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Annual Report and Accounts 2016 Accounts and Report Annual Annual ReportAnnual Accounts and 2016 hollywood bowl group plc Annual Report and Accounts 2016 Strategic Report Governance Financial Statements Our mission We endeavour to We will only recruit We will always run ensure our customers the most energetic our business with become loyal fans and engaging long-term objectives of our brands individuals and will responsibly and ethically manage any risks that arise. We will be a rewarding as we create fun-filled, safe and great value who share our values and are proud to be investment for our shareholders and will experiences to surprise and delight them on part of our culture. We will provide our teams deliver attractive returns every visit with a fun and supportive environment, with opportunities to develop rewarding careers Highlights £ +23.9% £29.4m +6.8% +10.3% total revenue adjusted Like-for-like operating growth EBITDA1 revenue growth1 profit growth 1 Refer to Financial Review section (page 16) for definitions of adjusted EBITDA (Earnings before interest, tax, depreciation and amortisation) and like-for-like revenue growth. Contents Strategic Report Governance Financial Statements 02 Company Overview 25 Letter from the Chairman 54 Consolidated Statement 04 Chairman’s Statement 26 Board of Directors of Comprehensive Income 05 Chief Executive’s Review 28 Corporate Governance Report 55 Consolidated Statement of Financial Position 08 Market Overview 31 Nomination Committee Report 56 Consolidated Statement 10 Business Model 32 Audit Committee Report of Changes in Equity 12 Strategy 35 Chair of the Remuneration Committee’s 57 Consolidated Statement of Cash Flows Annual Statement 14 Key Performance Indicators 58 Notes to the Financial Statements 36 Directors’ Remuneration Policy 16 Financial Review 78 Company Statement of Financial Position 42 Annual Report on Remuneration 20 Principal Risks 79 Company Statement of Changes in Equity 46 Directors’ Report 22 Corporate Social Responsibility 79 Company Statement of Cash Flows 49 Statement of Directors’ Responsibilities 80 Notes to the Company Financial Statements 50 Independent Auditor’s Report 82 Company Information 01 Hollywood Bowl Group plc Annual Report and Accounts 2016 Company Overview The UK ten-pin bowling market leader We are the UK’s largest ten-pin bowling operator, specialising in operating large, high-quality bowling centres that offer a family entertainment experience. Our centres are predominantly located in out-of-town, multi-use leisure parks (alongside cinema and casual dining sites) and large retail parks. Each centre offers at least 16 bowling lanes, on-site dining, licensed bars and state-of-the-art family games arcades. Bowling Bowling is our core and fastest-growing revenue 24% stream, and we operate of revenue 1,307 lanes across 54 centres Amusements Family-focused arcades offer traditional games such as 48% air hockey and basketball of revenue hoops, games with prizes and state-of-the-art video games 02 Strategic Report Governance Financial Statements Our brands 54 Our core brand, with 34 centres situated in prime locations at leisure parks centres 8 centres situated in prime locations at leisure parks. Refurbishing and rebranding to Hollywood Bowl 12 centres, mainly in non-prime locations l Hemel Hempstead support office « Hollywood Bowl n Bowlplex AMF Bowling Opening 2017 Drink Licensed bars are located in every centre, offering a wide range of soft and alcoholic drinks 10% of revenue Food Ranges from a standard menu to higher-end food offering with Harry’s Diner 18% and Hollywood Diner of revenue 03 Hollywood Bowl Group plc Annual Report and Accounts 2016 Chairman’s Statement A milestone year for the group Peter Boddy Chairman We were delighted to achieve a major given us greater flexibility to capitalise on started operating as a publicly-listed company, Group milestone this year and list on the Main growth opportunities and to generate long-term the Board is pleased to recommend a final Market of the London Stock Exchange on value for all shareholders. Our enhanced public dividend for the year ending 30 September 21 September 2016, and I welcome our new profile and status with customers, landlords, 2016 of 0.19 pence per Ordinary Share, shareholders to this exciting business. developers and business partners will assist reflecting the short period of the financial in the recruitment of key management and year that the Group was listed. We focus on offering a high-quality bowling employees, as well as provide our management experience, with an emphasis on family- and employees with the opportunity to be I would like to record my thanks to the Board friendly entertainment, and we are well-placed owners of this great business and give access and to the whole team for their commitment to take advantage of the forecast growth in the to capital markets to deliver our strategy. and dedication to the Group over 2016. UK ten-pin bowling market. I believe that attracting, motivating and I believe that good corporate governance retaining employees of the right calibre is Our proposition is extremely competitive, and is vital to support our future sustainable vital to the continued success of the Group, we have identified a number of opportunities growth and the Board, which has extensive and in 2017 we will introduce a scheme to to drive further growth. We have a strong experience of running companies in the leisure give all our team the opportunity to become pipeline of new centres, and our refurbishment and retail sectors, is committed to the highest shareholders of the business. programme aims to refurbish and rebrand standards of corporate governance. At IPO between 7 and 10 centres each year. we appointed Nick Backhouse as the Senior A key element of our culture is the promotion Independent Non-Executive Director and of corporate social responsibility within our Hollywood Bowl Group has had an Chairman of the Audit Committee and Claire business and our local communities, which excellent year. Highlights include the Tiney as a Non-Executive Director and Chair we believe supports continued generation acquisition of Bowlplex in December 2015, of the Remuneration Committee. Nick and of sustainable value and enhances our ability adding 11 new sites to our portfolio, and Claire bring significant additional experience to deliver on our strategic objectives. the successful rebranding of 3 of these and support to the Board and have already centres into Hollywood Bowl, as well as made a significant contribution to the Board’s I have been enormously impressed by the an increase in like-for-like and total Group discussions. Our Corporate Governance progress of Hollywood Bowl Group over the revenue, and EBITDA. Report describes the work we have done past year and I am very excited to continue as throughout the IPO process to develop our Chairman. I believe we are well-positioned to This financial performance demonstrates the Board and Committee processes and to create value for both institutional and employee strength of our proven operating model with support the development of a robust shareholders as we work every day to generate superior customer service, high-quality product governance structure. the right levels of positive energy to deliver the offering and a disciplined pricing strategy. best possible experience for our customers. We intend to adopt a progressive dividend Our strong balance sheet has been further policy while maintaining an appropriate level Peter Boddy strengthened by our listing, which has also of dividend cover. While we have only just Chairman 13 December 2016 04 Strategic Report Governance Financial Statements Chief Executive’s Review Delivering sustainable, profitable growth Stephen Burns Chief Executive Officer I am delighted to present my first Chief Strategic progress Executive’s Review statement following our Our strategy focuses around 2 core elements: listing on the Main Market of the London organic growth and investment-led growth Stock Exchange in September 2016. and we are pleased with the progress we have made in FY2016. It has been a fantastic year for Hollywood Bowl Group. The transformational acquisition Like-for-like growth of Bowlplex, the continued successful roll-out Our rise in like-for-like growth has a number of our refurbishment programme and our of drivers, including an increasing number customer-focused operating model, have of visits per customer. The branded bowling combined to deliver revenue growth of industry average frequency of visit per 23.9 per cent on the prior year, and 6.8 customer is circa 1 times per year. Hollywood per cent on a like-for-like basis. This led to Bowl Group has outperformed this, increasing Group adjusted EBITDA1 of £29.4m, showing its average to 1.32 for FY2016. This result is a 42.6 per cent increase over the year. testament to our refurbishment programme, which has resulted in more customers Hollywood Bowl Group is the UK ten-pin experiencing our high-quality environment. bowling market leader, with 54 centres We have invested in enhancing service levels across the UK operating out of a high-quality and are also using our Customer Relationship property portfolio. Our ongoing refurbishment Management (CRM) system and customer programme and investment in new centres database to encourage more regular visits over FY2016 has increased our scale, resulting and to promote other revenue streams via in reduced operational and capital costs, targeted campaigns. improving margins and higher returns. We continue to work to increase spend per Our enhanced offering is gaining more traction game by improving the customer experience with our core family customer group, which is and ‘dwell time’ in each centre. The average coming to our venues more frequently, spend per game rose from £8.12 to £8.63 in and extending their experience once there. FY2016, while the number of games played Our state-of-the-art centres, coupled with increased from 10.4m in FY2015 to 12.1m in our strong covenant, makes us an attractive FY2016.
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