The UK’s largest ten-pin bowling operator with a portfolio of approximately 50 centers.
Trading Update For The Year To End September 2017 – Results expected to be marginally ahead of the Boards expectations. Group Revenue for the year up 8.9% and also considering (due to strongcash generation) a return of capital to shareholders.
Tempted a little here, but on a PER of 15 it’s probably about fair value here. A correction to the 160p level (which has happened a number of times in the past) will be more tempting.
11-Dec-2017 – 190p – £285.0m – PER 15.5
Final Results For The 12 Months To End September 2017 – Headline “Strong Revenue and Profit growth”. Including acquisitions Revenue is up 8.8% to £114.0m and PBT is £21.1m, up from £2.6m, EPS is 12.17p. Net Debt is down from £20.8m to £8.1m and the Dividends for the year amount to about 9p per share. Outlook is in-line.
Still on my Watchlist. The 160p level (which has been seen a number of times in the past) is more tempting – Although perhaps we will not see it again now unless there’s a serious market correction. Anyway, there’s just not enough here to make me want to pay up.
9-Apr-2018 – 209p – £306.0m – PER 15.9
Trading Update For The 6 Months To End March 2018 – In-line, LFL Revenue up 4.0%, 9.3% in total.
This was on my Watchlist at 160p. Not overwhelmed by the growth here and not wanting to pay up I have decided to go Neutral.
23-May-2018 – 223p – £334.5m – PER 17.1
Interim Results For The 6 Months To End March 2018 – LFL Revenue up 9.3% (£63.6m vs £58.2m), PBT up 17.4% (£14.6m vs £12.4m), EPS up 18.1% and the Interim is up 12.8% – Debt down almost 50% (£7.2m). FY expected to be in-line.
This is quite impressive and having moved from to Neutral recently I find myself inclined to at least have this on my Watchlist – 200p if I do not open a position soon.