(Alliance News) - Escape Hunt PLC on Monday said trading since restrictions were lifted in the UK has been better than expected, as customers celebrated their release from lockdown by locking themselves into escape rooms.
Revenue in the first half of 2021 is expected to fall 15% year-on-year to GBP1.1 million from GBP1.3 million. The period saw six weeks of full trading in the UK this year, compared to 11 weeks in the first half of last year, Escape Hunt said.
Shares were up 8.7% to 38.05 pence in London on Monday morning, having earlier risen to 41.00p.
Escape Hunt is a London-based company which operates escape rooms, in which players have to get out of a room by solving puzzles, as well as outdoor games.
In the ten weeks from May 17, when indoor leisure facilities were allowed to reopen, revenue from UK sites was up 58% on the same period in 2019. Earnings before interest, tax, depreciation and amortisation nearly tripled.
Escape Hunt's location in Dubai saw revenue and Ebitda beating the board's expectations in the first half of 2021. Sites in Brussels and Paris also experienced a faster-than-anticipated recovery, with turnover marginally ahead of expectations, the company said. Franchise businesses performed in-line.
Chief Executive Richard Harpham said: "The new sites in Norwich, Basingstoke, Cheltenham, Watford and Kingston are contributing meaningfully to our performance and provide confidence in our site selection and strategy to continue the roll out of new owner operated sites in the UK.
"The operational efficiency at site level has been very good with improved Ebitda margins leading to significant growth compared to comparable periods in the past."
By Ivan Edwards; ivanedwards@alliancenews.com
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