Escape Hunt PLC Trading Update (2308D)
28 Junio 2021 - 01:00AM
UK Regulatory
TIDMESC
RNS Number : 2308D
Escape Hunt PLC
28 June 2021
28 June 2021
Escape Hunt plc (AIM: ESC)
("Escape Hunt", the "Company" or the "Group")
Trading update
Escape Hunt, a leading international operator of escape rooms in
the fast-growing experiential leisure sector, is pleased to provide
an update on trading ahead of its Annual General Meeting ("AGM") to
be held later today.
The Company's UK owner-operated sites re-opened on 17 May 2021,
following a pro-longed period of closure brought about by the UK
Government's lockdown measures introduced at the start of the
year.
Trading in the five weeks to 20 June 2021 has been encouraging
in both the Company's established sites and in its new sites.
Revenue during the five-week period was 47 per cent. higher than
in the same five-week period in 2019 (this being the most relevant
comparison as all UK sites were closed in the same period in 2020
due to COVID-19 related restrictions). On a like for like basis,
revenue in the five-week period to 20 June 2021 from the Company's
eight established UK owner-operated sites which were open in the
same period in 2019 represented 87 per cent. of the revenue in the
same period in 2019.
The Company is benefitting from initiatives implemented during
2020 to improve site level margins and has also benefitted from the
temporary reduced VAT rate which is expected to run until 30
September 2021. As a result, estimated earnings before interest,
tax, depreciation and amortisation ("EBITDA") at site level for the
five weeks to 20 June 2021 was 310 per cent. of the site level
EBITDA in the same five weeks in 2019. On a like-for-like basis,
site level EBITDA from the Company's eight established sites was
189 per cent. of the equivalent site level EBITDA in 2019.
The Company has opened five new owner-operated sites in the UK
in the last twelve months. Two of these, Watford and Kingston,
opened for the first time on 17 May 2021, whilst sites in Norwich,
Basingstoke and Cheltenham opened in the latter half of 2020 but
have had only a very short trading history due to Government
imposed restrictions. Performance from these five new sites
together with the site at Birmingham Resorts World, which had only
been trading for three months before the first COVID-19 related
restrictions were imposed in March 2020, has been extremely
encouraging and provides confidence in the roll-out strategy which
the Company is pursuing.
Further progress has been made on the Group's UK rollout; work
has commenced at the proposed site in the Lakeside shopping centre
and the Company expects to exchange contracts imminently at a site
in Milton Keynes. Games have already been ordered for both sites,
with several already in storage awaiting installation. Management
remains confident of achieving the target of 20 owner-operated
sites well ahead of the original target date of June 2022 despite
the impact of COVID-19.
Of the Company's non-UK owner-operated sites, the site in Dubai
continues to perform well and in line with the Board's
expectations, whilst the owner-operated sites in Paris and Brussels
were only able to re-open in early June 2021 when lockdown
restrictions were eased. There have been encouraging early signs of
demand returning in Paris and Brussels, but it remains too early to
provide any meaningful commentary for these sites.
The Company's franchise estate has performed in line with the
Board's expectations, with strong performance in Australia
offsetting the pro-longed period of closure at the majority of
sites in Europe, most notably in France.
Further progress has been made in the US with the Group's
partner Proprietors Capital Holdings ('PCH'), although completion
of their master site in Houston has been slowed by international
travel restrictions. PCH is seeing growing interest in the
opportunity and the Company remains positive about the prospects
for North America.
Throughout the period of lockdown, the Company continued to
manage its cash carefully. The cash balance at the end of May 2021
was GBP2.5m. In addition, the Company has access to a GBP1m
convertible loan note facility, details of which are set out in its
2020 Annual Report and Accounts. The facility remains undrawn.
In view of the continuing risk posed by COVID-19 and having
regard to their own safety and that of others, shareholders and
their representatives are respectfully asked not to seek to attend
the AGM in person. As set out in the Company's announcement
released on 23 June 2021, in order to ensure the safety of the
limited number of people whose attendance is essential, the Company
does not propose to allow other shareholders or their
representatives access to the AGM venue.
Commenting on the recent trading, Richard Harpham, CEO of Escape
Hunt said: "We are delighted to have seen a healthy return of
demand from consumers in the short period since our UK sites have
been able to re-open and are pleased that we are realising the
benefits of the efficiency measures implemented, leading to a
significant improvement in our UK site level EBITDA. The
performance of our new sites in particular, gives us confidence in
our strategy to continue to expand our network and we have a
well-developed pipeline of attractive opportunities within a
favourable property landscape. Where our franchisees have been able
to operate without undue restriction, demand appears to be
returning. Whilst there are undoubtedly still COVID-related risks
to trading in the near term, performance in the last few weeks
gives us cause for cautious optimism."
Enquiries
Escape Hunt plc
Richard Harpham (Chief Executive Officer)
Graham Bird (Chief Financial Officer) +44 (0) 20 7846
Kam Bansil (Investor Relations) 3322
Shore Capital - NOMAD and Joint Broker
Tom Griffiths, David Coaten (Corporate Advisory) +44 (0) 20 7408
Fiona Conroy (Corporate Broking) 4050
Zeus Capital - Joint Broker
John Goold +44 (0) 20 3829
Daniel Harris 5000
IFC Advisory - Financial PR
Graham Herring +44 (0) 20 3934
Florence Chandler 6630
Notes to Editors
About Escape Hunt plc
The Escape Hunt Group is a global leader in providing
escape-the-room experiences delivered through a network of
owner-operated sites in the UK, an international network of
franchised outlets in five continents, and through digitally
delivered games which can be played remotely. Its products enjoy
consistent premium customer ratings and cater for leisure or
teambuilding, in small groups or large, and are suitable for
consumers, businesses and other organisations. Having been
re-admitted to AIM in May 2017, the Company has a strategy of
creating high quality premium games and experiences delivered
through multiple formats and which can incorporate branded IP
content. (https://escapehunt.com/)
Facebook: EscapeHuntUK
Twitter: @EscapeHuntUK
Instagram: @escapehuntuk
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