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)
+8.8%
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 8.8 per cent, to £250.7m, driven through LFL growth and new centres.
Revenue-generating capex (£m)
-3.2%
Definition
Capital expenditure on refurbishments, rebrands and new centres (excluding maintenance capex).
Comment
Revenue generating capex decreased to £30.0m, due to a marginally lower spend on refurbishments and new centres in the year than FY2024.
Group adjusted EBITDA (£m)
+4.1%
Definition
Group adjusted EBITDA is calculated as operating profit before depreciation, impairment, amortisation, loss on disposal of property, plant, equipment and software and adjusting items. A reconciliation between Group adjusted EBITDA and statutory operating profit is on page 133 of our Annual Report and Accounts 2025.
Comment
Group adjusted EBITDA increased by £3.6m to £91.2m, largely due to
revenue growth.
Profit before tax (£m)
+3.5%
Definition
Profit before tax as shown in the financial statements.
Comment
Profit before tax increased to £44.3 driven by higher revenue in centres and the lower impairments in the year compared to the prior year.
Like-for-like revenue growth (%)
+0.6% 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 closed.
Comment
LFL revenue has increased 0.6 percentage points when compared to FY2024.
Net cash/(debt) (£m)
-47.0%
Definition
Net cash/(debt) is defined as cash and cash equivalents (£15.2m) less borrowings from bank facilities (£nil) excluding issue costs.
Comment
Net cash reduced in FY2025 compared to the prior year due to the significant capital investment in the year as well as the dividends paid and completion of a £15m share buy-back programme. Further details on cash utilisation are shown on page 25.
Gross profit margin on cost of goods sold (%)
+0.3% 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 FY2025.
Group adjusted operating cash flow (£m)
+10.1%
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 25 of our Annual Report and Accounts 2025.
Comment
Group adjusted operating cash flow increased due to a higher Group adjusted EBITDA combined with lower maintenance capital expenditure.
Group operating profit margin (%)
+0.0% pts
Definition
Operating profit margin is calculated as operating profit per the Financial Statements divided by revenue.
Comment
Operating profit margin remained flat at 23.2%.
Group adjusted EBITDA margin (%)
-1.6% pts
Definition
Group adjusted EBITDA margin is calculated as Group adjusted EBITDA
divided by total revenue.
Comment
Group adjusted EBITDA margin was 36.4% (FY2024: 38.0%), in line with management expectations. Group adjusted EBITDA margin on a pre-IFRS 16 basis was 27.3% (FY2024: 29.4%) declining year on year given the greater impact of the Canadian centres as well as the inflationary cost increases in the year.
- 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.
