8th Jan 2024 10:59
(Alliance News) - Huddled Group PLC on Monday said it will post lower revenue for 2023, but noted that Discount Dragon has added to the figure in its first quarter since it was acquired.
The Nottingham, England-based investor in e-commerce brands said it will report full-year revenue of GBP2.2 million from its continuing operations: Discount Dragon and Let's Explore. In 2022, the firm posted revenue of GBP11.6 million, while in its interim statement, it recorded revenue of just GBP62,000.
Huddled changed its name from Let's Explore Group PLC in October, after it acquired Huddled Group Ltd. When acquired by Let's Explore, Huddled already owned Discount Dragon. In March last year, Let's Explore had changed its name from Immotion Group PLC.
It said most of this revenue fell in the final quarter of the year as it acquired Discount Dragon and Let's Explore entered its peak trading period. Discount Dragon delivered GBP1.5 million in revenue following the completion of the acquisition in October, while Let's Explore posted revenue of GBP700,000 for 2023.
The firm said it had GBP4.2 million in net cash at December 31, with an additional USD1.3 million due to be received by the firm in February 2024 from the settlement of a loan note by the buyer of its Immotion location-based entertainment VR business.
Huddled also noted that its share buyback programme returned GBP11.5 million to shareholders in 2023.
Chief Executive Martin Higginson said: "The recent acquisition of Discount Dragon has been an exciting addition to the group. The current consumer environment is delivering record trading in the discount sector, and we feel that being able to offer great products, including many of the biggest brands, delivered to the customer's door, at significantly discounted prices is a compelling proposition.
"The Let's Explore business continues to progress and we believe that with modest investment we can create a profitable business in the immersive learning space. This is something we believe can, in the foreseeable future, deliver solid returns for the group."
Huddled shares rose fell 1.7% to 2.88 pence each on Monday morning in London.
By Harvey Dorset, Alliance News reporter
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