890
Lease surrenders - (322) (322)
Payments(1) (19,962) (3,805) (23,767)
Effects of movement in foreign exchange (2,454) - (2,454)
At 30 September 2024 (audited) 208,600 9,642 218,242
Lease additions 19,096 2,331 21,427
Accretion of interest 6,311 297 6,608
Lease Surrenders - (182) (182)
Payments(1) (11,460) (2,120) (13,580)
Effects of movement in foreign exchange (992) - (992)
At 31 March 2025 (unaudited) 221,555 9,968 231,523
Current 10,899 4,256 15,155
Non-current 210,656 5,712 216,368
At 31 March 2025 221,555 9,968 231,523
Current 10,349 3,882 14,231
Non-current 198,251 5,760 204,011
At 30 September 2024 208,600 9,642 218,242
( )
(1) In the 6 month period to 31 March 2024, £218,000 (6 months to 31 March
2024: £136,000) of rent payments were part of the working capital movements
in the period.
11. Goodwill and intangible assets
Goodwill Brand Trademark £'000 Customer relationships £'000 Software Total
£'000 £'000 £'000 £'000
Cost
At 1 October 2023 82,048 7,248 798 805 3,277 94,176
Additions - - - - 946 946
Acquisitions 10,668 - - 306 - 10,974
Disposals - - - - (1,320) (1,320)
Effects of movement in foreign exchange (3) (19) - (6) - (28)
At 30 September 2024 (audited) 92,713 7,229 798 1,105 2,903 104,748
Additions - - - - 358 358
Effects of movement in foreign exchange (4) (523) - (35) - (562)
At 31 March 2025 (unaudited) 92,709 6,706 798 1,070 3,261 104,544
Accumulated amortisation
At 1 October 2023 - 2,091 466 53 2,190 4,800
Amortisation charge - 568 50 73 244 935
Disposals - - - (1,313) (1,313)
Effects of movement in foreign exchange - 3 - - - 3
At 30 September 2024 (audited) - 2,662 516 126 1,121 4,425
Amortisation charge - 279 25 42 210 556
Effects of movement in foreign exchange - (24) - (9) - (33)
At 31 March 2025 (unaudited) - 2,917 541 159 1,331 4,948
Net book value
At 31 March 2025 (unaudited) 92,709 3,789 257 911 1,930 99,596
At 30 September 2024 (audited) 92,713 4,567 282 979 1,782 100,323
12. Share capital
31 March 2025 31 March 2024 30 September 2024
No of shares £'000 No of Shares £'000 No of shares £'000
Ordinary shares of £0.01 each 170,252,756 1,702 171,584,143 1,716 172,083,853 1,721
The share capital of the Group is represented by the share capital of the
Parent Company, Hollywood Bowl Group plc.
During the period, 2,362,219 ordinary shares (31 March 2024 and 30 September
2024: 128,214 ordinary shares) of £0.01 each were repurchased and cancelled
under the Group's share buy back programme at a total cost of £6,313,032 (31
March 2024 and 30 September 2024: £379,327).
In addition, 531,122 ordinary shares (31 March 2024: nil, 30 September 2024:
499,254 ordinary shares) of £0.01 each were issued under the Group's LTIP
scheme and no ordinary shares (31 March 2024: nil, 30 September 2024: 456
ordinary shares) of £0.01 each were issued under the Group's SAYE scheme.
The ordinary shares are entitled to dividends.
13. Loans and borrowings
On 29 September 2021, the Group entered into a £25m revolving credit facility
(RCF) with Barclays Bank plc. The RCF had an original termination date of 31
December 2024. On 22 March 2024, the RCF had the termination date extended to
31 December 2025.
Interest is charged on any drawn balance based on the reference rate (SONIA),
plus a margin of 1.65 per cent. (31 March 2024 and 30 September 2024: 1.65 per
cent).
A commitment fee equal to 35 per cent of the drawn margin is payable on the
undrawn facility balance. The commitment fee rate as at 31 March 2025 was
therefore 0.5775 per cent (31 March 2024 and 30 September 2024: 0.5775 per
cent).
Issue costs of £135,000 were paid to Barclays Bank plc on commencement of the
RCF and a further £35,000 on the extension of the RCF. These costs are being
amortised over the term of the facility and are included within prepayments.
The terms of the Barclays Bank plc facility include a Group financial
covenants that each quarter the ratio of total net debt to Group adjusted
EBITDA pre-IFRS 16 shall not exceed 1.75:1.
The Group operated within the covenants during the period and the previous
period.
Post the balance sheet date, on 8 May 2025, the RCF was cancelled and the
Group entered into a new £25m revolving credit facility (RCF) with Barclays
Bank plc. The RCF has a termination date of 7 May 2028.
Interest is charged on any drawn balance based on the reference rate (SONIA),
plus a margin of 1.30 per cent.
A commitment fee equal to 35 per cent of the drawn margin is payable on the
undrawn facility balance. The commitment fee rate as at 8 May 2025 was
therefore 0.455 per cent.
Issue costs of £125,000 were paid to Barclays Bank plc on commencement of the
RCF. These costs will be amortised over the term of the facility.
The terms of the Barclays Bank plc facility include the same Group financial
covenants as the old facility.
14. Performance share-based payments - Long term employee incentive costs
The Group had the following performance share based payment arrangements in
operation during the period:
a) The Hollywood Bowl Group plc Long Term Incentive Plan 2022
b) The Hollywood Bowl Group plc Long Term Incentive Plan 2023
c) The Hollywood Bowl Group plc Long Term Incentive Plan 2024
d) The Hollywood Bowl Group plc Long Term Incentive Plan 2025
Long Term Incentive Plans
HWB Group plc operates Long Term Incentive Plans (LTIPs) for certain key
management. In accordance with IFRS 2 Share-based payment, the values of the
awards are measured at fair value at the date of grant. The exercise price of
the LTIPs is equal to the market price of the underlying shares on the date of
grant. The fair value is determined based on the exercise price and number of
shares granted, and is written off on a straight-line basis over the vesting
period, based on management's estimate of the number of shares that will
eventually vest.
In accordance with the LTIP schemes outlined in the Group's Remuneration
Policy (Annual Report FY2024), the vesting of these awards is conditional upon
the achievement of an EPS target set at the time of grant and measured at the
end of a 3-year period ending 30 September 2024, 2025, 2026 and 2027 and the
Executive Directors' continued employment at the date of vesting. The LTIPs
also have performance targets based on return on centre invested capital,
emissions ratio for Scope 1 and Scope 2 and team member development.
During the six months ended 31 March 2025, 572,104 (31 March 2024: 584,831 and
30 September 2024: 631,092) share awards were granted under the LTIP.
For the six months ended 31 March 2025, the Group has recognised £758,312 of
performance share-based payment expense in the profit or loss account (31
March 2024: £737,726 and 30 September 2024: £1,749,237).
During the period ended 31 March 2025, 531,122 (31 March 2024: nil, 30
September 2024: 499,254) share awards were exercised under LTIP 2022 (30
September 2024: LTIP 2021) and a total of 531,122 shares were issued pursuant
to an existing block listing in order to satisfy the exercise of the nil-cost
options (see note 12).
The LTIP shares are dilutive for the purposes of calculating diluted earnings
per share.
15. Principal Risks and Uncertainties
The Directors have reconsidered the principal risks and uncertainties of the
Group and have determined that those reported in the Annual Report for the
year ended 30 September 2024 remain relevant for the remaining half of the
financial year. These risks are summarised below, and how the Group seeks to
mitigate these risks is set out on pages 75 to 79 of the Annual Report and
Accounts 2024, which can be found at www.hollywoodbowlgroup.com
(http://www.hollywoodbowlgroup.com) .
In summary, these include:
· The economic condition in the UK and Canada - results in a decline
in GDP, consumer spending, a fall in revenue and inflation pressure impacting
the Group's strategy.
· Breach of covenants - could result in a review of banking
arrangements and potential liquidity issues.
· Expansion and growth - a competitive environment for new centres
resulting in less new Group centre openings. This also includes the impact of
non-bowling centre openings which provide competition for the leisure
discretionary spend.
· Dependency on the performance of core IT systems - reducing the
ability of the Group to take bookings and resulting in loss of revenue.
Inaccuracy of data could lead to incorrect business decisions being made.
· Delivery of products and services from third party suppliers which
are key to the customer experience - impacting on the overall offer to the
customer.
· Management retention and recruitment - lack of direction at centre
level with effect on customer experience. More difficult to execute business
plans and strategy, impacting on revenue and profitability.
· Food safety - major food incident including allergen or fresh food
issues. Loss of trade and reputation, potential closure and litigation.
· Cyber security and GDPR - risk of cyber-attack/terrorism could
impact the Group's ability to keep trading and prevent customers from booking
online. Data protection or GDPR breach. Theft of customer or staff data,
including but not limited to, email addresses and the ensuing impact on brand
reputation in the case of a breach.
· Compliance - failure to adhere to regulatory requirements such as
listing rules, taxation, health and safety, planning regulations and other
laws. Potential financial penalties and reputational damage.
· Climate change - increasing carbon taxes, business interruption and
damage to assets and cost of transitioning operations to net zero.
16. Related Party Transactions
There were no related party transactions during the period ending 31 March
2025 or 31 March 2024.
Responsibility Statement
We confirm that to the best of our knowledge:
· The condensed set of financial statements has been prepared in
accordance with IAS 34 'Interim Financial Reporting'.
· The interim management report includes a fair review of the
information required by:
(a) DTR 4.2.7R of the Disclosure Guidance and Transparency Rules, being an
indication of important events that have occurred during the first six months
of the financial year and their impact on the condensed set of financial
statements; and a description of the principal risks and uncertainties for the
remaining six months of the year; and
(b) DTR 4.2.8R of the Disclosure Guidance and Transparency Rules, being
related party transactions that have taken place in the first six months of
the current financial year and that have materially affected the financial
position or performance of the entity during that period; and any changes in
the related party transactions described in the last annual report that could
do so.
This responsibility statement was approved by the Board on 29 May 2025 and is
signed on its behalf by:
Stephen Burns
Laurence Keen
CEO
CFO
29 May 2025
29 May 2025
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