We monitor our performance by regularly reviewing KPI metrics1. We use these to gain a thorough understanding of the drivers of our performance, of our operations and of our financial condition.
Financial KPIs
Revenue (£m)
+11%
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 11.0 per cent, to £215.1m, driven through LFL growth, new centre performance and the full-year effect of our Canadian business, Teaquinn.
Revenue-generating capex (£m)
+10.2%
Definition
Capital expenditure on refurbishments, rebrands and new centres (excluding maintenance capex).
Comment
Revenue generating capex increased by 10.2 per cent, to £13.8m, due to a higher spend on refurbishments in the year, up £3.4m compared to FY2022, that was partially offset by lower spend on new centres.
Group adjusted EBITDA (£m)
+6.8%
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 39 of our Annual Report and Accounts 2023.
Comment
Group adjusted EBITDA increased by £5.2m to £82.7m, largely due to revenue growth as well as the Canadian business being owned for the full financial year.
Profit before tax (£m)
-3.4%
Definition
Profit before tax as shown in the financial statements.
Comment
Profit before tax decreased to £45.1m due in the main to TRR of VAT amount of £8.6m received in FY2022, offset in part by LFL revenue growth and the performance of the Canadian centres.
Like-for-like revenue growth (%)
+4.5% 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.
Comment
LFL revenue has increased 4.5 per cent (on a constant currency basis) when compared to FY2022.
Net cash/(debt) (£m)
-6.4%
Definition
Net cash/(debt) is defined as cash and cash equivalents (£52.5m) less borrowings from bank facilities (£nil) excluding issue costs.
Comment
The Group is in a net cash position as at year end due to the strong trading during the year and tight cost controls.
Gross profit margin (%)
-2.2% pts
Definition
Adjusted gross profit margin 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 decreased year on year due to a combination of higher LFL revenue growth in amusements than other revenue lines and TRR of VAT in FY2022, as well as the lower margin in the Canadian business as guided on acquisition.
Group adjusted operating cash flow (£m)
-6.9%
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 40 of our Annual Report and Accounts 2023.
Comment
Group adjusted operating cash flow decreased due to a combination of higher corporation tax payments and a negative movement in working capital.
Group operating profit margin (%)
-3.5% 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 25.4 per cent, due in the main to TRR of VAT amount of £8.8m received in FY2022 (4.8 per cent of Group revenue) compared to only £0.2m in FY2023 (0.1 per
cent of Group revenue).
Group adjusted EBITDA margin (%)
-1.5% pts
Definition
Group adjusted EBITDA margin is calculated as Group adjusted EBITDA
divided by total revenue.
Comment
Group adjusted EBITDA margin was 38.5 per cent, in line with management expectations. Group adjusted EBITDA margin on a pre-IFRS 16 basis was 30.2 per cent.
Total average spend per game (£)
+1.4%
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 1.4 per cent, to £10.82, 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.
