By Joe Hoppe
Ten Entertainment Group PLC said Wednesday that it expects to report strong 2022 sales growth compared with both the prior year and prepandemic levels, and profit at the upper end of market views.
The U.K. operator of family-entertainment centers said total sales growth for the year ended Jan. 1 rose 88% compared with 2021, and 51% compared with 2019, the nearest prepandemic figure. Last year, it reported total sales of 67.5 million pounds ($82 million).
On a like-for-like basis, sales grew 5.5% on the prior year and 40% compared with prepandemic levels.
The company expects profit to be at the upper end of market expectations, but didn’t provide a figure. Last year, it swung to a profit of GBP4.4 million pounds from a pretax loss of GBP21.7 million.
Ten has a healthy pipeline of new centers is focused on growth opportunities in the U.K., it said. Costs have been managed with operational efficiencies used to minimize the effect of cost inflation without the need to raise customer prices, the company said.
“We know that there will be challenges this year, but with such a strong 2022 behind us and a proven track record, we are confident that we will continue to deliver an excellent experience and high-quality service,” Chief Executive Graham Blackwell said.
Ten will report its full results on March 22.
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