Escape Hunt plc (LON:ESC) digital and remote offerings have experienced stronger than expected demand, particularly from corporates restricted from physical events, including multi-nationals looking to bring teams together in different parts of the world. These new products are making a significant contribution to the impact of regulated site closures and restrictions on household mixing. The success of the company’s digital and remote strategy has led management to position these high margin products as a core rather than supplementary offering. We believe Escape Hunt’s digital and remote products are likely to see continued strong demand after the pandemic.
Trading in digital and remote play products in December has surpassed expectations. These high-margin sales should significantly offset the EBITDA impact from the temporary closure of some of the Escape Hunt’s sites and the restrictions on household mixing. So far in December, the company has delivered nearly 200 bookings for over 1000 corporate teams and 6000 individuals across six digital propositions. In addition, print-and-play games, including the Netflix™ Enola Holmes© game, are still proving popular with consumers.
The company has seen strong demand for its digital and remote products despite limited sales efforts. With increased sales commitment next year, we anticipate continued strong product momentum. We believe remote working is likely to continue in some capacity after the pandemic and Escape Hunt’s digital and remote products are likely to be used to increase employee engagement and enhance learning and development. The company has already made a number of bookings for January.
Escape Hunt now believes digital and remote products are strategically important to the long-term growth of the company, adding high potential new market segments and the ability to build a strong B2B brand.