We systematically monitor our performance through regular reviews of key performance indicators (KPIs). This approach enables us to gain a comprehensive understanding of the factors influencing our performance, operational efficiency, and financial health.
Financial KPIs
Revenue (£m)
+7.1%
Definition
Revenue is generated from customers visiting our centres to bowl or play mini-golf, and spending money on one of the ancillary offers, amusements, diner or bar. It also includes revenue generated by our Striker Installations business in Canada.
Comment
Revenue increased by 7.1 per cent, to £230.4m, driven through LFL growth and new centres.
Revenue-generating capex (£m)
+124.5%
Definition
Capital expenditure on refurbishments, rebrands and new centres (excluding maintenance capex).
Comment
Revenue generating capex increased to £31.0m, due to a higher spend on completing more refurbishments and new centres in the year than FY2023.
Group adjusted EBITDA (£m)
+5.9%
Definition
Group adjusted EBITDA is calculated as operating profit before depreciation, impairment, amortisation, loss on disposal of property, plant, equipment and software and exceptional items. A reconciliation between Group adjusted EBITDA and statutory operating profit is on page 40 of our Annual Report and Accounts 2024.
Comment
Group adjusted EBITDA increased by £4.9m to £87.6m, largely due to
revenue growth.
Profit before tax (£m)
-5.2%
Definition
Profit before tax as shown in the financial statements.
Comment
Profit before tax decreased to £42.8m due to a higher depreciation, impairment and amortisation charge, offset in part by higher revenues in centres.
Like-for-like revenue growth (%)
+0.2% pts
Definition
LFL revenue growth is total revenue excluding any new centres and closed centres. New centres are included in the LFL revenue growth calculation for the period after they complete the calendar anniversary of their opening date. Closed centres are excluded for the full financial year in which they were closed.
Comment
LFL revenue has increased 0.2 per cent when compared to FY2023.
Net cash/(debt) (£m)
-45.3%
Definition
Net cash/(debt) is defined as cash and cash equivalents (£28.7m) less borrowings from bank facilities (£nil) excluding issue costs.
Comment
Net cash reduced in FY2024 compared to the prior year due to the significant capital investment in the year as well as the dividends paid.
Gross profit margin on cost of goods sold (%)
+0.4% pts
Definition
Gross profit margin on cost of goods sold is calculated as revenue minus the cost of good sold (COGS) and any irrecoverable VAT, divided by revenue. COGS excludes any labour costs. This is how gross profit margin is reported monthly by the Group and how Centres are managed.
Comment
Adjusted gross profit margin increased year on year due to a combination of higher margin in UK amusements, as well as a stronger margin in the Canadian business as Splitsville revenue represented a larger proportion of the business in FY2024.
Group adjusted operating cash flow (£m)
+11.2%
Definition
Group adjusted operating cash flow is calculated as Group adjusted EBITDA less working capital, maintenance capital expenditure and corporation tax paid. A reconciliation of Group adjusted operating cash flow to net cash flow is provided on page 41. of our Annual Report and Accounts 2024.
Comment
Group adjusted operating cash flow increased due to a higher Group adjusted EBITDA combined with lower maintenance capital, netted off in part by higher tax in the year.
Group operating profit margin (%)
-1.9% pts
Definition
Operating profit margin is calculated as operating profit per the Financial Statements divided by revenue.
Comment
Operating profit margin decreased year on year to 23.2 per cent, due in the main to a higher depreciation, impairment and amortisation charge, offset in part by higher revenues.
Group adjusted EBITDA margin (%)
-0.5% pts
Definition
Group adjusted EBITDA margin is calculated as Group adjusted EBITDA
divided by total revenue.
Comment
Group adjusted EBITDA margin was 38.0 per cent (FY2023: 38.5 per cent), in line with management expectations. Group adjusted EBITDA margin on a pre-IFRS 16 basis was 29.4 per cent (FY2023: 30.2 per cent) declining year on year given the greater impact of the Canadian centres as well as the inflationary cost increases in the year.
Total average spend per game (£)
+2.1%
Definition
Total average spend per game is defined as total revenue in the year, excluding any exceptional items, divided by the number of bowling games and golf rounds played in the year.
Comment
Average spend per game increased by 2.1 per cent, to £11.05, due to customers continuing to spend more during their visits.
- Some of the measures described are not financial measures under Generally Accepted Accounting Principles (GAAP), including International Financial Reporting Standards (IFRS), and should not be considered in isolation or as an alternative to the IFRS Financial Statements. These KPIs have been chosen as ones which represent the underlying trade of the business and which are of interest to our shareholders.
