StockMarketWire.com - Escape room attractions company Escape Hunt said its annual losses more than doubled, owing to one-off costs including an impairment charge and business closure bill in Bangkok.

The company also launched a share issue to raise £4.0m to fund the roll-out of additional sites. News shares in the company were offered at 60p each.

Pre-tax losses for the year through December amounted to £10.0m, compared to losses of £4.1m on-year.

Revenue rose to £2.2m, up from 0.9m.

Expenses included the amortisation of intellectual property purchased at acquisition.

The impairment charge was driven by a decision to delay the roll-out of UK sites in 2017 while the business was re-branded.

'It has been a significant year of progress with elements of the business reorganised and eight owner-operated sites successfully rolled-out across the UK,' chief executive Richard Harpham said.

'The strength of the Escape Hunt brand helped us secure a major licensing agreement with the BBC, to create Doctor Who themed escape rooms.'

'This was an important milestone for the group and has helped us to deliver on our strategy of being the premier brand in the escape rooms sector.'

'The demand for experiential leisure is reflected in our success and ability to attract growing footfall and we look forward to opening more UK sites during 2019 whilst expanding our franchise overseas.'

At 2:18pm: [LON:ESC] Escape Hunt Plc share price was 0p at 61p



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