Richard Harpham of XP Factory: We have delivered transformational growth in H1, revenue up 130%, and the second half will be busier

Richard Harpham CEO of XP Factory Follow #XPF says they were delighted to have delivered such transformational growth in H1, with revenue up 130% to £18.7m. He also notes that with the second half weighting of the industry, he remains optimistic for the performance of both businesses and expects to report full year numbers in line with market expectations.

FINANCIAL HIGHLIGHTS

· Group revenue increased 130% to £18.7m (H1 2022: £8.1m) demonstrating the significant growth in scale:

-  Escape Hunt® owner operated site revenue increased 41% to £6.1m (H1 2022: £4.3m)

- Boom Battle Bar® ("Boom") owner operated revenue increased 416% to £11.3m (H1 2022: £2.2m)

· Gross margin maintained at 62.1% (H1 2022: 62.8%)

· Pre IFRS 16 Group Adjusted EBITDA1 profit of £1.05m (H1 2022:  £0.28m)

· Site level pre IFRS 16 EBITDA profit of £5.0m (H1 2022: profit £2.2m)

· Cash at 30 June 2023 of £3.7m (31 Dec 2022: £3.2m)


OPERATING HIGHLIGHTS

· Double digit like-for-like2 sales growth delivered across both owner-operated brands:

o Boom: up 19.6% in the 26 weeks to 2 July 2023

o Escape Hunt® : up 20.4% in the 26 weeks to 2 July 2023

· Boom franchise sites in Chelmsford and Ealing acquired in June 2023

· Boom owner operated site level EBITDA margins 19% in sites trading over 12 months and 11% overall  (H1 2022: loss 33%)

· Escape Hunt®  owner operated site level EBITDA margins 40% (H1 2022: 40%) continue to exceed internal targets

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