Escape Hunt trading 'encouraging' since reopening

Revenues for the five-week period since reopening its UK owner-operated sites were up 47% year-on-year, while on a like-for-like basis, revenues from the company's eight established UK owner-operated sites open in the same period in 2019 made up 87% of the revenue in the same period in 2019.

Escape Hunt also said it was still benefitting from initiatives implemented during 2020 to improve site-level margins, as well as a temporary reduction to its VAT rate.

As a result, estimated earnings before interest, tax, depreciation and amortisation at site level for the five weeks to 20 June was 310% of the site level EBITDA in the same five weeks in 2019.

On a like-for-like basis, site-level EBITDA from the company's eight established sites was 189% of its 2019 equivalent.

Chief executive Richard Harpham said: "We are delighted to have seen a healthy return of demand from consumers in the short period since our UK sites have been able to re-open and are pleased that we are realising the benefits of the efficiency measures implemented, leading to a significant improvement in our UK site-level EBITDA.

"The performance of our new sites in particular, gives us confidence in our strategy to continue to expand our network and we have a well-developed pipeline of attractive opportunities within a favourable property landscape. Where our franchisees have been able to operate without undue restriction, demand appears to be returning. Whilst there are undoubtedly still Covid-related risks to trading in the near term, performance in the last few weeks gives us cause for cautious optimism."

As of 1030 BST, Escape Hunt shares were down 3.08% at 37.80p.