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TEG - Ten Entertainment News Story

260.5p 6.5  2.6%

Last Trade - 1:20pm

Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £165.1m
Enterprise Value £175.5m
Revenue £80.0m
Position in Universe 840th / 1857

Ten Entertainment - Half-Year Trading Update

Wed 10th July, 2019 7:00am
RNS Number : 0006F
Ten Entertainment Group PLC
10 July 2019
 

10 July 2019

 

Ten Entertainment Group plc

Half-Year Trading Update

 

"Strong sales growth,

 On track to deliver full-year expectations."

 

Ten Entertainment Group plc ("TEG" or "the Group"), a leading UK based operator of 45 bowling and family entertainment centres, today announces a trading update for the 26 weeks to 30th June 2019.

 

 

H1     FY18

Sales (£000's)

41,444

Like-for-like sales change

7.4%

Sales growth from net new centres

2.2%

Total sales change

9.6%

 

 

·    The Group traded well during the first half of the financial year, with total sales growth of 9.6% and like-for-like sales growth of 7.4%. The half benefited in LFL sales growth as a result of the comparative period experiencing extreme hot weather conditions during May and June 2018.  Underlying LFL growth remains stable and encouraging

·     The Group has continued to expand its estate with the acquisition of Southport in Q1 and Falkirk in Q2 bringing the current total number of sites to 45.  Both were existing operating bowling centres and are now undergoing Tenpinisation through a targeted investment programme to improve sales performance and profitability. These sites will make a profit contribution in 2020

·    The business has accelerated its focus on investment in the foundations of improved customer experience; more targeted marketing and online activity; and product innovation in the first half.  These investments will drive long term growth and will begin to show benefits towards the end of the second half

·    Group adjusted EBITDA performance for the first half is expected to be in in line with our expectations, and the business is on track to meet our expectations for the full year

 

TEG expects to announce its half-year results on 24th September 2019.

 

Duncan Garrood, Chief Executive Officer, commented:

 

"The business has shown strong growth in the first half driven by the continuous improvement of the quality of the customer proposition and accelerated investment in digital marketing.

 

Our expansion plans are on track with the acquisition of two sites in H1 and we are very focused on acquiring further sites in H2. We look forward to delivering another year of profitable progress."

 

Enquiries:

 

Ten Entertainment Group plc  

via Instinctif Partners

Duncan Garrood           Chief Executive Officer

Antony Smith                Chief Financial Officer

 

 

 

Instinctif Partners                               

Matthew Smallwood

Jack Devoy

Tel: 020 7457 2020

 

Forward-looking statements

This announcement contains forward-looking statements regarding TEG. These forward-looking statements are based on current information and expectations and are subject to risks, uncertainties and assumptions, including market conditions and other factors outside of TEG's control that could cause actual results or events to differ materially from those expressed or implied by those statements. Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. TEG undertakes no obligations to publicly update any forward-looking statement contained in this release, whether as a result of new information, future developments or otherwise, except as may be required by law.

 

About Ten Entertainment Group plc

The Group is the second largest ten-pin bowling operator in the UK market with a total of 45 sites trading under the Tenpin brand and approximately 1,000 bowling lanes across the estate. The Group also has a variety of other entertainment offerings, such as amusement machines, table-tennis, soft play, laser games and pool tables, plus food and beverages.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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