StockMarketWire.com - Bowling alley operator Ten Entertainment Group posted a 57% rise in annual profit and said it had agreed to acquire an existing site in Southport, England.

Net profit for the year through 30 December rose to £8.1m, as sales grew 7.5% to £76.4m.

The company declared a final dividend of 7.7p per share, bringing its full-year dividend of 11.0p.

Sales in the first 11 weeks of the new financial year had started positively, with like-for-like sales year to date up 5.1%.

'Despite the political and economic uncertainty currently, we are well placed to enjoy the latent consumer demand for our unique brand of experiential leisure across the country,' chief executive Nick Basing said.

'We anticipate further good growth and profitable progress this year.'

Ten Entertainment said the completion of the acquisition in Southport was conditional upon the landlord entering into a licence with the seller to assign the site and obtain a deed of variation to the lease.

Upon completion, Ten Entertainment said its estate would comprise 44 sites.

Story provided by StockMarketWire.com