XP Factory

XPF · AIM · Travel and Leisure · mcap £32m · 15.3p

XP Factory runs leisure venues in the UK: Escape Hunt escape rooms and Boom Battle Bar, which combines competitive games with food and drink. It owns most sites and also earns franchise income, including abroad.

Target	Promise	Said	Status
2024
31 Mar 2024	Meet market expectations for the 15 months to 31 March 2024.	18 Jan 2024	✓ Kept
	“provides confidence of achieving market expectations for the 15 month financial year to 31 March 2024” Result Results came in ahead of market expectations, with adjusted EBITDA of £6.3m. “Adjusted EBITDA of £6.3m pre IFRS16 and £9.9m post IFRS16 and the Group's first full reporting period operating profit (excluding revaluation gains) of £2.4m, up from a loss of £4.9m in the 12 months to December 2022 resulted in an outcome modestly ahead of market expectations.”2 Sep 2024 · Final Results
30 Sep 2024	Publish audited 15-month accounts before 30 September 2024.	8 May 2024	✓ Kept
	“the Company expects to publish audited financial statements for the 15 months to 31 March 2024 during the summer, and in any event before 30 September 2024” Result Audited results were published on 2 September 2024. “XP Factory is pleased to announce its audited final results for the 15 months ended 31 March 2024”2 Sep 2024 · Final Results
2026
29 Mar 2026	Open three more Escape Hunt sites by year end.	9 Dec 2025	◐ Partly kept
	“target to open three more sites by year end” Result Colchester was due to open in April 2026, after the year end; the other sites are not confirmed. “New openings: Two new Escape Hunt sites opened in Canterbury and Sheffield. One new Boom site opened in Reading”12 May 2026 · FY26 Trading Update “Colchester Escape Hunt site opened in April (post period end)”12 May 2026 · FY26 Trading Update
29 Mar 2026	Open Colchester Escape Hunt before year end, in time for Easter.	2 Feb 2026	◐ Partly kept
	“A new site is now in build in Colchester and expected to open before year end, in time for the Easter holidays.” Result Opening was reported as April 2026, just after the period end. “Colchester Escape Hunt site opened in April (post period end)”12 May 2026 · FY26 Trading Update
29 Mar 2026	FY26 pre-IFRS 16 adjusted EBITDA of £5.0m-£6.0m.	2 Feb 2026	✓ Kept
	“the Board expecting FY26 pre-IFRS16 adjusted EBITDA of between £5.0m and £6.0m.” Result FY26 EBITDA was £5.5m, within the range. “Pre-IFRS-16 Group Adjusted EBITDA was £5.5m (FY25: £6.6m)”7 Sep 2026 · Final Results
31 Mar 2026	Meet market expectations for the 12 months to 31 March 2026.	13 Aug 2025	✗ Missed · target changed
	“the Board remains cautiously optimistic the Group will meet market expectations for the 12 months ending 31 March 2026” Result Guidance was cut in February 2026 to £5.0m-£6.0m; outturn was £5.1m, marginally ahead of lowered expectations. “the Board now expects FY26 revenue and EBITDA to be below current market estimates with the Board expecting FY26 pre-IFRS16 adjusted EBITDA of between £5.0m and £6.0m”2 Feb 2026 · Trading Update “Pre-IFRS 16 adjusted EBITDA expected to be marginally ahead of the revised market expectations of £5.1m”12 May 2026 · FY26 Trading Update
31 May 2026	Appoint a successor to chairman Richard Rose by May 2026.	29 Sep 2025	✓ Kept
	“the Company initiates a process to identify and appoint his successor” Result James van den Bergh was appointed chairman in February 2026. 2 Feb 2026 · Appointment of Non-executive Chairman
Today · 9 Oct 2026
2027
2 Feb 2027	Pay the chairman's first salary shares on the anniversary of his appointment.	19 May 2026	… In progress
	“It is intended the Salary Shares will be paid upon the anniversary of appointment.” Status so far Not yet due.
FY27	Implement £1m annualised central cost savings, full benefit in FY27.	4 Dec 2024	… In progress
	“£1m HQ cost reductions implemented with full benefit expected in FY27” Also stated 7 Sep 2026 Status so far Not yet due.
31 Mar 2027	By end FY27: at least 28 Escape Hunt sites, £18.5m run-rate sales, central costs under £4m and group EBITDA of at least £4m.	28 Sep 2026	… In progress
	“targeting to deliver at least 28 UK owned sites open” Status so far Not yet due.
2028
31 Mar 2028	Double pre-IFRS 16 Group Adjusted EBITDA by March 2028.	4 Dec 2024	✗ Missed · target changed
	“plan to double Group Pre IFRS 16 EBITDA over 4 years” Result Replaced by a different target after the Boom sale in September 2026. “We have set out what we expect that capital to deliver - at least 50 UK sites, £30m of sales and £8m of EBITDA by FY31, funded within 1.5x leverage.”28 Sep 2026 · Disposal of Boom Battle Bar
31 Mar 2028	Reach £100m run-rate sales and £15m adjusted EBITDA by March 2028.	4 Dec 2024	✗ Missed · target changed
	“target to deliver £90m sales and £13m pre-IFRS 16 adjusted EBITDA for FY28” Also stated 14 Jan 2025 · 10 Feb 2025 · 5 Mar 2025 · 6 May 2025 · 1 Sep 2025 · 9 Dec 2025 Result FY26 guidance was cut, EBITDA fell to £5.5m, and the Boom sale replaced the group targets with Escape Hunt-only ones. “Pre-IFRS-16 Group Adjusted EBITDA was £5.5m (FY25: £6.6m)”7 Sep 2026 · Final Results
31 Mar 2028	Keep average Debt:EBITDA at about 1.0x (pre-IFRS 16).	4 Dec 2024	◐ Partly on track
	“Growth plans funded by cash generation and debt facility targeting average Debt:EBITDA ratios of c.1.0x” Status so far Net debt of £5.9m against £5.5m EBITDA is about 1.1x at FY26, but the plan has changed. “Net debt of £5.9m at 29 March 2026 (31 March 2025: £4.9m net debt)”7 Sep 2026 · Final Results
2031
31 Mar 2031	Reach at least 50 UK owned Escape Hunt sites by end of March 2031.	28 Sep 2026	… In progress
	“targeting to reach at least 50 UK owned Escape Hunt sites by the end of March 2031” Status so far Not yet due.