Results round-up

British ten-pin bowling operator Hollywood Bowl turned in a "strong" financial performance in the first six months of the year on Wednesday, with revenues increasing on the back of its new-look sites.

Revenues increased 9.3% to £63.6m as result of growing like-for-like sales from its core estate, contributions from new centre openings and a positive impact seen as a result of its refurbishment and rebranding programme.

Hollywood's adjusted EBITDA grew 13.4% across the group to £20.7m, while average centre EBITDA growth increased 6.4% on a like-for-like basis, outpacing revenue growth and "demonstrating the operational leverage inherent" within the firm's business model.

Pre-tax profits jumped 17.4% to £14.6m and earnings per share moved ahead 18.1% to 7.85p each.

In the first half of the year, Hollywood generated free cash flows of £11.0m and its continued positive trading performance further strengthened its balance sheet, reducing net debt by 46.6% to £7.2m.

Hollywood's board reiterated its confidence in the group's future cash flows and declared an interim dividend of 2.03p per share, up 12.8% year-on-year.

Stephen Burns, chief executive of Hollywood Bowl, said, "Hollywood Bowl has produced another strong financial performance this period due to our continued progress in delivering against our strategic goals; the acquisition and opening of new centres that complement our already very high-quality portfolio, creating modern, family-friendly entertainment environments, and our refurbishment programme which has continued to drive organic like-for-like growth through the constant evolution of our customer experience."

Meat packing business Hilton Food Group has traded in line with board expectations so far this year, continuing to grow the business through beefed-up volumes and close co-operation with its retail partners.

Hilton pointed to "good progress" in a number of markets on Wednesday, telling investors that UK turnover from its red meats business had continued to grow at a pace similar to that seen last year, while its Irish operations continued to experience "encouraging" top-line growth.

Hilton's Danish operations also brought home the bacon, with turnover fattened up predominantly by higher raw material prices, while in Sweden things started slower but witnessed a "significant pick up in throughput" and in Holland, the group continued to perform well.

Further "strategic progress" was reported regarding joint venture facilities in Western Australia and Victoria, previously announced in February, with the group now planning to assume full operational control of the JV before 1 July. Development work relating to its Queensland plant was said to be "progressing strongly", with construction work well advanced.

Looking forward, Hilton said, "The group's financial position remains strong, having put in place facilities to cover current expansion plans. Hilton continues to explore opportunities in which to invest and to grow the business both domestically and in overseas markets."

As of 0850 BST, Hilton shares had picked up 0.50% to 910.50p.

House broker Numis suggested the company's business model "means that it is uniquely positioned to generate growth from existing relationships as it broadens its capabilities and is increasingly regarded as an attractive partner by leading global retailers, which should drive further growth".