Ten Entertainment Group PLC Full-Year Trading Update (8006Z)

TIDMTEG

RNS Number : 8006Z

Ten Entertainment Group PLC

15 January 2020

15(th) January 2020

Ten Entertainment Group plc

Full-Year Trading Update

"Another year of significant profitable growth"

Ten Entertainment Group plc ("TEG" or "the Group"), a leading UK based operator of 45 family entertainment centres, today announces a trading update for the 52 weeks to 29(th) December 2019.

 
                                                                   52 weeks 
                                          Half 1   Half 2    to 29 December 
                                            FY19     FY19              2019 
---------------------------------------  -------  -------  ---------------- 
 Sales (GBP000's)                         41,444   42,678            84,122 
 Like-for-like sales change                 7.4%     8.6%              8.0% 
 Sales growth from net new centres (1)      2.2%     2.1%              2.2% 
 Total sales change                         9.6%    10.7%             10.2% 
 
 

-- The Group performed well during the full year, achieving total sales growth of 10.2% led by investment.

   --      Like-for-like sales growth was 8.0%; an 8(th) consecutive year of growth. 

-- 70% of the estate is now benefiting from the cost efficiencies delivered through the Pins & Strings technology re-engineering programme.

-- Four sites were refurbished in the year, including one prime location that has received additional investment as a concept site format to trial new entertainment experiences. All four sites are performing strongly.

-- Manchester Printworks, our inaugural newbuild site, is scheduled to open in the first half of 2020.

-- We continue to strengthen our pipeline of new site opportunities through a blend of new developments and selected acquisitions.

-- The Board anticipates that Group adjusted EBITDA for FY19 will be in line with market expectations.

TEG expects to announce its full-year results on 25(th) March 2020.

Duncan Garrood, Chief Executive Officer, commented:

"Ten Entertainment has had another strong year, delivering profitable sales growth. Our ever-evolving offer, providing family entertainment underpinned by tenpin bowling, is thoroughly enjoyed by increasing numbers of customers.

We continue to innovate, increase our footprint and improve the quality of our offering which positions us well for future growth."

Enquiries:

 
 Ten Entertainment Group plc        via Instinctif 
  Duncan Garrood, Chief Executive    Partners 
  Officer 
  Antony Smith, Chief Financial 
  Officer 
 Instinctif Partners                Tel: [phone] 
  Matthew Smallwood                  2020 
  Jack Devoy 
 

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 1,100 bowling lanes across the estate. The Group also has a variety of other entertainment offerings, such as amusement machines, table-tennis, soft play, escape rooms, laser games and pool tables, plus food and beverages.

(1) Growth from net new centres represents the contribution from two acquisitions completed during the year and a full year effect of four acquisitions and one closure completed in 2018.

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January 15, 2020 02:00 ET (07:00 GMT)