We monitor our performance by regularly reviewing KPI metrics1. 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 increased by 169.5 per cent, to £193.7m, driven through significant LFL growth, new centre performance as well as the acquisition of Teaquinn. It is also worth noting that FY2022 traded uninterrupted from COVID-19 restrictions.

Revenue-generating capex (£m)


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

Revenue generating capex increased by 244.5 per cent, to £12.5m, as three new centres were opened in FY2022, whilst no new centres opened in FY2021. The Group also returned to its pre-pandemic level of refurbishments and rebrands.

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 42 of our Annual Report and Accounts 2022.

Group adjusted EBITDA increased by £46.9m to £77.5m, largely due to revenue growth as well as being open for the full financial year.

Profit before tax (£m)


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Profit before tax as shown in the financial statements.

Profit before tax grew to £46.7m due to the growth in revenues and strong cost controls in the year.

Like-for-like revenue growth (%)

+28.3% 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 revenue growth calculation for the period after they complete the calendar anniversary of their opening date. Due to the restrictions in FY2020 and FY2021, LFL revenue is compared to FY2019.

LFL revenue has increased 28.3 per cent when compared to FY2019.

Net cash/(debt) (£m)



Net cash/(debt) is defined as cash and cash equivalents (£56.1m) 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 during the year and tight cost controls.

Gross profit margin (%)

-0.9% pts

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Gross profit margin 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 margin decreased year-on-year due to a combination of higher LFL revenue growth in amusements outstripping other revenue lines as well as the lower margin in the Canadian business as guided on acquisition.

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 43 of our Annual Report and Accounts 2022.

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

Group operating profit margin (%)

+15.3% 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 to 28.6 per cent, due in the main to the strong revenue performance during the year.

Group adjusted EBITDA margin (%)

-2.5% pts

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

Group adjusted EBITDA margin was 40 per cent, in line with management expectations. Group adjusted EBITDA margin on a pre-IFRS 16 basis was 31.3 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. It does not include Canada where bowling is sold by time, not games.

Average spend per game increased by 1.2 per cent, to £10.45, 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.