GCIXP Factory beats expectations, swings to profit as revenues surge
() , the experiential leisure company operating the Escape Hunt and Boom Battle Bar brands, announced its final results for the 15 months ended March 31, 2024. As previously reported, moved its year-end to March 31, resulting in the the prior fiscal year having 15 months.
reported a significant revenue increase to £57.3m, compared to £22.8m in FY22, on the back of aggressive expansion across both brands in the previous year. Escape Hunt revenue increased to £16.7m from £9.8m LY while Boom Bar turnover jumped to £37.5m from £9.5m LY. Group adjusted EBITDA more than doubled to £9.9m from £4.0m LY. Gross margins increased slightly to 64.6% from 64.4% in FY22.
registered its first operating profit of £2.4m, which is £7.0m ahead of last year's £4.9m loss. £11.1m was generated from operations, compared to £3.3m in FY22, of which £8.3m was invested in capital expenditure as both brands acquired multiple new locations during the period. Still, retained a healthy cash balance of £3.9m on March 31, 2024.
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XP Factory delivers excellent results, ahead of market expectations, for its extended fiscal year to March 31, 2024. Turnover more than doubled to £57.3.m as 's aggressive expansion strategy began to bear fruit. Double-digit LFL growth was reported across both owner-operated brands (Boom 22.4% and Escape Hunt 16.9%) as the group registered its first full-period operating profit of £2.4m. said strong LFL growth had continued post-period, with record advance bookings for the end-of-year season, supporting its previously announced guidance.
continued to grow both brands during the period, with 3 new Boom sites opened in Canterbury, Southend, and Dubai, and a further Escape Hunt in Woking. The group has a well-developed pipeline for further expansion, with 3 new Escape Hunt and 1 new Boom sites currently in build. The experience gained in Dubai should facilitate further international expansion.
Following a year of significant opening activity in FY22, growth during reference period came primarily from existing sales momentum and optimising the newly acquired estate. Strong cash generation of £11.1m then enabled the group to continue investing in operational improvements and new locations. Alongside its £3.9m cash balance on March 31, acquired a new £10m revolving credit facility from Barclays, giving it much increased flexibility for future capex.
With strong momentum into FY24, we expect another year of significant growth, helped by further expected interest rate cuts, lower inflation, and improving consumer sentiment underpinning growth in the sector.
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