Xp Factory PLC

First-pass take

XP Factory is a market-leading leisure operator with strong unit economics (Escape Hunt 44% EBITDA margins, 51% ROI; Boom 18% margins, 54% ROI) and operating leverage (central costs declining to 15% of revenue, targeting 10-12.5%). However, AI mention is nascent internal exploration only; business is cyclical consumer discretionary with net debt £4.9m and labour-cost headwinds from wage/NI rises. No valuation multiples disclosed.