Tenpin bowling operator Ten Entertainment has revealed that it plunged to a loss and saw sales cut by more than half after its venues were hit by lockdown measures.
The group, which also runs soft play centres, told investors on Monday that its sales slid by 56.9% to £36.3 million for the year to December.
However, it said it believes it is well positioned to rebound when current UK lockdown restrictions are eased in May.
The group reported that it saw “strong demand” in the summer of 2020 after it reopened sites following the first national lockdown.
Ten said it plans to continue to develop its pipeline of sites – which currently sits at 46 entertainment centres across the UK – to take advantage of opportunities in the leisure property market.
It said it was also particularly optimistic about its recovery in light of strong vaccination rates in the UK.
However, it stressed that it is still not able to provide financial guidance for the current financial year due to the continued economic uncertainty.
Ten also revealed that it swung to a £17.7 million pre-tax loss for the year to December, from a £9 million profit from the same period a year earlier.
Last week, Nick Basing, chairman of the business, announced his plan to depart from the company in September.
Mr Basing said: “Although the leisure and hospitality landscape has changed significantly, we know that our customers will more than ever be seeking out our great value experiences to reconnect with friends and family.
“Ten Entertainment’s fundamental purpose is to make friends and families happy; we entertain and enthral profitably.
“I remain confident in the strength of our business and the stellar work of the leadership team has ensured we are on a strong footing for the future, and I leave my legacy in safe hands.”
