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Joe Hope
Ten Entertainment Group PLC said on Wednesday it expects sales in 2022 to rise strongly from the previous year and pre-pandemic levels, with profits at the high end of market expectations.
The UK family entertainment center operator said total sales for the year ended Jan. 1 were up 88% compared with 2021 and 51% compared with 2019, the most recent pre-pandemic figure. Last year, it reported total sales of 67.5 million pounds ($82 million).
On a year-over-year basis, sales were up 5.5% from the prior year and 40% from pre-pandemic levels.
The company expected profit to be at the upper end of market expectations, but did not provide specific numbers. Last year it swung to a £4.4m profit from a pre-tax loss of £21.7m.
Ten has a healthy pipeline of new centers focused on growth opportunities in the UK, it said. The company said it has managed costs through operational efficiencies to minimize the impact of cost inflation without raising customer prices.
Chief executive Graham Blackwell said: “We know this year will be challenging, but with such a strong 2022 and strong track record, we are confident we will continue to deliver a great experience and high-quality Serve.”
10 will report its full results on March 22.
Write to Joe Hoppe at joseph.hoppe@wsj.com
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