18th Sep 2018 11:34
LONDON (Alliance News) - Escape Hunt PLC said Tuesday its loss for the first half of the year widened on the back of increased administrative expenses.
For the six months to June 30 the company, which operates escape room experiences, posted a pretax loss of GBP3.8 million compared to GBP1.1 million a year prior.
Revenue increased to GBP800,000 from GBP193,000 while administrative costs surged to GBP3.8 million from GBP294,000.
Furthermore the company incurred GBP1.8 million of amortisation of intangibles costs derived from the GBP10.2 million intellectual property acquisition on the purchase of Escape Hunt a year ago.
The escape room experiences provider underwent a rebranding plan and enhanced its game design, which improved the company's financial performance thanks to the good customers reviews, Escape Hunt said.
In March 2018, Escape Room commenced its roll-out in the UK opening owner-operated sites in Birmingham, Bristol, and Leeds. It now expects four new franchise outlets to open in the second half of this year to increase the network to 47.
Escape Hunt shares were trading up 0.5% at 110.00 pence each.
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