We monitor our performance by regularly reviewing KPI metrics. 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)



Revenue is generated from customers visiting our centres to bowl or play mini-golf, and spending money on one of the ancillary offers – our amusements, diner or bar.

Revenue was impacted by the COVID-19 closure of over six months, as well as the restrictions once reopened. Revenue decreased by 9.6 per cent to £71.9m.

Revenue-generating capex (£m)


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Capital expenditure on refurbishments, rebrands and new centres (excluding maintenance capex).

Revenue-generating capex decreased by 59.0 per cent (£5.3m) due to lower spends on new centres and refurbishments.

Group adjusted EBITDA (£m)


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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 34 of our annual report and accounts 2021. There are no exceptional items in FY2021 or FY2020.

Group adjusted EBITDA increased by £0.8m.

Profit before tax (£m)


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Profit before tax as shown in the financial statements.

Profit before tax fell due to the impact of COVID-19.

Like-for-like revenue growth (%)

+28.2% pts

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LFL revenue growth is total revenue excluding any new centres and closed centres. New centres are included in the LFL growth calculation for the period after they complete the calendar anniversary of their opening date.

LFL revenue has increased 28.6 per cent since the reopening on 17 May. Due to the restrictions in FY2020, LFL revenue is compared to the same period in FY2019.

Net cash/(debt) (£m)



Net cash/(debt) is defined as cash and cash equivalents (£29.9m) less borrowings from bank facilities (£nil) excluding issue costs.

The Group is in a net cash position as at year end due to the strong trading since reopening and tight cost controls during the lockdown, as well as the equity placing completed in March.

Gross profit (%)

+0.2% pts

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Gross profit percentage is calculated as revenue minus the cost of sales and any irrecoverable VAT, divided by revenue. Bowling has a gross profit of 100 per cent, with the costs of operating bowling in administrative costs, while each of the other revenue streams has an associated cost of sales.

Gross profit percentage increased year on year. This was due in the main to the lower output VAT rate on food and non-alcoholic drinks.

Group adjusted operating cash flow (£m)


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Group adjusted operating cash flow is calculated as Group adjusted EBITDA less working capital, maintenance capex and corporation tax paid. A reconciliation of Group adjusted operating cash flow to net cash flow is provided on page 35 of our annual report and accounts 2021.

Group adjusted operating cash flow increased due to a combination of higher Group adjusted EBITDA, a positive movement in working capital and lower expansionary capital expenditure.

Group operating profit margin (%)

+0.9% pts

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Operating profit margin is calculated as operating profit per the financial statements divided by revenue.

Operating profit margin increased year on year due to the strong cost discipline during the year.

Group adjusted EBITDA margin (%)

+5.0% pts

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Group adjusted EBITDA margin is calculated as Group adjusted EBITDA divided by total revenue.

Group adjusted EBITDA margin percentage increased due to tight cost controls during lockdown as well as the strong EBITDA performance post reopening in May. Group adjusted EBITDA margin on a pre-IFRS 16 basis was 21.1 per cent.

Total average spend per game (£)


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Total average spend per game is defined as total revenue in the year divided by the number of bowling games and golf rounds played in the year.

Average spend per game increased by 1.7 per cent, to £10.33, due to customers continuing to spend more during their visits.

  1. 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.