THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE
18 January 2024
XP Factory Plc
("XP Factory", the "Company" or the "Group")
Trading Update
"Very strong December trading underpins confidence for financial year to 31 March 2024"
XP Factory, one of the
Highlights:
Substantial growth sees XPF double revenues for the second year in a row
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Group turnover of circa |
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Exceptional like for like sales growth delivered across both brands in the 52 weeks to 31 December 2023: |
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Boom: up 29% |
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Escape Hunt: up 17% |
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Record corporate sales at Christmas drove strong like-for-like sales in December 2023 : |
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Boom: up 50% |
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Escape Hunt: up 20% |
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Performance provides confidence of meeting market expectations for the financial year to 31 March 2024
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Operating metrics being delivered
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Boom's continuing maturity profile, combined with strong operating leverage in H2 2023, delivered site level EBITDA margins in line with management's expectations (mature target of 20% - 25%) |
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Escape Hunt site level EBITDA margins continue to exceed 40% |
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Both businesses continue to enjoy the highest customer ratings in the industry
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Strategic progress continuing
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Boom former-franchise sites in |
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New Boom owner-operated sites opened in |
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New Escape Hunt owner-operated site opened in Woking in H2 2023 |
Trading
The Group experienced a particularly strong end to the calendar year, buoyed by robust corporate sales in December across both brands. Group turnover for the twelve months to 31 December 2023 almost doubled to exceed
Escape Hunt
Escape Hunt had an exceptional twelve months. Like for like sales growth within the Group's owner-operated estate was 17%1 for the twelve months to 31 December 2023, (19%1 in the
A new site in Woking was opened in July 2023, bringing the owner operated estate to 24 sites.
The Escape Hunt international franchise business is expected to show a modest decline in revenue given the estate has reduced in size.
Boom Battle Bar
Sales from the Boom owner operated estate exceeded
Three new owner operated sites were opened in the six-month period to 31 December 2023;
Franchise revenue for the twelve month period is expected to be broadly flat year on year (2022:
Group
Overall performance is expected to be in line with market expectations for the twelve months to 31 December 2023, and provides confidence of achieving market expectations for the 15 month financial year to 31 March 2024.
The Company will publish an interim report for the 12 months to 31 December 2023 in March 2024, and audited financial statements for the 15 months to 31 March 2024 during the summer.
Commenting, Richard Harpham, Chief Executive of XP Factory plc said "We are delighted with the performance of the Group over Christmas and for the twelve months to December 2023. Group turnover in the second half of the year surpassed that of the entirety of 2022, showcasing the substantial growth and transformative step change in scale achieved. Our offerings continue to resonate well with a broad spectrum of customers, whose support and loyalty, combined with the trading momentum we are carrying, positions the business favourably and underpins our confidence in meeting market expectations for our 15 month financial period to 31 March 2024."
1 After normalising for the VAT benefit in Q1 2022
Enquiries:
XP Factory Plc Richard Harpham (Chief Executive Officer) Graham Bird (Chief Financial Officer) Kam Bansil (Investor Relations)
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+44 (0) 20 7846 3322 |
Singer Capital Markets, NOMAD and Broker Peter Steel Alaina Wong James Fischer
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+44 (0) 20 7496 3000 |
IFC Advisory - Financial PR https://www.investor-focus.co.uk/ Graham Herring Florence Chandler
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+44 (0) 20 3934 6630 |
Notes to Editors:
About XP Factory plc
The XP Factory Group is one of the
Boom Battle Bar is a fast-growing network of owner-operated and franchise sites in the
Facebook: |
EscapeHuntUK |
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BoomBattleBar |
Twitter: |
@EscapeHuntUK |
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@boombattlebar |
Instagram: |
@escapehuntuk |
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@boombattlebar |
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