4th Feb 2020 10:51
(Alliance News) - Escape Hunt PLC on Tuesday said consumer demand continued to grow during 2019, with a particularly strong trading experienced during the Christmas period.
The AIM-listed escape rooms operator said its revenue more than tripled to GBP3.8 million in the 12 months to the end of December 31 from GBP1.1 million generated in 2018.
Escape Hunt's three most mature owner-operated sites in Birmingham, Bristol and Leeds delivered a like-for-like sales increase of 34% in the final quarter of 2019.
"The performance of our owner-operated sites continues to give us confidence in the proposition and opportunity in the UK," said Chief Executive Richard Harpham.
He added: "We have made significant steps towards reducing the average unit build cost underpinning our confidence in the underlying returns profile for the business."
Looking ahead, Escape Hunt said it expects the underlying earnings before interest, tax, depreciation and amortization for 2019 to be "modestly" ahead of its expectations.
"Our ambitious growth plans are centred on driving growth in our existing sites and expanding our footprint, which is underpinned by leveraging our market-leading brand," said Harpham.
The company said it opened a new site at Birmingham Resorts World in mid-December, which has made a "strong" start and has been trading ahead of expectations since launch.
Escape Hunt shares were trading 0.4% lower in London on Tuesday at 15.44 pence each.
By Evelina Grecenko; [email protected]
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