TIDMESC
RNS Number : 1344N
Escape Hunt PLC
28 September 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via Regulatory Information Service
("RIS"), this inside information is now considered to be in the
public domain.
28 September 2021
Escape Hunt plc
("Escape Hunt", the "Company" or the "Group")
Half Yearly Results for the Six Months ended 30 June 2021
Escape Hunt plc (AIM: ESC), a global leader in the growing
escape rooms sector, is pleased to announce its unaudited interim
results for the six months ended 30 June 2021.
Half year ended Half year ended
30 June 2021 30 June 2020
(GBP'000) (GBP'000)
Revenue 1,178 1,306
---------------- ----------------
Gross Profit 801 900
---------------- ----------------
Adjusted EBITDA [1]
loss, pre-IFRS 16 (796) (816)
---------------- ----------------
Loss per share (2.81) (11.48p)
---------------- ----------------
HIGHLIGHTS
-- Strong post lockdown bounce back from UK sites which
re-opened on 17 May 2021
o H1 revenue GBP1,178k with UK sites open for only
six weeks in the period (H1 2020: GBP1,306k from
c.11 weeks UK trading)
o Site level EBITDA for the half year GBP441k (H1
2020: 499k)
o Improved EBITDA conversion ratios benefitting
from technology investment and labour changes
-- Downloadable and play at home games continue to be additive,
contributing GBP151k in the period (H1 2020: GBP53k)
-- Adjusted EBITDA loss in the half year reduced to GBP796k
(HI 2020: GBP816k)
-- Basic loss per share ('EPS') of 2.81p (H1 2020 loss
per share: 11.48p)
-- Dubai acquisition performing ahead of expectations with
payback expected in less than 12 months
-- Completion of GBP1.4m placing of new shares at 17.5p
per share to fund acquisition of master franchise in
France and Belgium and provide working capital
-- New UK owner operated sites opened in Watford and Kingston
on 17 May 2021 bringing total UK owner operated sites
to 14; further sites secured and in build at the Lakeside
shopping centre in Essex and in Milton Keynes. This
brings us to 16 owner operated sites in the UK and 19
in total
POST PERIOD- HIGHLIGHTS
-- Strong bounce back in sales continuing
-- Mature LFL sites delivering 117% of pre-COVID (2019) sales
with total sales (including new sites) delivering 192%
of 2019 level in the 16 weeks between re-opening and 5
September 2021
-- July and August both profitable at Group EBITDA level
(even stripping out UK Government COVID support) which
validates our previous assertion that with the existing
estate, the Company could become cash generative over
a full year
-- All owner operated sites trading with positive contribution
-- On track to be operating from 20 owner operated sites
well ahead of target of July 2022
-- Build finally commenced at US franchise 'super centre'
in Houston after considerable COVID-related delays
-- Awarded TripAdvisor(TM) Traveller's Choice awards at all
eligible UK sites for second year in a row
-- Strong cash management ensured cash balance of GBP2.4m
at 30 June 2021 (31 Dec 2020: GBP2.7m) and GBP2.4m at
31 August 2021
-- Receipt of further GBP0.95m (net of advisory fees) R&D
credits from HMRC in September 2021 which will be recognised
in H2 2021 (H2 2020: GBP0.2m) further boosting cash resources
Richard Harpham, Chief Executive of Escape Hunt, commented : "
It has been extremely pleasing to see such a strong bounce back of
consumer demand in the UK over the summer. Encouragingly, we are
now beginning to see an increase in corporate activity which we
expect to show further growth as office-based work begins to return
over the Autumn. Our acquisitions in both the Middle East and
France / Belgium are performing well and we believe they will
generate a very attractive return on investment underpinning our
international franchise efforts whilst our new sites have all
traded profitably virtually from day one. It is clear that escape
rooms have now entered the mainstream consumer psyche underpinning
confidence in our strategy and the significant strategic progress
made in the last 18 months. Notwithstanding the incredibly tough
conditions for the leisure industry during this period, the Company
has emerged stronger and with a platform with significantly greater
critical mass. We look forward with optimism."
Enquiries
Escape Hunt plc
Richard Harpham (Chief Executive Officer)
Graham Bird (Chief Financial Officer)
Kam Bansil (Investor Relations) +44 (0) 20 7846 3322
Shore Capital - NOMAD and Joint Broker
Tom Griffiths, David Coaten (Corporate Advisory)
Fiona Conroy (Corporate Broking) +44 (0) 20 7408 4050
Zeus Capital - Joint Broker
John Goold
Daniel Harris +44 (0) 20 3829 5000
IFC Advisory - Financial PR
Graham Herring
Florence Chandler +44 (0) 20 3934 6630
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.
CHIEF EXECUTIVE'S REPORT
INTRODUCTION
It has been very encouraging to see the return of consumer
demand as COVID restrictions have lifted in both the UK and many of
the other regions in which Escape Hunt operates. While recognising
that the pandemic is not yet over, we are hopeful that, with the
success of the vaccination programme, life can resume without the
need for further economically damaging restrictions.
The strong performance of our franchisee Escape Rooms in
Australia in the early part of the year when Australia initially
came out of lock down gave us optimism that demand would return in
the UK and Europe once sites were allowed to re-open. We were
correct in our expectation that demand would take a few weeks to
return to full strength and we have been delighted to see that it
continued to build through July and August to very encouraging
levels. It is increasingly evident that Escape Rooms have entered
the consumer psyche and it is now becoming a natural consideration
of 'things to do' alongside more traditional leisure activities. We
see this as part of a growth trend in experiential leisure.
Perhaps one of the most satisfying aspects of the recent
performance has been the energy with which our staff have returned
to work and the resultant five-star consumer ratings all our sites
in the UK enjoy, including our newly opened sites. In August 2021,
all the UK sites which had been open for more than a year, and
therefore eligible for consideration, received the prestigious
TripAdvisor(TM) Travellers' Choice awards, placing them in the top
10% of businesses listed on TripAdvisor(TM).
We have made further strategic progress in the period, which we
discuss in more detail below. Significantly, we added to our owner
operated estate through the acquisition of our French and Belgian
master franchise which gave us an owner operated site in both Paris
and Brussels. We also opened two new owner operated sites in the UK
in Watford and Kingston respectively and we are in the process of
building two further sites - one at the Lakeside shopping centre in
Essex and one in Milton Keynes. Given the excellent returns we are
achieving on new sites, we are actively evaluating a number of
further sites helped by favourable property conditions.
The performance of our owner operated estate since re-opening
has further demonstrated the attractions of our business model. The
estate as a whole has outperformed against our target 'box
economics', whilst still showing growth. The site level EBITDA
margins we are achieving, notwithstanding the short-term help from
a lower VAT rate and business rates holiday, have been particularly
encouraging.
Within our franchise estate, different countries have been
affected in varying ways. However, overall, the estate has
performed well and, whilst we have lost a small number of sites
which have been forced to close as a result of financial hardship
under COVID, it is pleasing to see those that have survived
performing again with a number registering record weekly revenue
performances.
There is a significant opportunity both in the UK and more
widely in the retail property market and we believe that Escape
Hunt is well positioned to take advantage of the more attractive
terms on offer. In turn, we expect this to make future sites even
more financially attractive than before. With our 'box economics'
now unequivocally proven and the evidence that consumers enjoy the
Escape Hunt offering, the Board looks forward to the next phase of
our progress with optimism.
OWNER OPERATED SITES
The owner operated estate comprised 17 sites at the end of June
2021; 14 sites in the UK and 1 in each of Paris, Brussels and
Dubai. Total owner operated revenue in the period fell by 8% to
GBP936k (H1 2020: GBP1,017k), although both periods were severely
impacted by lockdown restrictions and the periods are therefore not
easily comparable. Site level EBITDA fell 12% to GBP441k (H1 2020:
GBP499k).
UK
The UK estate re-opened to the public on 17 May 2021, following
a protracted COVID lockdown enforced by the UK Government. As a
result, the reporting period includes only six weeks' trading where
physical indoor games were available. Trading since re-opening has
been very encouraging. Although there has undoubtedly been a 'post
COVID bounce', the duration of which is unknown, there has to date
been a low level of corporate bookings which we expect to resume
gradually as people return to office working and we would hope that
this will replace any end to the 'COVID bounce'.
Revenue and EBITDA from the UK owner operated estate has been
significantly ahead of the Board's expectations in the 16 weeks
since re-opening, between 17 May 2021 and 5 September 2021. Revenue
for the 8 sites which were open in the same period in 2019 was up
17% than in the same period in 2019. At an EBITDA level, the
performance was even more positive with both July and August
profitable at group EBITDA level. In the 16 weeks of trading to 5
September 2021, our estimated site level EBITDA from the eight
sites that were open in the same period in 2019 was 172% higher
than in the same period in 2019.
Across all UK sites, including our new sites, revenue in the
16-week period grew 92% compared to 2019, and site level EBITDA
grew 326%.
Encouragingly, five of the six newest UK sites have been
performing in line with high performing, more mature sites. The
sixth site is growing nicely, albeit operating at reduced capacity
whilst awaiting its full complement of games
Dubai
Dubai was open throughout the six months to 30 June 2021,
although trading was impacted to some extent by COVID restrictions.
Nevertheless, the Dubai site delivered a performance over the
period which was marginally ahead of the Board's expectations.
Following a strong performance in July 2021 and another profitable
month in August 2021, the profits generated from Dubai since its
acquisition in October 2020 have more than covered the acquisition
cost, inclusive of fees, leading to a payback of significantly less
than one year.
The team in Dubai has recently won a tender to participate in
the 'Riyadh Season', which is an Expo funded by the government of
Saudi Arabia to promote tourism and leisure. The Expo runs for a
number of months from 1 October 2021 and Escape Hunt will be
present with both physical and VR games. The costs are all covered
by the Expo's promoters and the event provides an excellent
opportunity to test our new modular designed games whilst promoting
the brand to both consumers and potential franchisees. The event
should generate a meaningful contribution for our Middle East
business in the current financial year.
France and Belgium
The acquisition of the master franchise for France and Belgium
completed on 8 March 2021. Excluding earnout, the consideration
represented approximately 1x the business' historic EBITDA and was
funded using a portion of the proceeds from a placing of 8 million
shares at 17.5p per share which was announced on 28 January 2021.
As a condition of the deal, the Group's six leading franchisees in
France all signed new franchise agreements, extending for a further
six years on renewed terms. We now have direct relationships with
our French franchisee network and our Paris based team are working
effectively with them.
Lockdown in both Belgium and France was extended until early
June 2021, so these half year results include very little trading
from the two countries. However, both France and Belgium have seen
a resumption of business and, taking into account the delayed
re-opening, have been performing in line with our expectations. We
remain confident of generating a very good return on capital from
the acquisition and in building on the progress made in the region
by the previous owners.
FRANCHISE OPERATIONS
International franchise
It has been a difficult period for many of our international
franchise operators. Whilst Australia enjoyed a period of relative
freedom from COVID in Q1 and Q2 2021, a number of Australian sites
have had to close again due to renewed lockdowns. As set out above,
France and other northern European countries all endured long
lockdown periods which extended throughout most of the reporting
period. When sites have been open, it has been evident that there
is considerable consumer demand, so we are confident that the
estate will return to previous performance levels. We have been
going through a process to refresh our franchise relationships
increasingly interacting directly rather than through a master
franchisee and this seems to be paying off. We have made
significant progress in developing our games catalogue, which is
delivering higher quality games and associated collateral to our
franchise network. During the period, our franchisee in Buenos
Aires was forced to close due to financial pressures and our site
in Singapore is currently closed, although it remains to be seen
whether this is permanent. Excluding these latter two, the
franchise estate comprised 28 venues in 11 countries at the end of
the period.
US franchise
Progress in the US has been impacted by COVID notably through
the effects on travel. We have previously noted that our area
representative in the USA, PCH, is establishing a 'super centre' in
Houston which will serve as the hub from which they can showcase an
Escape Hunt site to prospective franchisees. New modular design
games have been built and were delivered to Houston several weeks
ago, but installation has been delayed due to travel restrictions.
However, with restrictions gradually lifting, we expect the
installation to complete in the coming weeks.
The team and PCH hosted an initial set of 'Discovery days' in
the period and are building a pipeline of potential franchise
partners.
OPERATIONAL PROGRESS
The relationship with our new games manufacturer has been
working well and our 'modular' games design is now standard for all
new sites. The manufacturer is also providing options for some of
our franchise network. We continue to work on ways to streamline
the installation process and reduce dependency on specialist know
how required for the installation.
Our operations team has done an amazing job managing the
'pingdemic' during a very busy time as a result of which all our
sites were able to operate at capacity throughout. The enthusiasm
with which staff have returned to work is a testament to the team
and the culture we have built in the organisation.
FINANCIAL REVIEW
Group revenue in the first half was GBP1,178k (H1 2020:
GBP1,306k) comprising GBP936k (H1 2020: GBP1,017k) from
owner-operated sites and GBP242k (H1 2020: GBP287k) from the
franchise network reflecting a period when across the estate, many
franchise sites were closed. Downloadable print and play games
together with remote play and digital games contributed GBP151k to
revenue (H1 2020: GBP53k). Whilst gross profit margin was lower
than the comparable period in the prior year, this was largely as a
result of direct labour training costs incurred prior to re-opening
and the cumulative, although relatively small, costs not covered by
furlough payments during lockdown.
Site level EBITDA from the Group's owner-operated sites was
GBP199k (H1 2020: GBP254k) reflecting modest cost reductions helped
by furlough, and the benefit received from Government support
schemes during lockdown. The P&L benefit from the Government
rates holiday and rates-related grants totalled GBP432k in the
period of which GBP341k was received in cash grants and the balance
being the benefit of the rates holiday.
Central costs, including costs allocated to owner-operated sites
and the franchise network in aggregate fell 9% to GBP1,237k (H1
2019: GBP1,359k). Much of this can be attributed to the success of
all our head office staff working from home, which led to a
decision to exercise a break clause in our head office property
lease which terminated in Q1 2021. This is expected to lead to
annualised savings of over GBP100k per annum. We have been
successfully making use of more flexible working arrangements
whilst providing a location in central London for colleagues to
meet and work together when necessary. The overall cost reflects a
30% reduction compared to central costs in the same period in 2019
illustrating the impact of a number of enduring cost cuts. As the
Group resumes its planned growth trajectory, central costs are
expected to rise, although at a significantly lower rate than
turnover and gross profit as we expect a substantial operational
gearing benefit.
Group Adjusted EBITDA [2] loss reduced to GBP796k (H1 2020:
GBP816k).
Six months Six months
ended June ended June
2021 2020
GBP'000 GBP'000
Adjusted EBITDA (796) (816)
Amortisation of intangibles (216)) (1,078)
Depreciation (1,038) (1,111)
Rent credits recognised 25 -
Loss on disposal of tangible
assets (18) -
Branch closure costs and
other exceptional costs (147) -
Foreign currency gains /
(losses) (6) -
Share-based payment expense (26) (5)
----------------------------- ------------ -----------
Operating loss (2,222)) (3,010)
----------------------------- ------------ -----------
Group operating loss reduced by 27% to GBP2,222k (H1 2020:
GBP3,010k) and the total comprehensive loss for the period was
GBP2,390k (H1 2020: GBP3,073k). Branch closure and other
exceptional costs include costs associated with the acquisition of
the French and Belgian master franchise, and provision against the
remaining balance on a loan made to a franchisee several years
ago.
We have continued to manage cash carefully, with net cash used
in operating activities of GBP100k (H1 2020: GBP94k). The movement
was helped by GBP836k of positive working capital movements.
Approximately GBP706k of this was as a result of an increase in
trade and other payables. The increase is attributable to
approximately GBP390k of capital expenditure on Lakeside and Milton
Keynes which was paid in July 2021; approximately GBP250k reflects
the estimated earnout payable in relation to the French and Belgian
acquisition; and the balance is from an increase in the sale of
gift vouchers since sites have re-opened. Approximately GBP512k of
property related creditors remained on the balance sheet at 30 June
2021 and is expected to unwind in the second half of the year.
The Group had GBP2,414k cash on hand at the end of the period
(31 Dec 2020: GBP2,722k). Cash was boosted by the GBP1.4m fund
raising which completed on 28 January 2021. Cash on hand at the end
of August 2021 was GBP2.4m.
In September 2021, the Group received GBP1.2m cash (GBP950k net
of associated fees) in respect of research and development grants
from HMRC. The grant will be recognised in H2 and is in addition to
the GBP256k (GBP207k net of fees) recognised in 2020. The cash
receipt has further boosted the Group's cash reserves.
STRATEGY
As previously set out, the Board has set out a five-point plan
to deliver shareholder value:
1. Roll-out of owner-operated network through direct investment
2. Deliver US Franchise network in partnership with PCH
3. Sustain and support growth in existing franchise network;
sign further master franchise agreements
4. Broaden the product offer and market reach
5. Investment in infrastructure to improve efficiency and scalability
The target set in July 2020 was 20 owner-operated sites in the
medium term, being within two years of the July 2020 fundraise,
with a longer-term ambition of 50 sites. Following the acquisitions
of sites in Dubai, Paris and Brussels, and the successful opening
of new sites in Norwich, Basingstoke, Cheltenham, Watford and
Kingston, the Group's owner operated estate at 30 June 2021
comprised 17 sites. Fit out is well advanced in Lakeside and is in
progress at Milton Keynes. Both sites are expected to open in Q4
2021. A strong pipeline of further sites is also in negotiations
and the Board is confident of achieving the medium-term target of
20 owner operated sites well ahead of the target date of July
2022.
Conditions in the property market remain attractive. A number of
well known high street brands in both retail and hospitality have
gone out of business since COVID impacted the economy leaving many
vacancies. As a result, COVID has increased pressure at a time when
landlords were already struggling to occupy empty units.
Institutional landlords are increasingly looking to alternative use
options, including leisure and as a result, Escape Hunt is seen as
an attractive option. Many sites are seeing significant reductions
in rent. This, together with the Group's recent trading performance
since the re-opening of sites in the UK on 17 May 2021 has proved
the strength of the site level proposition and, as a result, Escape
Hunt is able to contemplate sites which previously would have been
unaffordable.
The US is key to our ambitions for our franchise business and we
are working closely with our area representative, PCH, to support
it in its efforts to begin to roll out our Escape Hunt franchises
in North America. PCH is establishing a 'super centre' Escape Hunt
site in Houston which will serve as the core reference site for
prospective franchisees. As mentioned above, progress was slowed by
COVID, not only due to the lockdowns, but more recently by travel
restrictions which have slowed progress in installing our modular
games. The restrictions are gradually easing and, with games
already on site, progress should now accelerate.
Focus on the existing franchise network is currently on
supporting its recovery from COVID closures. Whilst we are not yet
specifically targeting new regions, it is positive that we have
started to see a resumption of enquiries from prospective and
credible franchisees.
Our plans to broaden the product offering and market reach made
good progress in the latter part of 2020, with early successes in
our remote play games, 'Escape Hunt for Business', 'Escape Hunt for
Education' and 'Escape Hunt for Brands' propositions. Our focus has
now shifted to growing sales from these propositions and we have
invested in a business development team to drive our Escape Hunt
for Business proposition forward. The team has delivered over
GBP180k of corporate sales, comprising over 400 'deals' in the year
to end of August 2021. Whilst remote play revenue dropped off over
the summer, we have seen a resumption of interest in corporate
solutions in recent weeks as employees are returning to offices. We
expect activity to pick up ahead of the Christmas booking
season.
Regarding our infrastructure, the development of a more advanced
games management platform is now complete and has been rolled out
at all of our most recently opened sites and is the default
solution for all new sites and in existing sites where it is
practicable to do so. The benefits are already evident in the
significant improvement in our labour efficiency ratios since
re-opening. Work has also progressed on other projects, including
data management and our e-commerce platform. This latter project is
a significant piece of work which will continue over the next 12 to
18 months.
BOARD CHANGE
Having joined our Board a year ago, John Story stepped down from
the Board on 2 August 2021. John remains a supportive and
significant shareholder and we thank him for his contribution. The
Board intends to appoint another non-executive director in due
course.
POST PERIOD TRADING AND OUTLOOK
Trading since the period end has been significantly stronger
than we had expected as COVID restrictions have been relaxed.
The newly acquired businesses in Dubai, France and Belgium are
likewise performing satisfactorily. Since the period end,
cumulative earnings from Dubai have fully paid back the initial
investment and deal costs. The business in France and Belgium had a
slower start than planned, as lockdown in the region was extended.
However, since re-opening, the region is showing a promising return
of business.
The Group's franchise estate suffered a set-back in August 2021
with a number of Australian cities going back into lockdown.
However, all sites in the Group's French estate are open and
business appears to be bouncing back as expected.
The Group reached a significant milestone, delivering a positive
group level EBITDA in both July and August, helped by the 'stay at
home' summer in the UK, lower VAT rates and the business rates
holiday. The performance has validated our previous assertion that,
with its current estate, is the Group could become cash generative
given reasonable trading assumptions .
With the foundations laid for a profitable and cash generative
business, we look to the future with confidence.
Richard Harpham
Chief Executive Officer
28 September 2021
STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE
CONDENSED INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS
The directors confirm that the condensed consolidated interim
financial information has been prepared in accordance with
International Accounting Standard 34, 'Interim Financial
Reporting', and that the Interim Report includes a fair review of
the information required by DTR 4.2.7R and DTR 4.2.8R, namely:
-- an indication of important events that have occurred during
the first six months and their impact on the condensed
consolidated interim financial information, and a description
of the principal risks and uncertainties for the remaining
six months of the financial year; and
-- material related-party transactions in the first six months
and any material changes in the related-party transactions
described in the last Annual Report.
The directors of Escape Hunt plc are listed on page 26 of this
report. A list of current directors is maintained on the Company's
web site: http://investors.escapehunt.com/
By order of the Board
Richard Rose
Non-Executive Chairman
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHSED 30 JUNE 2021
Six months Six months
ended ended
30 June 2021 30 June 2020
Note Unaudited Unaudited
GBP'000 GBP'000
Continuing operations
Revenue 5 1,178 1,306
Cost of sales (377) (406)
Gross profit 801 900
Other income 341 130
Administrative expenses (3,364) (4,040)
Operating loss (2,222) (3,010)
Adjusted EBITDA (796) (816)
Amortisation of intangibles (216) (1,078)
Depreciation (1,038) (1,111)
Rent credits recognised 25 -
Loss on disposal of tangible assets (18) -
Branch closure costs and other exceptional
costs (147) -
Foreign currency gains / (losses) (6) -
Share-based payment expense (26) (5)
------------ ------------
Operating loss (2,222) (3,010)
------------------------------------------- ---- ------------ ------------
Interest received 8 9
Interest expense (22)
Lease finance charges 11 (102) (88)
Loss before taxation (2,338) (3,089)
Taxation 7 (13) (2)
Loss after taxation (2,351) (3,091)
Other comprehensive income:
Items that may or will be reclassified
to profit or loss:
Exchange differences on translation
of foreign operations (39) 18
Total comprehensive loss (2,390) (3,073)
Loss attributable to:
Equity holders of Escape Hunt plc (2,351) (3,091)
(2,351) (3,091)
------------ ------------
Total comprehensive loss attributable
to:
Equity holders of Escape Hunt plc (2,390) (3,073)
(2,390) (3,073)
------------ ------------
Loss per share attributable to equity
holders:
Basic (Pence) 6 (2.81) (11.48)
------------ ------------
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2021
As at
2012201 As at
2 2012201 2
30 June 31 December
2020 2020
Note Unaudited Audited
GBP'000 GBP'000
ASSETS
Non-current assets
Property, plant and equipment 8 4,165 3,885
Right-of-use assets 9 2,852 2,940
Intangible assets 10 1,240 913
Rental deposits 44 26
Loan to franchisee 79 2
8,380 7,766
Current assets
Inventories 21 16
Trade receivables 182 182
Other receivables and prepayments 765 691
Cash and bank balances 2,414 2,722
3,382 3,611
TOTAL ASSETS 11,762 11,377
LIABILITIES
Current liabilities
Trade payables 940 606
Deferred income 582 441
Other payables and accruals 1,708 815
Lease liabilities 11 1,080 489
4,310 2,351
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 30
JUNE 2021 (continued)
As at As at
30 June 31 December
2020 2020
Note Unaudited Audited
GBP'000 GBP'000
Non-current liabilities
Deferred income 98 152
Provisions 160 128
Convertible loan notes 310 289
Other Loans 119 -
Lease liabilities 11 2,608 3,253
-
---------- -----------
3,295 3,822
TOTAL LIABILITIES 7,605 6,173
NET ASSETS 4,157 5,204
EQUITY
Capital and reserves attributable to
equity holders of Escape Hunt Plc
Share capital 12 1,005
1,108
Share premium account 29,011 27,758
Merger relief reserve 4,756 4,756
Convertible loan note reserve 68 68
Accumulated losses (30,834) (28,444)
Currency translation reserve (120) (81)
Capital redemption reserve 46 46
Share-based payment reserve 122 96
TOTAL EQUITY 4,157 5,204
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to owners of the parent
Convertible
Share Merger Currency Capital Share-based loan
Share premium relief translation redemption payment note Accumulated
capital account reserve reserve reserve reserve reserve losses Total
Six months
ended
30 June
2021 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Balance as
at
1 January
2021 1,005 27,758 4,756 (81) 46 96 68 (28,444) 5,204
Loss for
the period - - - - - - - (2,390) (2,390)
Other
comprehensive
income - - - (39) - - - - (39)
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Total
comprehensive
loss - - - (39) - - - (2,390) (2,429)
Issue of
shares 103 1,320 - - - - - - 1,423
Share issue
costs - (67) - - - - - - (67)
Share-based
payment
charge - - - - - 26 - - 26
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Transactions
with owners 103 1,253 - - - 26 - - 1,382
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Balance as
at 30 June
2021 1,108 29,011 4,756 (120) 46 122 68 (30,834) 4,157
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Six months
ended
30 June
2020 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Balance as
at
1 January
2020 336 24,717 4,756 (19) 46 67 - (21,803) 8,100
Loss for
the period - - - - - - - (3,091) (3,091)
Other
comprehensive
income - - - 18 - - - - 18
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Total
comprehensive
loss - - - 18 - - - (3,091) (3,073)
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Share-based
payment
charge - - - - - 5 - - 5
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Transactions
with owners - - - - - 5 - - 5
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
Balance as
at 30 June
2020 336 24,717 4,756 (1) 46 72 - (24,894) 5,032
-------- -------- -------- ------------ ----------- ------------ ------------ ------------ --------
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE SIX MONTHSED 30 JUNE 2021
Six months Six months ended
ended
30 June 2021 30 June 2020
Unaudited Unaudited
Cash flows from operating activities Note GBP'000 GBP'000
Loss before income tax (2,338) (3,089)
Adjustments:
Depreciation of property, plant and
equipment 8 799 921
Depreciation of right-of-use assets 9 239 190
Amortisation of intangible assets 10 216 1,078
Provision against non-current assets 69 -
Loss on write-off of property, plant
and equipment 18 -
Share-based payment expense 26 5
Foreign currency movements 6 -
Lease interest charges 11 102 -
Rent concessions received 11 (25) -
Profit on closure/modification of
leases (31) -
Interest income (8) (9)
Operating cash flow before working
capital changes (927) (904)
Decrease in trade and other receivables 23 350
Increase in inventories (5) -
Foreign currency translation differences (8) 26
Increase in trade and other payables 706 337
Increase in provisions 32 26
Increase in deferred income 87 69
------------ ----------------
Cash used in operations (92) (96)
Income taxes paid (8) 2
Net cash used in operating activities (100) (94)
Cash flows from investing activities
Purchase of property, plant and equipment 8 (1,001) (634)
Disposal of property, plant and equipment - 40
Purchase of intangibles 10 (70) (170)
Disposals of intangibles - 7
Receipt of deposits 18 -
Loans advanced to franchisees (146) (47)
Acquisition of subsidiary, net of
cash acquired 13 (139) -
Interest received 8 9
Net cash used in investing activities (1,330) (795)
Cash flows from financing activities
Proceeds from issue of ordinary shares 12 1,423 -
Share issue costs 12 (67) -
Loan repayments (18) -
Lease interest charge payment 11 (102) -
Repayment of finance leases 11 (122) (161)
Net cash from financing activities 1,114 (161)
Net increase / (decrease) in cash
and bank balances (316) (1,050)
Cash and cash equivalents at beginning
of period 2,722 2,171
Exchange rate changes on cash held
in foreign currencies 8 (7)
Cash and cash equivalents at end of
period 2,414 1,114
------------ ----------------
NOTES TO THE UNAUDITED INTERIM REPORT
FOR THE SIX MONTHSED 30 JUNE 2021
1. General information
The Company was incorporated in England on 17 May 2016 under the
name of Dorcaster Limited with registered number 10184316 as a
private company with limited liability under the Companies Act
2006. The Company was re-registered as a public company on 13 June
2016 and changed its name to Dorcaster Plc on 13 June 2016. On 8
July 2016, the Company's shares were admitted to AIM.
Until its acquisition of Experiential Ventures Limited on 2 May
2017, the Company was an investing company (as defined in the AIM
Rules for Companies) and did not trade.
On 2 May 2017, the Company completed the acquisition of the
entire issued share capital of Experiential Ventures Limited.
Experiential Ventures Limited was the holding company of the Escape
Hunt Group which is a global provider of live 'escape the room'
experiences.
On 2 May 2017, the Company's name was changed to Escape Hunt
plc.
The Company's registered office is Belmont House, Station Way,
Crawley, RH10 1JA.
The consolidated financial information represents the
consolidated results of the Company and its subsidiaries, (together
referred to as "the Group"). The Consolidated Interim Financial
Statements are presented in Pounds Sterling, which is the currency
of the primary economic environment in which the Company
operates.
2. Basis of preparation
These interim consolidated financial statements have been
prepared in accordance with IAS 34 Interim Financial Reporting.
They do not include all disclosures that would otherwise be
required in a complete set of financial statements and should be
read in conjunction with the 2020 annual report. The statutory
financial statements for the year ended 31 December 2020 were
prepared in accordance with International Financial Reporting
Standards in accordance with the requirements of the Companies Act
2006. The auditors reported on those financial statements; their
Audit Report was unqualified.
The interim financial information is unaudited and does not
constitute statutory accounts as defined in the Companies Act
2006.
The interim financial information was approved and authorised
for issue by the Board of Directors on 28 September 2021.
3. Going concern
The financial statements have been prepared on a going concern
basis which contemplates the continuity of normal business
activities and the realisation of assets and the settlement of
liabilities in the ordinary course of business.
The directors have assessed the Group's ability to continue in
operational existence for the foreseeable future in accordance with
the Financial Reporting Council's Guidance on the going concern
basis of accounting and reporting on solvency and liquidity risks
issued in April 2016.
The Board has prepared detailed cashflow forecasts covering a
thirty-month period from the reporting date. The forecasts take
into account the residual impact of COVID-19 on the business,
notably that various payments were deferred during the lockdown
period, including employment tax and national insurance payments
and, in the case of certain sites, rent payments. Some of these
deferred payments have subsequently been waived by landlords, but
most will need to be caught up utilising cash resources.
The UK sites were able to re-open on 17 May 2021 and have been
trading since then without any material restrictions. Taking into
account the resumption of trading since re-opening sites to the end
of August the Group has considered a number of potential scenarios
for the ongoing trading, including the possibility of a further,
short lockdown. The Group also plans to continue the roll out new
sites in the UK which are expected to contribute to performance in
future.
Based on the assumptions contained in the scenarios considered
and taking into account mitigating actions that could be taken in
the event of a further lockdown or COVID related slowdown, the
directors consider there are reasonable grounds to believe that the
Group will be able to pay its debts as and when they become due and
payable, as well as to fund the Group's future operating expenses.
The going concern basis preparation is therefore considered to be
appropriate in preparing these financial statements.
4. Significant accounting policies
The Company has applied the same accounting policies,
presentation, methods of computation, significant judgements and
the key sources of estimation of uncertainties in its interim
consolidated financial statements as in its audited financial
statements for the year ended 31 December 2020, which have been
prepared in accordance with International Financial Reporting
Standards in accordance with international accounting standards in
conformity with the requirements of the Companies Act 2006.
Government Grants
During the period, the Company received benefits from Government
grants. Revenue based Government grants are recognised through the
consolidated statement of comprehensive income by netting off
against the costs to which they relate. Where the grant is not
directly associated with costs incurred during the period, it is
recognised as 'other income'.
5. Segment information
Management considers that the Group has two operating segments.
Revenues are reviewed based on the nature of the services provided
as follows:
1. The franchise business, where all franchised branches are
operating under effectively the same model; and
2. The owner-operated branch business, which consisted of 14
sites in the UK and 1 in Dubai plus 1 acquired in Paris and another
in Brussels during the six months to 30 June 2021.
The Group operates on a global basis. At the balance sheet date,
the Company had active franchisees in 17 countries. The Company
does not presently analyse or measure the performance of the
franchising business into geographic regions or by type of revenue,
since this does not provide meaningful analysis to managing the
business. Segment results, assets and liabilities include items
directly attributable to a segment as well as those that can be
allocated on a reasonable basis.
The cost of sales in the owner-operated business comprise site
staff costs and other costs directly related to revenue generation.
In the franchisee business, the cost of sales comprises principally
the creation and shipping of games to franchisees.
Owner Franchise
operated operated Unallocated Total
Six months ended 30 June 2021 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 936 242 - 1,178
Cost of sales (377) - - (377)
--------- --------- ----------- -------
Gross profit 559 242 - 801
Other income 341 - - 341
Site level operating costs (701) - - (701)
Site level EBITDA 199 242 - 441
Centrally incurred overheads (146) (99) (992) (1,237)
Adjusted EBITDA 53 143 (992) (796)
Interest income - - 8 8
Interest expense - - (22) (22)
Finance lease charges (81) - (21) (102)
Depreciation and amortisation (1,049) (9) (196) (1,254)
Exceptional professional and
branch closures (11) - (67) (78)
Provision against loan - - (69) (69)
Loss on disposal of assets (11) - (7) (18)
Foreign currency losses - (6) - (6)
Rent credits recognised 16 - 9 25
Share-based payment expenses - - (26) (26)
Profit/(loss) from operations
before tax (1,083) 128 (1,383) (2,338)
Taxation - - (13) (13)
--------- --------- ----------- -------
Profit / (loss) for the period (1,083) 128 (1,396) (2,351)
--------- --------- ----------- -------
Other information :
Non-current assets 7,024 30 1,326 8,380
--------- --------- ----------- -------
Owner Franchise
operated operated Unallocated Total
Six months ended 30 June 2020 GBP'000 GBP'000 GBP'000 GBP'000
Revenue 1,017 287 2 1,306
Cost of sales (362) (38) (6) (406)
--------- --------- ----------- -------
Gross profit 655 249 (4) 900
Other income 130 - - 130
Site level operating costs (745) - - (745)
IFRS 16 Adjustment 214 - - 214
--------- --------- ----------- -------
Site level EBITDA 254 249 (4) 499
Centrally incurred overheads (81) (110) (1,168) (1,359)
IFRS 16 Adjustment - - 44 44
--------- --------- ----------- -------
EBITDA 173 139 (1,128) (816)
Interest income - - 8 8
Finance lease charges (82) - (6) (88)
Depreciation and amortisation (1,087) (9) (1,092) (2,188)
Share-based payment expenses - - (5) (5)
Profit/(loss) from operations
before tax (996) 130 (2,223) (3,089)
Taxation - (2) - (2)
--------- --------- ----------- -------
Profit / (loss) for the period (996) 128 (2,223) (3,091)
--------- --------- ----------- -------
Other information :
Non-current assets 6,140 354 2,117 8,612
--------- --------- ----------- -------
6. Loss per share
Basic loss per share is calculated by dividing the loss
attributable to equity holders by the weighted average number of
ordinary shares in issue during the period. Diluted loss per share
is not presented as the potential issue of ordinary shares from the
exercise of warrants are anti-dilutive.
Six months Six months
ended ended
30 June 30 June
2021 2020
Unaudited Unaudited
GBP GBP
Loss after tax (GBP000) (2,344) (3,091)
Weighted average number of
shares:
* Basic and diluted 83,628,885 26,925,925
Loss per share
* Basic and diluted 0.0280 0.1148
7. Taxation
The tax charge is based on the expected effective tax rate for
the year. The Group estimates it has tax losses of approximately
GBP21.5m as at 30 June 2021 which, subject to agreement with
taxation authorities, would be available to carry forward against
future profits. The estimated tax value of such losses amounts to
approximately GBP4.1m.
8. Property, plant and equipment
Escape room
Leasehold Furniture games Total
property Office equipment Computers and fixtures
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 31 December 2020 3,905 15 122 262 3,962 8,266
Additions arising
from
internal purchase 240 - 5 24 732 1,001
Acquisitions 395 37 - 18 - 450
Disposals /
adjustments (22) (1) (6) (18) (29) (76)
As at 30 June 2021 4,518 51 121 286 4,665 9,641
------------ -------------------- --------- ---------------- --------------- -----------
Accumulated
depreciation
At 31 December 2020 (1,651) (13) (86) (110) (2,521) (4,381)
Additions arising
from
acquisition (303) (35) - (18) - (356)
Depreciation charge (363) - (12) (43) (382) (799)
Disposals /
adjustments 15 2 6 10 28 62
As at 30 June 2021 (2,302) (46) (92) (161) (2,875) (5,476)
Carrying amounts
At 31 December 2020 2,254 2 36 152 1,441 3,885
============ ==================== ========= ================ =============== ===========
At 30 June 2021 2,216 5 29 125 1,790 4,165
============ ==================== ========= ================ =============== ===========
9. Right-of-use assets
As at As at
30 June 31 Dec
2021 2020
GBP'000 GBP'000
Land and buildings - right-of-use
asset 3,884 3,127
Closures / leases ended for renegotiation
during the period (128) (336)
Additions 282 1,034
Newly negotiated leases (2) 152
Less: Accumulated depreciation
At the beginning of the period (945) (657)
Depreciation charged for the period (239) (380)
Net book value 2,852 2,940
--------- --------
The additions of GBP282,000 in the period relate to a new lease
signed. The Group leases land and buildings for its offices and
escape room venues under agreements of between five to fifteen
years with, in some cases, options to extend. The leases have
various escalation clauses. On renewal, the terms of the leases are
renegotiated.
10. Intangible assets
Internally
Trademarks Intellectual generated Franchise App
Goodwill and patents property IP agreements Quest Portal Total
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Cost
At 31 December
2020 1,412 78 10,195 855 802 100 269 13,711
Additions
arising
from internal
development - - - 70 - - - 70
Additions
arising
from
acquisition 457 - - - - - 47 504
Disposals /
adjustments - - - - - - - -
As at 30 June
2021 1,869 78 10,195 925 802 100 316 14,285
----------- ------------- ------------- ----------- ------------ -------- -------- ---------
Accumulated
amortisation
At 31 December
2020 (1,393) (47) (10,195) (405) (420) (100) (238) (12,798)
Additions
arising
from
acquisition - - - - - - (31) (31)
Amortisation - (7) - (129) (57) - (23) (216)
At 30 June 2021 (1,393) (54) (10,195) (534) (477) (100) (292) (13,045)
=========== ============= ============= =========== ============ ======== ======== =========
Carrying amounts
At 31 December
2020 19 31 - 450 382 - 31 913
======== ========
At 30 June 2021 476 24 - 391 325 - 24 1,240
=========== ============= ============= =========== ============ ======== ======== =========
11. Lease liabilities
Six months Six months
ended ended
30 June 2021 30 June 2020
GBP'000 GBP'000
In respect of right-of-use assets
Balance at beginning of period 3,742 2,602
Closures / leases ended for renegotiation
during the period (411)
Additions during the period 282 363
Newly negotiated leases (16)
Interest Incurred 102 88
Repayments during the period (122) (249)
Rent concessions received (24)
Reallocated from accruals and trade
payables 135
Lease liabilities at end of period 3,688 2,804
-------------- --------------
As at As at
30 June 30 June
2021 2020
GBP'000 GBP'000
Maturity
Current 855 342
Non-current 2,833 2,462
Total lease liabilities 3,688 2,804
12. Share capital
Six months Year
ended ended
30 June 31 December
2021 2020
Unaudited Audited
GBP'000 GBP'000
As at beginning of period / year
* 80,369,044 (2020: 26,925,925)
Ordinary shares of 1.25 pence each 1,005 336
Issued during the period / year
* 8,126,047 Ordinary shares 103 669
As at end of period / year
* 88,495,091 (2020: 80,369,044)
Ordinary shares of 1.25 pence each 1,108 1,005
----------- ------------------------------------
During the six months ended 30 June 2021 the Company issued
8,126,047 new shares at 17.5p per share in a fund raise comprising
a placing, a share subscription and the issue of shares in payment
of professional fees, raising GBP1.4m (before fees of GBP67k). The
expenses have been deducted from the premium of GBP1.32m arising
from the fund raise. The new shares were admitted to trading on AIM
on 28 January 2021.
Share option and incentive plans
Escape Hunt Employee Share Incentive Scheme
On 25 November 2020, the Company established an employee share
incentive plan ("SIP") which is available to all employees in the
Group once they have completed three months of employment. The
scheme allows employees to acquire ordinary shares in the Company
each month from pre-tax income, such shares being 'Partnership
Shares'. The purchases are funded through a deduction from payroll.
For each Partnership Share so acquired, the participant is granted
a 'Matching Share' which is released to the individual on the third
anniversary of the purchase provided that they are still employed
by the Group at the time and they have retained the Partnership
share in respect of which the Matching Share was granted. The SIP
is administered by an independent trustee who holds all Partnership
and Matching shares for the benefit of the participants.
On 4 February 2021, the Company issued 125,000 shares to the
trustee of the scheme to be allocated to individuals as Matching
Shares during the operation of the scheme.
Escape Hunt plc Enterprise Management Incentive Plan
On 15 July 2020, the Company established the Escape Hunt plc
Enterprise Management Incentive Plan ("2020 EMI Plan"). The 2020
EMI Plan is an HMRC approved plan which allows for the issue of
"qualifying options" for the purposes of Schedule 5 to the Income
Tax (Earnings and Pensions) Act 2003 ("Schedule 5"), subject to the
limits specified from time to time in paragraph 7 of Schedule 5,
and also for the issue of non-qualifying options.
On 15 July 2020, in aggregate 13,333,332 qualifying options and
2,400,000 non-qualifying options were awarded to four executives,
including two executive directors of the Company. The options are
exercisable at 7.5 pence per share and vest in three equal tranches
on each of the first, second and third anniversary of the grants,
subject to the employee not having left employment other than as a
Good Leaver. The number of options that vest are subject to a
performance condition based on the Company's share price. This will
be tested on each vesting date and again between the third and
fourth anniversaries of awards. If not exercised, the options will
expire on the fifth anniversary of award. Options exercised will be
settled by the issue of ordinary shares in the Company.
As at 30 June 2021, 15,733,332 options were outstanding under
the 2020 EMI Plan (2020: nil) all exercisable at 7.5 pence per
share. No options were exercised during the period, and no options
expired or had lapsed and none had vested or were exercisable as at
30 June 2021.
The sum of GBP25,611 has been recognised as a share-based
payment and charged to the profit and loss during the period (2020:
GBPnil).
The weighted average remaining contractual life of the options
outstanding at 31 December 2020 is 48.5 months.
An option-holder has no voting or dividend rights in the Company
before the exercise of a share option.
13. Business Combination
On 28(th) February 2021, Escape Hunt Plc acquired 100% of the
equity interest in BGP Entertainment Belgium and BGP Escape France,
thereby obtaining control. BGP Entertainment Belgium runs an owner
operated escape room in Brussels and BGP Escape France holds the
master franchise for the territory of France, Belgium and
Luxembourg and also runs an owner operated venue in Paris.
The preliminary details of the business combination are as
follows:
GBP'000
Fair value of consideration transferred
Amounts settled in cash 278
Net loan payable (19)
Deferred consideration 249
Total purchase consideration 508
------
Deferred consideration includes a preliminary estimate on the
earnout payable on the owned and operated sites.
GBP'000
Assets and liabilities acquired as a result of the acquisition
Cash 139
Trade receivables (net of provisions) 78
Other receivables and deposits 19
Property, plant and equipment 94
Right of use assets 282
Intangible assets 16
Trade payables (161)
Lease liabilities (282)
Other payables (134)
--------
Net identifiable assets acquired 51
Goodwill arising on consolidation 457
Total purchase consideration 508
--------
14. Key management personnel compensation
Six months Six months
ended ended
30 June 30 June
2021 2020
Unaudited Unaudited
GBP'000 GBP'000
Salaries and benefits (including directors) 293 219
Share-based payments 26 5
Social security costs 47 39
Other post-employment benefits 4 10
Less amounts capitalised (18) (34)
Total 352 239
------------- -------------
Related party transactions
During the period under review, the Directors are not aware of
any significant transactions with related parties (six months ended
30 June 2020: invoices for services of GBP4,125 and other benefits
GBP92 were paid on an arm's length basis).
15. Government Grants and Government Assistance
The following Government grants were received and have been
recognised during the period:
Six months Six months
ended ended
30 June 30 June
2021 2020
Unaudited Unaudited
GBP'000 GBP'000
Coronavirus Job Retention Scheme grants 474 407
Local authority Small Business Grants 341 130
Total 815 537
------------- -------------
In addition, the Company benefitted from Business Rates Relief
introduced for the retail, hospitality and leisure industries. The
benefit in the period was GBP91k (2020: GBP35k)
16. Seasonality of the Group's business
There are no seasonal factors which materially affect the
operations of any company in the Group.
17. Subsequent Events
There are no material subsequent events requiring
disclosure.
COMPANY INFORMATION
Directors
Richard Rose, Independent Non-Executive Chairman
Richard Harpham, Chief Executive Officer
Graham Bird, Chief Financial Officer
Karen Bach, Non-Executive Director
John Story, Non-Executive Director (resigned)
Company Secretary
Graham Bird
Company number
10184316
Registered address
Belmont House
Station Way
Crawley
RH10 1JA
Independent auditors
Crowe U.K. LLP
55 Ludgate Hill
London
EC4M 7JW
Nominated adviser and joint broker
Shore Capital
Cassini House
57 St James's Street
London SW1A 1LD
Joint broker
Zeus Capital Limited
82 King Street
Manchester M2 4WQ
Registrars
Equiniti Limited
Aspect House
Spencer Road
Lancing
West Sussex
BN99 6DA
[1] See Consolidated Statement of Comprehensive Income for reconciliation to operating loss
[2] See Consolidated Statement of Comprehensive Income for reconciliation to operating loss
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IR DDLFLFKLZBBL
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