Ten Entertainment Group, the U.K.-based operator of bowling and entertainment centers, has announced that it anticipates its pretax profit for the first half of the year to exceed the previous year’s figure. Furthermore, the company has stated that it remains on track to achieve full-year profit growth in line with market expectations.
Despite a challenging economic environment, Ten Entertainment Group is optimistic about its future prospects. The company is confident it will achieve low single-digit sales growth for 2023. This positive outlook can be attributed to its effective management of cost pressures during the first half of the year. While higher labor costs were a challenge, the company successfully offset them by implementing operational and supplier efficiencies.
Ten Entertainment Group has also profited from its foresight in negotiating low electricity prices prior to the crisis in Europe. These favorable rates are secured until September 2024 and have shielded the company from significant cost shocks.
According to market consensus, pretax profit is projected to fall within the range of £27.7 million to £29.6 million ($35.8 million to $38.3 million).
Chief Executive Graham Blackwell expressed confidence in the company’s ability to sustain profitable growth during the second half of the year and meet market expectations.