Deliveroo reports UK orders rise 3% in third quarter: Deliveroo has reported that UK orders rose in the third quarter of 2023 with the business continuing its gross transaction value (GTV) growth momentum. In the UK and Ireland, GTV was £1,026m in the third quarter, up 9% year on year. Orders were 38.3 million in the third quarter, up 3% year on year. Group-wide, the company said GTV was up 3% year on year in the quarter in constant currency. It said orders were down 1%, which was an improving trend. In international, GTV was £671m in the third quarter, down 1% year on year in constant currency. Orders were 30.9 million in the third quarter, down 5% year on year. The business said food price inflation was moderating. It added the GTV growth was underpinned by “further strengthening of the consumer value proposition, including expanded selection, targeted promotions and service enhancements”. Deliveroo said it was maintaining its full year guidance with GTV growth expected to be lower single digits percentage growth in constant currency and adjusted Ebitda expected to be in the range of £60m-80m. Chief executive Will Shu said: “I'm really pleased with our results and proud of the team's execution, especially the continued progress on service towards a seamless delivery experience. We've also made clear progress in promoting value within the app, which remains so important given the tough consumer backdrop. We continue to deliver strong performance in the UK and Ireland and I'm encouraged by the improving growth trends in key International markets. My confidence in our ability to drive growth and deliver on our goals for profitability and sustainable cash flow generation has never been stronger.”
Next Who’s Who of UK Food and Beverage to feature 123 updated entries and 25 new companies, released tomorrow: The next Who’s Who of UK Food and Beverage will feature 123 updated entries and 25 new companies when it is released to Premium subscribers tomorrow (Friday, 20 October), at midday. This month’s edition includes 752 companies and more than 203,000 words of content. The companies, listed in alphabetical order, will have their most recent results reported as well as broader information around Ebitda, plans and trading style available. The database merges Companies House information, interviews and other public information to provide an easy to reference and exhaustive guide to the sector. Premium subscribers also receive access to five other databases: the
Multi-Site Database, which is produced in association with Virgate; the
New Openings Database; the
UK Food and Beverage Franchisor Database; the
Propel Turnover & Profits Blue Book; and the
UK Food and Beverage Franchisee Database. Premium subscribers are also to get access to the videos from this month’s Talent and Training Conference. They will be sent 13 videos on Friday, 27 October at 9am. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers.
Email kai.kirkman@propelinfo.com to upgrade your subscription. Premium subscribers are also being given exclusive access to the recording and slides to Propel Multi-Club Conferences. They also receive their morning newsletter 11 hours early, at 7pm the evening before; regular video content and regular exclusive columns from Propel group editor Mark Wingett.
Hollywood Bowl reports UK like-for-like sales up 4.1%, expects Ebitda growth ahead of market expectations: Hollywood Bowl, the UK’s largest ten-pin bowling operator, has reported UK like-for-like sales were up 4.1% for the year ending 30 September 2023 compared with last year. UK total revenue was £192.6m, up 2.7% on the previous year. Excluding the effect of the reduced rate of VAT in FY22, UK total revenue was up 7.7%. The group said it had made further progress against its expansion strategy and continued investment in the estate. Three new UK centres opened in FY23 with a further 15 centres targeted by the group for opening before the end of FY26. A total of 15 refurbishments and rebrands were completed during the year in the UK. It said 54 centres (83% of the group's UK bowling estate at year end) now have Pins on Strings technology with 13 installed during the year. The group completed the acquisition of Lincoln Bowl in the UK, including the long leasehold, for a total of £4.4m post year end. This now brings the total number of centres in the Group to 80 (UK: 71, Canada: nine). The business said its Canadian centres continued to perform well with like-for-like sales up 15.1% on a constant currency basis year on year. Total revenue in Canada was £22.5m. The business said it remains confident in the opportunity to add up to ten centres in Canada over the next five years, with the potential to grow the estate to 30 sites in total over the next ten years. Group-wide, total revenue was £215.0m, up 11.0% on last year and excluding the effect of the reduced rate of VAT in FY22, group revenue was up 16.2%The group said it expects to report Ebitda growth ahead of market expectations. It said it has £52.4m net cash at year end (pre-acquisition of Lincoln Bowl) and an undrawn £25m revolving credit facility. The company stated: “The group's ongoing approach to investing in its customer experience as well as its active refurbishment strategy drove new customer visits to its centres and saw existing customers visit more frequently, with increased dwell time boosting spend-per-game. The new centre opening strategy is progressing well with three UK centres opened in the year – Hollywood Bowl Merry Hill in September 2023, Hollywood Bowl Speke and Puttstars Peterborough in November 2022. The Canadian business continues to perform well. Momentum since the acquisition has been excellent with three centres acquired in FY23, taking the total number of Canadian centres to nine and one new centre in Ontario due to open in the first half of FY24.” Chief executive Stephen Burns said: “I am delighted to report another period of excellent financial and operational performance. It has been fantastic to see so many families in our centres as they sought out fun, inclusive, affordable activities to keep their kids entertained throughout the year including during the unseasonal wet summer. I am very grateful to our dedicated team members who help our customers to enjoy the best experiences possible in our centres. The investments behind our expanding offer have increased our resilience during this uncertain economic period and when combined with our highly cash generative business model, means we are well-placed to continue our profitable, self-funded, growth strategy in both the UK and Canada. The long-term growth opportunity is significant, and we look forward to seizing this while continuing to provide high-quality, great value entertainment for families and friends.”
