Business
Final Results
Final Results.
About this update from Huddled Group Plc
[{"type":"text","content":"\n\n \n4th May 2023\nLet's Explore Group PLC\n \n(the \"Company\" or the \"Group\")\n \n2022 full year results\n \nLet's Explore Group PLC is pleased to announce its audited results for the year ended 31 December 2022. Following the year end, the Group's largest business, Location Based Entertainment (LBE) was sold for approximately $25m. Furthermore, a smaller subsidiary, Uvisan was also sold following the year end. Accordingly, these results represent the performance of the Group for the full year ended 31 December 2022 prior to these disposals.\n \nHighlights\n \n· Revenue from total operations up 23% to £11.6m (2021: £9.4m)\n· Adjusted EBTIDA from total operations up 51% to £1.4m (2021: £0.9m)\n· Loss after tax from total operations reduced to £0.7m (2021: £2.0m)\n· Disposal of the Location based entertainment based completed on 1 March 2023\n· Cash on hand circa £19m\n· Capital reduction confirmed by court on 25 April 2023, expected to become effective 5 May 2023\n· Company expects to return approximately £12.5m to shareholders by way of a tender offer\n \n \n Chairman's Statement\n \nAt the time of my last annual report, we had decided to focus on our LBE business. Normal trading conditions returned through 2022 and good progress was made with further expansion of the LBE estate and improved overall like-for-like trading. Accordingly, LBE revenue increased by 62% to £10.2m (2021: £6.4m)[1].\n \nThe continued growth of the LBE business clearly caught the eye of a potential acquirer and, following some detailed conversations, we received a serious approach for our LBE business in late 2022. After much debate, we decided certainty, in what was quickly becoming a very uncertain world, was the right decision for our shareholders, and as a result we took the decision to sell the LBE business to LBE BidCo, Inc. for approximately $25m in cash. This transaction was concluded on 28 February 2023.\n \nWe remain committed to returning circa £12.5m of the net cash from the sale to our shareholders via a tender offer which is expected to compl...