Ten Entertainment revenues grow in 'strong' first half

Bowling centre operator Ten Entertainment revealed on Wednesday that it had traded "well" during the first half of its trading year, with both like-for-like and total sales improving year-on-year.

Ten said that total sales had grown 9.6%, while like-for-like sales had improved 7.4% as a result of the comparative period taking place during last year's prolonged hot weather conditions during May and June.

Adjusted underlying earnings for the half ended 30 June were expected to be in line with expectations.

The AIM-Listed group also noted that it had continued to expand its estate with two acquisitions during the half, bringing its current total number of sites to 45. Both sites were expected to contribute to profits in 2020.

Chief executive Duncan Garrood said: "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."

Discussing the update, analysts at Liberum said: "We believe the strong underlying performance and pipeline opportunities are encouraging and we reiterate 'buy'."

As of 0940 BST, Ten shares had picked up 1.23% to 234.86p.