REG - XP Factory PLC - Interim Results
Yesterday 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251209:nRSI7297Ka&default-theme=true
RNS Number : 7297K XP Factory PLC 09 December 2025
9 December 2025
XP Factory plc
("XP Factory", the "Company" or the "Group")
Unaudited Interim Results
New Banking facilities
Directorate change
XP Factory plc (AIM: XPF), one of the UK's pre-eminent experiential leisure
businesses operating the Escape Hunt® and Boom Battle Bar® brands, is
pleased to announce its unaudited interim results for the twenty-six weeks
ended 28 September 2025 ("H1 FY2026").
H1 FY2026 (£m) H1 FY2025 (£m) Change
Revenue 28.2 24.9 +13%
Gross Profit 17.3 15.6 +11%
Pre IFRS 16 Site level EBITDA 6.1 5.6 +8%
Pre IFRS 16 Group Adjusted EBITDA 1.7 1.5 +15%
Post IFRS16 Group Adjusted EBITDA 4.7 3.2 +48%
Adjusted loss per share (0.71) (0.87) +18%
Statutory loss per share (1.05) (1.26) +17%
Pre IFRS16 Cash from operating activities 2.3 2.3 0%
Free cash generation 1.4 1.8 -19%
FINANCIAL HIGHLIGHTS
· Group revenue increased 13.1% to £28.2m (H1 2024: £24.9)
- Escape Hunt owner operated site revenue increased 12.7% to £7.3m
(H1 FY2025: £6.5m)
- Boom Battle Bar ("Boom") owner operated revenue increased 16.0% to
£20.4m (H1 FY2025: £17.6m)
· Pre IFRS 16 Group Adjusted EBITDA(2) up 15% to £1.7m (H1 FY2025: £1.5m)
· Pre IFRS16 site level EBITDA up 8% to £6.1m (H1 FY2025: £5.6m)
· IFRS16 cash generated from operating activities of £2.3m (H1 FY2025: £2.3m)
· £2.2m invested in growth capex, and £0.5m in maintenance capex
· £1.4m free cash generated (H1 FY2025 £1.8m)
· Cash balance at 28 September 2025 of £4.5m (31 March 2025: £1.1m)
· Net debt at 28 September 2025 of £5.3m (31 March 2025: £4.9m)
OPERATING HIGHLIGHTS
· Creditable performance amidst a tough market environment
o Escape Hunt: UK LFL growth up 1.8% in the 26 weeks to 28 September 2025
o Boom: UK LFL down 6.8% in the 26 weeks to 28 September 2025
· Escape Hunt owner operated site level EBITDA margins of 40.4% (H1 FY2025:
42.0%)
· Boom owner operated site level EBITDA margins up 1% to 12.8% (H1 FY2025:
11.8%)
· New Boom site opened in Reading in May 2025
· New Escape Hunt opened in Canterbury in May 2025 together with significant
expansion at Birmingham Resorts World.
POST PERIOD-END HIGHLIGHTS
· Strong performance at EH with +8.3% LFL growth in the 9 weeks to 30 November
2025
· Boom performing in line with a very tough competitive socialising market at
-9.8% LFL growth for the 9 weeks to 30 November 2025, with overall sales +1%
ahead of prior year when including the new sites in Reading and Cambridge.
Record corporate pre-bookings for Christmas and improved cost controls partly
mitigating ongoing softer consumer demand
· New and more flexible three year £20m revolving credit facility signed with
HSBC to refinance existing Barclays facility on more attractive terms
· Escape Hunt Sheffield opened in October 2025, five further sites in advanced
discussions; target to open three more sites by year end
· Budget outcome expected to be neutral to modestly positive after detailed
evaluation with net lower business rates offsetting higher than planned NLW
increases
· Graham Bird, group CFO, has informed the board that he will be retiring from
the board at the end of the financial year effective 29 March 2026
Richard Harpham, Chief Executive of XP Factory, commented: "XP Factory group
has had another period of double-digit growth generating strong underlying
free cashflow in particularly challenging trading conditions. Escape Hunt has
bounced back strongly since the first quarter and continues to produce
industry leading metrics on all measures. Boom has performed ahead of the
experiential leisure industry as a whole over the period, with softer consumer
demand being mitigated by improved cost control and record corporate
pre-bookings for the crucial Christmas period on which, as ever, the outturn
for the financial year is heavily dependent. Evidencing the attractions of
our business model, we have successfully secured new, extended, larger and
lower cost banking facilities providing access to liquidity and the
flexibility for continued growth and future shareholder value creation."
XP Factory will provide a trading update after the Christmas period in late
January / early February 2026 and will schedule meetings with investors at
that time, including an online presentation via Investor Meet Company which
will be available to retail shareholders.
Enquiries
XP Factory plc +44 (0) 20 7846 3322
Richard Harpham (Chief Executive Officer)
Graham Bird (Chief Financial Officer)
Singer Capital Markets - NOMAD and Broker +44 (0) 20 7496 3000
Peter Steel
James Todd
IFC Advisory - Financial PR +44 (0) 20 3934 6633
Graham Herring
Florence Chandler
About XP Factory plc
The XP Factory Group is one of the UK's leading experiential leisure
businesses which currently operates two fast growing leisure brands. Escape
Hunt is a global leader in providing escape-the-room experiences delivered
through a network of owner-operated sites in the UK, an international network
of franchised outlets in five continents, and through digitally delivered
games which can be played remotely.
Boom Battle Bar is a fast-growing network of owner-operated and franchised
sites in the UK that combine competitive socialising activities with themed
cocktails, drinks and street food in a high energy setting. Activities
include a range of games such as augmented reality darts, Bavarian axe
throwing, 'crazier golf', shuffleboard and others. The Group's products
enjoy premium customer ratings and cater for leisure or teambuilding, in small
groups or large, and are suitable for consumers, businesses and other
organisations. The Company has a strategy to expand the network in the UK and
internationally, creating high quality games and experiences delivered through
multiple formats and which can incorporate branded IP content.
(https://xpfactory.com/ (https://xpfactory.com/) )
CHIEF EXECUTIVE'S REPORT
INTRODUCTION
We are pleased to report another period of robust growth and a resilient
underlying performance from the group in a period of weak business and
consumer confidence. On almost all key measures, the group has made further
progress with turnover up 13%, site-level EBITDA up 8%, Pre IFRS16 Adjusted
EBITDA up 15% and loss per share reduced by 18%.
Cash generation has remained strong, with £2.3m cash generated from
operations (after rent payments), and £1.3m free cash generated after
maintenance capital expenditure and interest payments. The performance comes
notwithstanding the seasonal nature of the industry which is weighted heavily
to the second half of the year.
The financial position of the group has also been further strengthened through
the refinancing of our existing £10m bank facility with a new £20m facility
from HSBC on substantially more attractive terms. Details are set out below.
The Christmas trading period remains critically important to the full year's
results. So far, Escape Hunt is seeing strong like-for-like growth. Within
Boom, pre-booked revenue for 2025 Christmas season has been at record levels,
exceeding what was achieved in 2024. Discretionary in venue ('consumer')
spending within Boom in the key busy weeks has so far been lower than in the
prior year, a pattern consistent with what we can see within the industry and
have been experiencing throughout the financial year to date. We will report
on the performance over Christmas in late January / early February 2026.
As we move forward, focus remains on the opportunity to roll out further
Escape Hunt and Boom sites where appropriate. Whilst we have set ambitious
roll out targets, the board remains focused on its capital allocation
decisions, including the potential to return cash to shareholders through
share buybacks.
ESCAPE HUNT
Owner Operated
Escape Hunt has continued to prove itself as a resilient and remarkably
consistent business. Turnover grew 13% to £7.3m (H1 FY2025 £6.5m), and
site level Pre IFRS16 Adjusted EBITDA was £3.0m, representing a 40.4%
margin. After a challenging first quarter, the like-for-like performance has
rebounded strongly from -3.5% in Q1 to 6.8% in Q2. This has continued into
Q3 with LFL growth in the 9 weeks to 30 November further increased to 8.3%.
Maintaining site level EBITDA margins in excess of 40% has been a welcome
achievement in the face of significant labour cost increases driven by
increases in both the National Living Wage and employer's national insurance
from April this year. Labour cost ratios continue to run at higher levels than
in prior years as it has been difficult to fully pass on the cost increases.
However, cost controls in other parts of the business have mitigated the
impact enabling us to maintain a healthy margin at site level.
Pleasingly the brand continues to attract exceptionally good customer reviews
(99% aggregated customer satisfaction reviews scores) and in all metrics we
believe Escape Hunt is a standout performer and leader in its class.
A new site was opened in Canterbury in May 2025 and in August we opened an
extension to our site at Birmingham Resorts world. Both are performing in line
with similar previous sites. Further progress has also been made on our
library of intellectual property with a new game, Jewel of India, launched in
three locations. We have another exciting theme coming soon!
Since the period end a further site has opened in Sheffield, whilst sadly we
had to close our Birmingham Central site, which was the very first Escape Hunt
owner operated site to have opened in the UK, as the scheme in which it was
located closed down. We have a strong pipeline of new sites in progress,
including a potential site to replace the closure in Birmingham, and target to
be substantially complete / have opened three further sites by the end of
the financial year.
As at 8 December 2025, we have 27 owner operated Escape Hunt sites, including
overseas sites in Paris, Brussels and Dubai.
Franchise
Escape Hunt franchise revenue was broadly flat at £0.3m in the period. The
estate reduced by one to a total of twenty.
BOOM BATTLE BARS
Owner operated
The Boom Battle Bar estate has performed creditably in a challenging
environment. Whilst UK like-for-like growth for the period was negative
6.8%, the performance reflects favourably compared to the industry-wide
negative like-for-like growth of 8.4% 1 (#_ftn1) . Turnover grew 16% to
£20.4m, reflecting the full year effects of sites opened and acquired in the
prior year together with a new site opened in the period.
Site level EBITDA grew 26% to £2.6m, representing margin of 12.8%, up from
11.8% in the six months to September 2025. This improvement was achieved
through cost improvements offsetting the impact of negative like-for-like
sales and increased labour costs, which has been material since the increases
in national insurance and NLW in April 2025, as well as a reduction in
operating losses from previously acquired franchise sites which diluted the
margin in the comparable period. The better terms achieved with a major
supplier has led to a significant increase in rebates and listing fees which
have benefitted the Group in the period, as well as improved cost of goods.
These are ongoing benefits which will continue to help offset other cost
increases.
Whilst Escape Hunt's like-for-like growth has bounced back after a tough Q1,
Boom has continued to experience mid to high single digit negative
like-for-like performance. Pre-booked revenue over the all-important Christmas
period has been at record levels, offsetting a weaker consumer performance and
lower in-venue spend.
We opened a new site in Reading in May 2025. The site has performed
exceptionally well, outperforming against expectations and offsetting some of
the impact of negative like-for-like performances elsewhere in the estate.
Similarly, our site in Cambridge which opened in December 2024 has continued
to perform strongly. Our expansion strategy for the brand is focused on the
acquisition of more select sites located in higher footfall areas.
We have made progress dealing with underperforming sites and since the period
end have reached agreement to terminate the lease of our Boom site in Swindon
on reasonable terms within the costs previously provided, and are close to
closing a further underperforming site without significant cost.
Consumer ratings continue to provide an industry-leading review score of
97%. We remain focused on delivering best in class customer experiences and
believe these will underpin the success of the business in the longer term.
After a period of rapid growth, there are signs that the rate of capacity
growth in the industry is slowing and, in some cases, capacity is coming out
of the market. The Escape Room industry experienced similar trends in the
early 2020's and Escape Hunt has emerged a clear industry leader, and we are
therefore optimistic that Boom will benefit from a similar industry
consolidation and emerge as a leading player.
Franchise
The Boom franchise estate delivered £0.2m revenue, down from £0.5m in the
prior year due to the acquisition of 5 franchise sites last year. As at 8
December 2025, the estate comprised 5 UK franchise sites.
STRATEGY
Growth targets
We have previously detailed our plans to continue to expand the business
organically through expansion of both the Escape Hunt and Boom businesses in
the UK. The strategy focuses around three pillars: site expansion, strong unit
economics and leveraging central costs. During the period we undertook third
party research to test our assumptions regarding the opportunities for both
brands. The results of that work have conclusively validated our belief in
the size and scope of the opportunity in the UK. Furthermore, the results in
the period have demonstrated that, notwithstanding the substantial cost
increases brought about by the increases in employment costs in April 2025,
unit economics for both brands remain highly attractive. We have also been
able to maintain greater efficiency within our central cost base, with central
costs as a percentage of revenue reducing from 17% in H1FY2025 to 15% in the
current period.
We therefore continue to see a clear medium-term opportunity to achieve £100m
run-rate turnover delivering £15m group pre IFRS16 EBITDA. The route to
this is through further investment in sites, focusing on Escape Hunt venues
where performance has been extraordinarily consistent across the estate,
whilst targeting fewer but higher profile sites for Boom.
The choices the board must make in doing this relate to timing and appetite
for risk associated with opening new sites, the use of debt to fund growth,
and general consumer sentiment. Alongside this we have a business generating
a highly attractive free cashflow return on equity at the current share price
at arguably lower risk. In the current climate, with weak consumer sentiment
and industry capacity growth slowing or declining, the urgency to roll out new
sites has diminished, which, together with the attractive free cash returns,
gives greater weight to the argument supporting the use of capital towards
share buyback. The board is therefore actively considering allocating an
element of capital to share buybacks whilst returns remain attractive. This
would mean a commensurate moderation of the pace of roll out over the next
twelve months, whilst retaining flexibility to reallocate capital as deemed
appropriate. Subject to market conditions and the relative returns from
further buybacks versus new site openings, we would then expect to accelerate
roll out of new sites towards the back end of the next three financial years.
More detail will be provided in the trading update in late January / early
February.
Other
We have continued to make good progress in other areas, with our new ERP
system which went live in in Q1 FY2026 already delivering clear benefits
across the network in terms of cost controls and adoption of best practices.
The new system has also allowed us to align our accounting periods to a weekly
cycle, and for this reason the current reporting period is for a 26 week
period whereas the comparative was for six months. The Company's current
financial year will be for the 52 weeks ending on 29 March 2026. Further
progress has also been made on our technology strategy with the imminent
launch of a loyalty app together with further enhancements to our proprietary
game management software.
RENEWED AND IMPROVED BANK FACILITIES
We are delighted to be able to confirm that the Group has signed a new £20
million revolving credit facility with HSBC, completion of which is subject
only to satisfaction of largely administrative conditions precedent.
The new facility replaces the existing 2-year £10 million RCF entered into on
7(th) October 2024 and is on significantly improved terms:
· 3-year facility with 2 x one year extension options (subject to
renewed credit approval), replacing the existing facility which expires Oct
2026
· Margin of 260 bps over SONIA (versus 450 bps over bank rate on
existing facility)
· Availability fee of 104 bps on unutilised balance (versus 180
bps)
· Optional further £5m accordion facility (subject to renewed
credit approval)
· Simplified covenant package
The improved size, term and costs reflect the ongoing improvement and maturity
of the group's operations and provide significant further scope to pursue our
strategic aims. Whilst the board's intention is to use debt prudently,
targeting an average pre IFRS16 Debt:EBITDA ratio of c.1.0x, the additional
facility and headroom secures the future bank funding required to support
growth, provides significant additional headroom and in so doing gives greater
flexibility to the board's capital allocation decisions.
BOARD CHANGES
After six years and a successful transformation of the group since joining,
Graham Bird, the Group's Chief Financial Officer, has informed the board of
his decision to retire from the board effective 29 March 2026 in order to
devote more time to his other interests.
The Company has a strong finance team and the capabilities exist within the
business to allow natural succession of the role. Graham will move to a part
time role in the new year to support the transition. Initially Dominic
Richards, Group strategy and corporate finance director will take on a higher
profile role with responsibility for business planning and performance as well
as leading on the financial aspects of investor communications. Dominic joined
XP Factory in May 2023, with 8 years of public markets experience, including
as investment partner at Rye Capital LLP, a $1bn European Equities fund. He
will work closely with Owain Loft, the group Finance Director, who will have
full responsibility for the core finance function. Owain Loft joined XP
Factory in May 2024 having previously been Finance Director at the
experiential leisure business Clays. Both Dominic and Owain will have
non-board positions reporting directly to the CEO.
Graham has played a seminal role in the development of the Group during his
six years as Chief Financial officer. He joined in January 2020 when the
group was in its infancy, and shortly before the incredibly difficult period
under COVID restrictions. With his leadership and support, the group was
able to successfully navigate that difficult period and subsequently acquire
and develop the Boom Battle Bar business whilst concurrently growing Escape
Hunt. In the six years of Graham's tenure as CFO, the group has been
transformed, and the board would like to thank him for his leadership and
contribution during this time.
On 29 September, the Company announced that Richard Rose would be standing
down as chairman. May 2026 will mark Richard's ninth anniversary as
Non-Executive Chairman and his decision to stand down is in line with best
practice under the QCA Corporate Governance Code. A process is currently
underway to appoint a successor and further announcements will be made in due
course.
FINANCIAL REVIEW
Financial performance
Group revenue in the twenty-six weeks to 28 September 2025 was £28.2m (six
months to Sep 2024: £24.9m). Escape Hunt owner operated revenue was £7.3m,
up £0.8m (12.7%) on the prior year. The increase came from positive
like-for-like growth of £0.1m with £0.7m impact of Escape Hunt openings in
the prior year and from the new site opened in May. Boom owner operated
revenue grew £2.8m (16%) to £20.4m. The increase comprised £4.0m from
sites opened or acquired in the prior year together with turnover from new
sites opened in the current period offsetting a £1.2m decline in
like-for-like sales. Franchise sales fell from £0.8m to £0.5m largely due to
the acquisition of franchise sites during the last financial year.
Group Adjusted EBITDA pre IFRS16 rose 15.5% to £1.7m an increase of £1.5m
over the six months to 30 September 2024. Adjusted EBITDA after IFRS16 was
£4.7m, up 48% compared to the £3.2m reported in the six months to September
2024, benefitting from a one-off £0.7m IFRS adjustment.
£487k of expenditure in the period related to pre-opening costs covering the
new Boom site in Reading and new Escape Hunt sites in Canterbury and
Sheffield, and the work done in an adjacent unit at Escape Hunt Birmingham
before its opening. £66k site closure costs relate to the closure of Escape
Hunt Birmingham Central, together with costs relating to the Boom site in
Swindon which closed to the public in March 2025. We have since reached
agreement with the landlord to surrender the lease, the costs of which have
been fully provided for in prior periods.
At a site level, Escape Hunt owner operated segment continued to perform
strongly, delivering site-level pre IFRS16 EBITDA of £3.0m at a margin of
40.4%. The increase in NLW and employer's national insurance contributions in
April 2025 has impacted margins, although savings in other areas are expected
to mitigate this increase over time. With the traditionally busier second
half ahead, we expect margins to improve for the full year. Boom generated
£2.6m of site level pre IFRS16 EBITDA, up 26% compared to the prior year (H1
FY2025 £2.1m) at a margin of 12.8% (H1 FY2025 11.8%), likewise reflecting
higher labour costs, but more efficient cost control at site level. In the
case of Boom we have been able to offset a greater proportion of costs in
other areas, notably through improved terms with suppliers. Similar to in
the prior year, the margin reflects the seasonality in Boom's business as well
as an element of dilution from loss making sites in H1, although the impact of
loss making sites has been reduced compared to the prior period.
26 weeks to 28 September 2025 Escape Hunt Escape Hunt Boom Boom H1 FY2026
Owned Franchise Owned Franchise Unallocated £'000
Sales 7,336 264 20,382 230 - 28,211
Gross profit 5,235 264 11,532 229 - 17,259
Pre IFRS 16 Adjusted site level EBITDA 2,964 264 2,608 230 - 6,065
Site level EBITDA margin 40.4% 100.0% 12.8% 100.0% na 21.5%
Centrally incurred costs (887) (9) (703) (1) (2,764) (4,364)
Pre-IFRS Adjusted EBITDA 2,076 255 1,905 229 (2,764) 1,701
IFRS adjustments (net of pre-opening) 624 2,387 - - 3,012
Post IFRS 16 Adjusted EBITDA 2,700 255 4,293 229 (2,764) 4,712
Six months to 30 September 2024 Escape Hunt Escape Hunt Boom Boom H1 FY2025
Owned Franchise Owned Franchise Unallocated £'000
Sales 6,510 292 17,555 538 - 24,895
Gross profit 4,648 292 10,150 538 - 15,628
Pre IFRS 16 Adjusted site level EBITDA 2,733 272 2,069 538 - 5,612
Site level EBITDA margin 42% 93% 12% 100% 23%
Centrally incurred costs (946) (2) (475) - (2,716) (4,139)
Pre-IFRS Adjusted EBITDA 1,787 270 1,594 538 (2,716) 1,473
IFRS adjustments (net of pre-opening) 321 - 1,380 - - 1,738
Post IFRS 16 Adjusted EBITDA 2,108 270 2,974 538 (2,715) 3,174
Central costs of £4.3m represent a 5% increase on the six-month period to 30
September 2025, reflecting cost savings initiated a year ago to curb cost
growth offset by inflation and NI increases earlier in the year.
Interest costs of £386k reflect the utilisation of our bank facility with
Barclays, signed in October 2024.
Unaudited Group operating loss was £11k (H1 FY2025: loss £0.8m) and the loss
after tax was £1.8m (H1 FY2025: loss £2.2m) leading to a reduction in the
loss per share from 1.26p to 1.05p. The adjusted loss per share improved 18%
from 0.87p to 0.71p.
Cashflow
The Group generated £4.8m of cash from operations (H1 FY2025: £4.2m) on a
post IFRS16 basis, and £2.3m pre IFRS16 (H1 FY2025: £2.3m), demonstrating
the strong cashflow characteristics of the business. £2.8m was invested in
plant and equipment and intangibles, offset by £0.5m landlord contributions
received. This investment comprised capital expenditure of £1.2m within Boom
owner-operated sites, of which £0.3m represented maintenance capex, capital
expenditure of £1.4m in Escape Hunt owner operated sites, of which
maintenance capex was £0.1m, and £0.1m of group capital expenditure.
£0.8m of loan repayments were made, predominantly vendor and fit out finance,
and interest payments totalled £0.4m. Rental payments, classified under
IFRS16 as capital and interest payments totalled £2.5m.
Since the period end, the Group has refinanced its revolving credit facility
(RCF) with a new £20m RCF with HSBC, details of which are provided above.
£9.0m of the original Barclays facility was drawn at period end, of which
£3m was repaid in November 2025 leaving £6.0m drawn at the date of this
report.
Cash at 28 September 2025 was £4.5m, offset by £9.8m of debt leaving net
debt of £5.3m, an increase of £0.4m over the net debt position at 31 Mar
2025 (£4.9m).
Financial position
Movements on the balance sheet largely reflect the capital investment and
related funding undertaken during the period.
Current assets increased to £11.3m, driven by an increase in cash and
receivables (landlord contributions and supplier related rebates and listing
fees). Net current liabilities reduced from £10.6m to £5.4m,
strengthening the group's overall financial position.
Net assets as at 28 September 2025 stood at £21.9m (31 March 2025: £23.8m).
GOING CONCERN
As detailed in note 2 to the Interim Financial Statements, the Directors are
satisfied that the Group has adequate resources to continue in operation for
the foreseeable future, a period of at least 12 months from the date of this
report.
POST PERIOD END TRADING AND OUTLOOK
The group has delivered a robust performance in the period amidst tough
conditions. Escape Hunt's performance has bounced back strongly after a
challenging first quarter. Like-for-like sales growth in the thirteen weeks
to 28 September was 6.8% and this has improved further to 8.3% in the nine
weeks to 30 November 2025. Cost savings at site level are largely offsetting
the increase in labour costs such that the division is generating strong
margins ahead of our internal benchmarks.
Boom, which has traded better than the experiential leisure market as a whole
in the period, has nevertheless experienced ongoing negative like-for-like
sales trends against a strong prior year comparative. Corporate pre-bookings
for the critical Christmas weeks are significantly ahead of prior year, partly
offsetting reduced levels of consumer spend. Improved terms achieved with
drinks suppliers together with effective cost controls at site level are
mitigating the impact and have helped and will continue to help site level
margins. The outcome for the full year is heavily dependent on the final
weeks before Christmas and, in the case of Escape Hunt, the two weeks
following Christmas. We will be providing an update on trading in late
January / early February 2026.
Richard Harpham
Chief Executive Officer
8 December 2025
Note on alternative performance measures (APMs)
The Group uses APMs alongside statutory measures throughout the interim report
("Report"). The APMs are not intended to replace statutory financial
measures but are provided for the following reasons:
1. to provide users of the Report with a clear view of what the
Company consider to be its underlying operations and enabling a consistent
comparison over time as well as across the industry and sector
2. to provide additional information to users the Report about the key
performance indicators used in the business consistent with the measures used
by the Company leadership
APM Reason for use H1 FY2026 H1 FY2025
£m £m
Adjusted EBITDA 1,2 Operating profit (0.01) (0.79)
Depreciation and amortisation 3.95 3.09
(Profit) / Loss on disposal of assets 0.00 0.07
Branch closure costs and dilapidations provision 0.194 0.108
Contract termination and other exceptional costs 0.05 0.40
Share-based payment expense 0.02 0.02
Branch pre-opening costs 0.49 0.31
IFRS 9 provisions 0.03 (0.02)
Foreign currency gains / (losses) (0.01) (0.01)
Adjusted EBITDA 4.71 3.17
Adjusted Pre IFRS16 EBITDA 1,2 Adjusted EBITDA 4.71 3.17
IFRS 16 adjustments (3.01) (1.70)
Adjusted Pre-IFRS 16 EBITDA 1.70 1.47
Adjusted operating profit 1 Operating profit (0.01) (0.79)
Pre-Opening costs 0.49 0.31
Exceptional costs / income 0.11 0.40
Adjusted Operating profit 0.59 (0.08)
Adjusted EPS 1 Adjusted Operating profit 0.59 (0.08)
Interest (1.83) (1.41)
Tax 0.00 0.00
Adjusted Profit after tax (1.24) (1.50)
Weighted average shares in issue 175.2 174.9
Adjusted EPS (0.71) (0.87)
Pre IFRS16 Cash from operations 1,2 Cash Generated in operating activities 4.8 4.2
Finance lease payments (2.5) (1.9)
Pre IFRS16 Cash from operating activities 2.3 2.3
Free Cashflow 1,2 Pre IFRS16 Cash from operating activities 2.3 2.3
Maintenance capital expenditure (0.5) (0.3)
Net interest paid (0.4) (0.2)
Free cashflow 1.4 1.8
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 28 SEPT 2025
26 weeks ended Six months ended
28 Sept 2025 30 Sept 2024
Note Unaudited Unaudited
£'000 £'000
Continuing operations
Revenue 28,211 24,895
Cost of sales (10,952) (9,267)
Gross profit 17,259 15,628
Other income 151 -
Administrative expenses (17,421) (16,414)
) )
Operating loss (11) (785)
Adjusted EBITDA 4,712 3,173
Amortisation of intangibles (121) (77)
Depreciation (3,827) (3,013)
Dilapidations provision (128) (108)
Loss on disposal of tangible assets - (71)
Contract termination, branch closure and other exceptional costs (111) (384)
Branch pre-opening costs (487) (307)
Provision against loan to franchisee - (12)
Foreign currency gains / (losses) 7 13
IFRS 9 provision for guarantee losses (33) 22
Share-based payment expense (23) (22)
Operating loss (11) (786)
Interest received 18 43
Interest expense (386) (195)
Lease finance charges 13 (1,464) (1,261)
Loss before taxation (1,843) (2,199)
Taxation 7 1 (8)
Loss after taxation (1,842) (2,207)
Other comprehensive income:
Items that may or will be reclassified to profit or loss:
Exchange differences on translation of foreign operations (17) 4
Total comprehensive loss (1,859) (2,203)
Loss attributable to:
Equity holders of XP Factory plc (1,842) (2,203)
(1,842) (2,203)
Total comprehensive loss attributable to:
Equity holders of XP Factory plc (1,859) (2,203)
(1,859) (2,203)
Loss per share attributable to equity holders:
Basic (Pence) 6 (1.05) (1.26)
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 28 SEPT 2025
As at As at
20122012 20122012
28 Sept 31 March
2025 2025
Note Unaudited Unaudited
£'000 £'000
ASSETS
Non-current assets
Property, plant and equipment 8 25,399 25,178
Right-of-use assets 9 25,897 26,858
Intangible assets 10 21,993 23,673
Rent deposits and other 336 113
73,625 75,822
Current assets
Inventories 484 495
Trade receivables 1,810 843
Other receivables and prepayments 4,511 3,357
Cash and bank balances 4,523 1,095
11,328 5,790
TOTAL ASSETS 84,953 81,612
LIABILITIES
Current liabilities
Trade payables 3,180 3,663
Contract liabilities 2,452 2,153
Other loans 14 727 1,140
Lease liabilities 13 2,700 2,419
Other payables and accruals 7,610 6,714
Provisions 12 73 294
16,742 16,383
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 28 SEPT 2024
(continued)
As at As at
28 Sept 31 March
2025 2025
Note Unaudited Unaudited
£'000 £'000
Non-current liabilities
Contract liabilities 1,358 597
Provisions 12 1,500 1,175
Other loans 14 9,084 4,847
Deferred tax liability 4 5
Lease liabilities 13 34,318 34,822
-
46,264 41,446
TOTAL LIABILITIES 63,006 57,829
NET ASSETS 21,947 23,783
EQUITY
Capital and reserves attributable to equity holders of XP Factory plc
Share capital 15 2,190 2,190
Share premium account - -
Merger relief reserve - -
Accumulated profits 19,762 21,604
Currency translation reserve (435) (418)
Capital redemption reserve 46 46
Share-based payment reserve 384 361
TOTAL EQUITY 21,947 23,783
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE SIX MONTHS ENDED 28 SEPT 2025
Share capital Share premium account Merger relief reserve Currency translation reserve Capital redemption reserve Share-based payment reserve Accumulated losses Total
Six months ended £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
28 Sept 2025
Balance as at 2,182 48,832 - (387) 46 334 (28,184) 22,823
1 April 2025
Loss for the period - - - - - - - (1,842)
Other comprehensive income - - - (17) - - - -
Total comprehensive loss - - - (17) - - - (1,842)
Share-based payment charge - - - - - 23 - 23
Transactions with owners - - - - - 23 - 23
Balance as at 28 Sept 2025 2,190 - - (435) 46 384 - 19,762
Share capital Share premium account Merger relief reserve Currency translation reserve Capital redemption reserve Share-based payment reserve Accumulated losses Total
Six months ended £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
30 Sept 2024
Balance as at 2,182 48,832 - (391) 46 312 (25,977) 25,004
1 April 2024
Loss for the period - - - - - - (2,207) (2,207)
Other comprehensive income - - - 4 - - - 4
Total comprehensive loss - - - 4 - - (2,207) (2,203)
Share-based payment charge - - - - - 22 - 22
Transactions with owners - - - - - 22 - 22
Balance as at 30 Sept 2024 2,182 48,832 - (387) 46 334 (28,184) 22,823
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 30 SEPT 2025
26 weeks ended Six months ended
28 Sept 2025 30 Sept 2024
Unaudited Unaudited
Cash flows from operating activities Note £'000 £'000
Loss before income tax (1,843) (2,199)
Adjustments:
Depreciation of property, plant and equipment 8 2,485 1,842
Depreciation of right-of-use assets 9 1,342 1,171
Amortisation of intangible assets 10 121 77
Provision against non-current assets - 12
Loss on write-off of property, plant and equipment 71
Share-based payment expense 23 22
Foreign currency movements (8) 24
Lease interest charges 12 1,464 1,261
Dilapidations provision 12 128 108
Provisions for guarantee losses 33 (22)
Interest expense / (income) 368 153
Operating cash flow before working capital changes 4,113 2,520
Decrease in trade and other receivables (2,327) 566
Increase in inventories 11 11
Increase in trade and other payables 1,794 632
Increase in provisions (57) -
Increase / (decrease) in deferred income 1,309 464
Cash generated / (used) in operations 4,843 4,193
Income taxes paid - (16)
Net cash generated / (used) in operating activities 4,843 4,177
Cash flows from investing activities
Purchase of property, plant and equipment 8 (2,711) (3,520)
Landlord incentives received 475 445
Purchase of intangibles 10 (71) (87)
Receipt / (payment) of deposits (16) -
Movement on loans to franchisees - -
Acquisition of business, net of cash acquired - (100)
Interest received 18 43
Net cash used in investing activities (2,305) (3,219)
Cash flows from financing activities
Proceeds from issue of ordinary shares 13 - -
Interest payments (386) (195)
Finance lease payments 12 (2,543) (1,927)
New loans drawn 4,670 146
Repayment of loans (846) (1,055)
( (
Net cash generated / (used) from financing activities 895 (3,031)
Net increase / (decrease) in cash and bank balances 3,433 (2,073)
Cash and cash equivalents at beginning of period 1,095 3,935
Exchange rate changes on cash held in foreign currencies (5) (9)
Cash and cash equivalents at end of period 4,523 1,853
NOTES TO THE UNAUDITED INTERIM REPORT
1. General information
The Company was incorporated in England on 17 May 2016 under the name of
Dorcaster Limited with registered number 10184316 as a private company with
limited liability under the Companies Act 2006. The Company was re-registered
as a public company on 13 June 2016 and changed its name to Dorcaster Plc on
13 June 2016. On 8 July 2016, the Company's shares were admitted to AIM.
Until its acquisition of Experiential Ventures Limited on 2 May 2017, the
Company was an investing company (as defined in the AIM Rules for Companies)
and did not trade.
On 2 May 2017, the Company ceased to be an investing company on the completion
of the acquisition of the entire issued share capital of Experiential Ventures
Limited. Experiential Ventures Limited was the holding company of the Escape
Hunt Group, the activities of which related solely to franchise.
On 2 May 2017, the Company's name was changed to Escape Hunt plc and became
the holding company of the enlarged Escape Hunt Group. Thereafter the group
established the Escape Hunt owner operated business which operates through a
UK subsidiary. All of the Escape Hunt franchise activity was subsequently
transferred to a UK subsidiary. On 22 November 2021, the Company acquired BBB
Franchise Limited, together with its subsidiaries operating collectively as
Boom Battle Bars. At the same time, the Group took steps to change its name
to XP Factory Plc with the change taking effect on 3 December 2021.
XP Factory Plc currently operates two fast growing leisure brands. Escape
Hunt is a global leader in providing escape-the-room experiences delivered
through a network of owner-operated sites in the UK, an international network
of franchised outlets in Europe, Australia and North America, and through
digitally delivered games which can be played remotely.
Boom Battle Bar is a fast-growing network of owner-operated and franchise
sites in the UK that combine competitive socialising activities with themed
cocktails, drinks and street food in a high energy, fun setting. Activities
include a range of games such as augmented reality darts, Bavarian axe
throwing, 'crazier golf', shuffleboard and others.
The Company's registered office is Ground Floor and Basement Level, 70-88
Oxford Street, London, England, W1D 1BS.
The consolidated interim financial information represents the unaudited
consolidated results of the Company and its subsidiaries, (together referred
to as "the Group"). The Consolidated Interim Financial Statements are
presented in Pounds Sterling, which is the currency of the primary economic
environment in which the Company operates.
2. Basis of preparation
These interim consolidated financial statements have been prepared in
accordance with IAS 34 Interim Financial Reporting. They do not include all
disclosures that would otherwise be required in a complete set of financial
statements and should be read in conjunction with the 2024/25 annual report.
The statutory financial statements for the period ended 31 March 2025 were
prepared in accordance with International Financial Reporting Standards in
accordance with the requirements of the Companies Act 2006. The auditors
reported on those financial statements; their Audit Report was unqualified.
These interim consolidated financial statements have been prepared for the
period 1 April 2025 to 28 September 2025 as the group is undergoing a move
away from monthly reporting towards the 4-4-5 period reporting more often used
by retail companies. The comparative six months represents a slightly
different period therefore but the directors do not believe this difference is
material for the purposes of analysis.
The interim financial information is unaudited and does not constitute
statutory accounts as defined in the Companies Act 2006.
The interim financial information was approved and authorised for issue by the
Board of Directors on 8 December 2025.
3. Going concern
The financial statements have been prepared on a going concern basis which
contemplates the continuity of normal business activities and the realisation
of assets and the settlement of liabilities in the ordinary course of
business.
The directors have assessed the Group's ability to continue in operational
existence for the foreseeable future in accordance with the Financial
Reporting Council's Guidance on the going concern basis of accounting and
reporting on solvency and liquidity risks issued in April 2016.
The Board has prepared detailed cashflow forecasts covering a 54 month period
from the reporting date. The forecasts take into account the Group's plans
to continue to expand the network of both Boom Battle Bar and Escape Hunt
sites through organic growth. The forecasts consider downside scenarios
reflecting the potential impact of an economic slowdown, delays in the roll
out of sites and inflationary pressures. Based on the assumptions contained
in the scenarios considered and taking into account mitigating actions that
could be taken in the event of adverse circumstances, the directors consider
there are reasonable grounds to believe that the Group will be able to pay its
debts as and when they become due and payable, as well as to fund the Group's
future operating expenses. The going concern basis preparation is therefore
considered to be appropriate in preparing these financial statements.
4. Significant accounting policies
The Company has applied the same accounting policies, presentation, methods of
computation, significant judgements and the key sources of estimation of
uncertainties in its interim consolidated financial statements as in its
audited financial statements for the period ended 31 March 2025, which have
been prepared in accordance with International Financial Reporting Standards
in accordance with international accounting standards in conformity with the
requirements of the Companies Act 2006.
5. Segment information
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker, who is responsible for allocating resources and assessing
performance of the operating segments, has been identified as the group of
executive directors and the chief executive officer who make strategic
decisions.
Management considers that the Group has four operating segments. Revenues are
reviewed based on the nature of the services provided under each of the Escape
Hunt and Boom Battle Bar brands as follows:
1. The Escape Hunt franchise business, comprising 20 sites, where all
franchised branches are operating under effectively the same model;
2. The Escape Hunt owner-operated branch business, which as at 28 Sept
2025 consisted of 23 Escape Hunt sites in the UK, one in Dubai, one in Paris
and one in Brussels;
3. The Boom Battle Bar owner-operated business, which as at 28 Sept
2025 comprised 25 Boom Battle Bar sites in the UK and one in Dubai.
4. The Boom Battle Bar franchise business, comprising 5 sites, where
all franchised branches operate under the same model within the Boom Battle
Bar brand; and
The Group operates on a global basis. As at 28 Sept 2025, the Company had
active Escape Hunt franchisees in 7 countries. The Company does not presently
analyse or measure the performance of the franchising business into geographic
regions or by type of revenue, since this does not provide meaningful analysis
for managing the business.
Escape Hunt Owner Escape Hunt Franchise Unallocated Total
operated Boom Owner operated Boom Franchise
Twenty six weeks ended 28 Sept 2025 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 7,336 264 20,381 230 - 28,211
Cost of sales (2,101) - (8,850) (1) - (10,952)
Gross profit 5,235 264 11,531 229 - 17,259
Site level operating costs (1,795) - (6,489) 1 (51) (8,334)
Other income 149 - (49) - 51 7 151
Site level EBITDA 3,589 264 4,993 230 - 9,076
Centrally incurred overheads (1,169) 2 (1,105) (1) (2,821) (5,094)
Depreciation and amortisation (1,113) - (2,695) (19) (121) (3,948)
Exceptional items (9) - (29) - (7) (45)
Operating profit / (loss) 1,298 266 1,164 210 (2,949) (11)
Adjusted EBITDA 2,701 252 4,291 229 (2,761) 4,712
Depreciation and amortisation (837) - (1,629) (19) (121) (2,606)
Depreciation of right-of-use assets (275) - (1,067) - - (1,342)
Dilapidations provision (36) - (92) - - (128)
Contract termination, branch closure and other exceptional costs (28) - (76) - (7) (111)
Pre-opening costs (224) - (263) - - (487)
Provision against guarantee losses - - - - (33) (33)
Foreign currency gains (3) 10 - - - 7
Share-based payment expenses - - - - (23) (23)
Operating profit 1,298 266 1,164 210 (2,949) (11)
Interest income / (expense) - - (46) (6) (316) (368)
Finance lease charges (190) - (1,274) - - (1,464)
Profit/(loss) from operations before tax 1,108 266 (156) 204 (3,265) (1,843)
Taxation - - - - 1 1
Profit / (loss) for the period 1,108 266 (156) 204 (3,264) (1,842)
Other information:
Non-current assets 11,451 - 41,582 1,311 19,281 73,625
Escape Hunt Owner Escape Hunt Franchise Unallocated Total
operated Boom Owner operated Boom Franchise
Six months ended 30 Sept 2024 £'000 £'000 £'000 £'000 £'000 £'000
Revenue 6,510 292 17,555 538 - 24,895
Cost of sales (1,862) - (7,405) - - (9,267)
Gross profit 4,648 292 10,150 538 - 15,628
Site level operating costs (1,746) - (6,846) - - (8,592)
Other income - - - - - 7 -
Site level EBITDA 2,902 292 3,304 538 - 7,036
Centrally incurred overheads (1,032) (3) (585) - (2,727) (4,346)
Depreciation and amortisation (866) (15) (2,156) (42) (12) (3,091)
Exceptional items (49) - (299) - (36) (384)
Operating profit / (loss) 955 274 264 496 (2,775) (786)
Adjusted EBITDA 2,107 269 2,975 538 (2,715) 3,173
Depreciation and amortisation (619) (15) (1,231) (42) (12) (1,919)
Depreciation of right-of-use assets (247) - (924) - - (1,171)
Dilapidations provision (35) - (73) - - (108)
Contract termination and other exceptional costs (49) - (299) - (36) (384)
Pre-opening costs (198) - (109) - - (307)
Provision against guarantee losses - - - - 22 22
Provision against loan to franchisee - - - - (12) (12)
Loss on disposal of assets (4) - (67) - - (71)
Foreign currency gains - 20 (7) - - 13
Share-based payment expenses - - - - (22) (22)
Operating profit 955 274 264 496 (2,775) (786)
Interest income / (expense) - - - (152) (152)
Finance lease charges (179) - (1,082) - - (1,261)
Profit/(loss) from operations before tax 776 274 (818) 496 (2,927) (2,199)
Taxation (5) - (11) 8 - (8)
Profit / (loss) for the period 771 274 (829) 505 (2,928) (2,207)
Other information:
Non-current assets 9,448 25 38,773 70 22,374 70,690
6. Loss per share
Basic loss per share is calculated by dividing the loss attributable to equity
holders by the weighted average number of ordinary shares in issue during the
period. Diluted loss per share is not presented as the potential issue of
ordinary shares from the exercise of options are anti-dilutive.
26 weeks Six months
ended ended
28 Sept 30 Sept
2024 2024
Unaudited Unaudited
£ £
Loss after tax (£000) (1,842) (2,207)
Weighted average number of shares:
- Basic and diluted 175,157,600 174,918,256
Loss per share (pence)
- Basic and diluted 1.05 1.26
7. Taxation
The tax charge is based on the expected effective tax rate for the year. The
Group estimates it has tax losses of approximately £25.9m as at 28 Sept 2024
(30 Sept 2024: £20.1m) which, subject to agreement with taxation authorities,
would be available to carry forward against future profits. The estimated tax
value of such losses amounts to approximately £6.5m (30 Sept 2024: £5m).
8. Property, plant and equipment
Leasehold property Office equipment Computers
Furniture and fixtures Games Total
£'000 £'000 £'000 £'000 £'000 £'000
Cost
At 31 March 2025 24,102 206 838 4,816 11,004 40,966
Additions arising from purchases 870 - 51 372 1,418 2,711
Disposals - - - - - -
Additions arising from acquisition - - - - - -
Reanalysis (6) (24) - 39 (9) -
Conversion differences (16) (3) (2) (1) - (22)
As at 28 Sept 2025 24,950 179 887 5,226 12,413 43,655
Accumulated depreciation
At 31 March 2025 (7,818) (139) (506) (1,703) (5,622) (15,788)
Depreciation charge (1,192) (21) (101) (402) (768) (2,484)
Disposals - - - - - -
Additions arising from acquisitions - - - - - -
Reanalysis (77) (23) 5 81 14 -
Conversion differences (13) (2) 2 (1) (2) (16)
As at 28 Sept 2025 (8,920) (135) (614) (2,185) (6,402) (18,256)
Carrying amounts
At 31 March 2025 16,284 67 332 3,113 5,382 25,178
As at 28 Sept 2025 16,030 44 273 3,041 6,011 25,399
9. Right-of-use assets
As at As at
28 Sept 31 March
2025 2025
£'000 £'000
Land and buildings - right-of-use asset cost b/f 34,475 25,442
Closures / leases ended for renegotiation during the period - -
Additions during the year, including through acquisition 855 10,215
Lease incentives (475) (1,182)
Less: Accumulated depreciation b/f (7,617) (5,116)
Depreciation charged for the period (1,341) (2,501)
Net book value 25,897 26,858
The additions of in the period relate to new leases signed. The Group leases
land and buildings for its offices and escape room venues under agreements of
between five to fifteen years with, in some cases, options to extend. The
leases have various escalation clauses. On renewal, the terms of the leases
are renegotiated.
10. Intangible assets
Goodwill Trademarks and patents Intellectual property Internally generated IP Franchise agreements App Quest Portal Total
£'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Cost
At 31 March 2025 24,185 114 10,195 2,074 720 100 453 37,841
Additions - - - 63 - - 8 71
Disposals - - - - - - - -
Additions arising from acquisition (731) - - - - - - (731)
Re-analysis (899) - - - - - - (899)
Conversion differences - - - - - - (1) (1)
As at 28 Sept 2025 22,555 114 10,195 2,137 720 100 460 36,281
Accumulated amortisation
At 31 March 2025 (1,448) (89) (10,195) (1,300) (700) (100) (336) (14,168)
Amortisation - (4) - (87) (5) - (24) (120)
Disposals - - - - - - - -
Additions arising from acquisitions - - - - - - - -
Conversion Differences - - - - - - - -
At 28 Sept 2025 (1,448) (93) (10,195) (1,387) (705) (100) (360) (14,288)
Carrying amounts
At 31 March 2025 22,737 25 - 774 20 - 117 23,673
At 28 Sept 2025 21,107 21 - 750 15 - 100 21,993
11. Provisions
As at As at
28 Sept 2025 31 March 2025
£'000 £'000
Dilapidations provisions 891 775
Provision for financial guarantee contracts 91 58
Other provisions 591 636
Provisions at end of period 1,573 1,469
Due within one year 73 294
Due after more than one year 1,500 1,175
1,573 1,469
The movement on provisions in the period can be analysed as follows:
26 weeks ended 28 Sept 2025 Six months ended
30 Sept 2024
£'000 £'000
Balance at beginning of period 1,469 609
Movement in dilapidations provision 116 108
IFRS 9 Provision for lease guarantees 33 (22)
Movement in other provisions (45) 185
Provisions at end of period 1,573 881
12. Lease liabilities
Period ended Six months ended
28 Sept 2025 30 Sept 2024
£'000 £'000
In respect of right-of-use assets
Balance at beginning of period 37,241 29,819
Closures / leases ended for renegotiation during the period - -
Additions during the period 854 5,527
Interest Incurred 1,464 1,261
Repayments during the period (2,543) (1,927)
Rent concessions received - -
Reallocated from accruals and trade payables
Lease liabilities at end of period 37,017 34,680
As at As at
28 Sept 31 March
2025 2025
£'000 £'000
Maturity
< 3 months 651 669
3 - 12 months 2,013 1,749
Non-current 34,353 34,823
Total lease liabilities 37,017 37,241
13. Borrowings
As at As at
28 Sept 31 March
2025 2025
£'000 £'000
Amounts due within one year
Vendor loans and loan notes 279 433
Fit out finance, including equipment finance leases 422 492
Bank and other borrowings 28 215
729 1,140
Amounts due in more than one year:
Vendor loans and loan notes 18 173
Fit out finance 177 286
Bank and other borrowings 8,887 4,388
As at end of period / year 9,082 4,847
Total at end of period / year 9,811 5,987
The Group has a £10m revolving credit facility used for funding capital
expenditure and general working capital and has utilised asset backed fit-out
finance to fund fit outs in certain Boom and Escape Hunt locations. The
group has uses a loan facility to spread the cost of insurance over the
year. Vendor loans comprises deferred consideration in respect of previous
acquisitions of Boom franchise sites. The total fit-out finance outstanding as
at 28 September 2025 was £599k; vendor loans £297k; bank and other loans
totaled £8,915k.
14. Share capital
As at As at
28 Sept 31 March
2025 2025
Unaudited
£'000 £'000
As at beginning of period / year
- 175,157,600 (Mar 2025: 174,557,600)
Ordinary shares of 1.25 pence each 2,190 2,182
Issued during the period / year - 8
- nil Ordinary shares (2024/25: 600,000)
As at end of period / year 2,190 2,190
- 175,157,600 (Mar 2025: 175,157,600)
Ordinary shares of 1.25 pence each
15. Share option and incentive plans
Escape Hunt plc Enterprise Management Incentive Plan
On 15 July 2020, the Company established the Escape Hunt plc Enterprise
Management Incentive Plan ("2020 EMI Plan"). The 2020 EMI Plan is an HMRC
approved plan which allows for the issue of "qualifying options" for the
purposes of Schedule 5 to the Income Tax (Earnings and Pensions) Act 2003
("Schedule 5"), subject to the limits specified from time to time in paragraph
7 of Schedule 5, and also for the issue of non qualifying options.
It is the Board's intention to make awards under the 2020 EMI Plan to attract
and retain senior employees. The 2020 EMI Plan is available to employees
whose committed time is at least 25 hours per week or 75% of his or her
"working time" and who is not precluded from such participation by paragraph
28 of Schedule 5 (no material interest). The 2020 EMI Plan will expire on
the 10th anniversary of its formation.
The Company has made five awards to date as set out in the table below. The
options are exerciseable at their relevant exercise prices and vest in three
equal tranches on each of the first, second and third anniversary of the
grants, subject to the employee not having left employment other than as a
Good Leaver. The number of options that vest are subject to a performance
condition based on the Company's share price. This will be tested on each
vesting date and again between the third and fourth anniversaries of awards.
If the Company's share price at testing equals the first vesting price, one
third of the vested options will be exercisable. If the Company's share price
at testing equals the second vesting price, 90 per cent of the vested options
will be exercisable. If the Company's share price at testing equals or exceeds
the third vesting price, 100% of the vested options will be exercisable. The
proportion of vested options exercisable for share prices between the first
and second vesting prices will scale proportionately from one third to 90 per
cent. Similarly, the proportion of options exercisable for share prices
between the second and third vesting prices will scale proportionately from 90
per cent to 100 per cent.
The options will all vest in the case of a takeover. If the takeover price
is at or below the exercise price, no options will be exercisable. If the
takeover price is greater than or equal to the second vesting price, 100 per
cent of the options will be exercisable. The proportion of options
exercisable between the first and second vesting prices will scale
proportionately from nil to 100 per cent.
If not exercised, the options will expire on the seventh anniversary of
award. Options exercised will be settled by the issue of ordinary shares in
the Company.
Awards #1 #2 #3 #4 #5
Date of award 15-Jul-20 18-Nov-21 23-Nov-21 15-Dec-23 01-Oct-24
Date of expiry 15-Jul-27 18-Nov-26 23-Nov-26 31-Jul-30 31-Jul-31
Exercise price 7.5p 35.0p 35.0p 15.0p 14.0p
Qualifying awards - number of shares under option 13,333,332 700,001 533,334 0 0
Non-qualifying awards - number of shares under option 2,400,000 0 0 666,666 2,359,905
Awards Lapsed 0 0 266,667 0 0
First vesting price 11.25p 43.75p 43.75p 18.75p 18.76p
Second vesting price 18.75p 61.25p 61.25p 25.00p 24.50p
Third vesting price 25.00p 70.00p 70.00p 26.25p 34.16p
Proportion of awards vesting at first vesting price 33.33% 33.33% 33.33% 33.33% 33.33%
Proportion of awards vesting at second vesting price 90.00% 90.00% 90.00% 90.00% 90.00%
Proportion of awards vesting at third vesting price 100% 100% 100% 100% 100%
As at 28 Sept 2025, 19,726,571 options were outstanding under the 2020 EMI
Plan (30 Sept 2024, 17,366,666).
The sum of £15,496 has been recognised as a share-based payment and charged
to the profit and loss during the period (6 months ended 30 Sept 2024:
£13,022). The fair value of the options granted during the period has been
calculated using the Black & Scholes formula with the following key
assumptions:
Table 2
Awards #1 #2 #3 #4 #5
Exercise price 7.5p 35.0p 35.0p 15.0p 14.0p
Volatility 34.60% 31% 31% 35% 35%
Share price at date of award 7.375p 33.50p 32.00p 15.00p 12.50p
Option exercise date 16-Jul-24 19-Nov-26 24-Nov-26 31-Jul-29 31-Jul-30
Risk free rate -0.05% 1.55% 1.55% 3.5% 4.13%
The performance conditions were taken into account as follows:
The value of the options have then been adjusted to take account of the
performance hurdles by assuming a lognormal distribution of share price
returns, based on an expected return on the date of issue. This results in
the mean expected return calculated using a lognormal distribution equaling
the implied market return on the date of issue validating that the expected
return relative to the volatility is proportionately correct. This was then
used to calculate an implied probability of the performance hurdles being
achieved within the four year window and the Black & Scholes derived
option value was adjusted accordingly.
Time based vesting: It has been assumed that there is between a 90% and 95%
probability of all share option holders for each award remaining in each
consecutive year thereafter.
The weighted average remaining contractual life of the options outstanding at
28 Sept 2025 is 27.9 months (30 Sept 2024: 12.9 months).
An option-holder has no voting or dividend rights in the Company before the
exercise of a share option.
Escape Hunt Employee Share Incentive Scheme
In January 2021, the Company established the Escape Hunt Share Incentive
Plan ("SIP").
The SIP has been adopted to promote and support the principles of wider share
ownership amongst all the Company's employees. The Plan is available to all
eligible employees, including Escape Hunt 's executive directors, and invites
individuals to elect to purchase ordinary shares of 1.25p each in the Company
via the SIP trustee using monthly salary deductions. Shares are be purchased
monthly by the SIP trustee on behalf of the participating employees at the
prevailing market price. Individual elections can be as little as £10 per
month, but may not, in aggregate, exceed £1,800 per employee in any one tax
year. The Ordinary Shares acquired in this manner are referred to as
"Partnership Shares" and, for each Partnership Share purchased, participants
are awarded one further Ordinary Share, known as a "Matching Share", at nil
cost.
Matching Shares must normally be held in the SIP for a minimum holding period
of 3 years and, other than in certain exceptional circumstances, will be
forfeited if, during that period, the participant in question ceases
employment or withdraws their corresponding Partnership Shares from the Plan.
As at 28 September 2025, 802,054 matching shares (30 September 2024: 538,916)
had been awarded and were held by the trustees for release to employees
pending satisfaction of their retention conditions . A charge of £7,610 (6
months to 30 Sept 2024: £9,243) has been recognised in the accounts in
respect of the Matching Shares awards.
16. Key management personnel compensation
26 weeks ended Six months
ended
28 Sept 30 Sept
2025 2024
Unaudited Unaudited
£'000 £'000
Salaries and benefits (including directors) 412 421
Share-based payments 5 7
Social security costs 81 77
Other post-employment benefits 16 20
Less amounts capitalised (46) (26)
Total 468 501
17. Related party transactions
During the period under review, the Directors are not aware of any significant
transactions with related parties (six months ended 30 Sept 2024 nil).
18. Subsequent Events
Since the period end, the group has reached agreement to refinance its bank
facilities, securing a new 3 year, £20 million revolving credit facility with
HSBC. This replaces the previous £10m facility with Barclays which expires
in October 2026.
COMPANY INFORMATION
Directors
Richard Rose, Independent Non-Executive Chairman
Richard Harpham, Chief Executive Officer
Graham Bird, Chief Financial Officer
Martin Shuker, Non-Executive Director
Philip Shepherd, Non-Executive Director
Company Secretary
Joanne Briscoe
Company number
10184316
Registered address
Boom Battle Bar Oxford Street
Ground Floor and Basement Level, 70-88 Oxford Street
London, England
W1D 1BS
Independent auditors
HW Fisher Audit (a trading name of Sumer Auditco Limited)
Acre House
11-15 William Rd
London
NW1 3ER
Nominated adviser and broker
Singer Capital Markets Advisory LLP
One Bartholomew Lane
London
EC2N 2AX
Registrars
Link Market Services Limited
29 Wellington Street
Leeds
LS1 4DL
1 (#_ftnref1) Data from CGA / RSM Hospitality Business Tracker
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR EANAPEFXSFFA
Copyright 2019 Regulatory News Service, all rights reservedRecent news on XP Factory
See all newsREG - XP Factory PLC - Interim Results
AnnouncementREG - XP Factory PLC - Director/PDMR Shareholding
AnnouncementREG - XP Factory PLC - Director/PDMR Shareholding
AnnouncementREG - XP Factory PLC - Result of AGM
AnnouncementREG - XP Factory PLC - Directorate Change
Announcement