Boxpark has reported year-on-year revenue growth, with sales £20.5m in the year ending April 2023 - 35% higher than in the year prior to Covid (April 2020).
During the period, the dining, leisure and retail concept managed significant cost increases to grow EBITDA by 14% to £5m (2020: £4.4m).
Group revenue has been robust despite macro-economic pressures, as the company adapted its offering to adjust for the change in work patterns post-pandemic, and decline of commuters exacerbated by the rail strikes.
Boxpark delivered around 600 events during the year, bolstering sales and helping to combat external pressures.
Event highlights, covering music, culture and sports, include campaigns such as its #WomxnWhoPlay women in sports initiative.
The Men’s World Cup football championships and Women’s Euros at Boxpark attracted major brand sponsorships which boosted group revenue.
The Women’s World saw Boxpark gain 40% more media coverage and 90% greater potential broadcast reach (1.9bn) than for the previous equivalent men’s competition.
Live concerts included the likes of Fatboy Slim, while the company launched its Black Card Sessions concept, with intimate live music gigs featuring emerging artists.
The group has continued to invest in technology, with members of its Black Card loyalty scheme rising by 26% to 1.3m customers.
Members are given special food and drink offers, priority access to high-profile events and exclusivity to certain events.
The number of employees has risen by 9% during the period, while Paul Thandi CBE, former CEO of The NEC Birmingham, joined as chairman.
Boxpark plans to open two-three sites per annum over the next five years in London and other major UK cities.
Liverpool and Boxhall City (London) are set to open first in 2024, with plans for Boxhall Bristol and another Boxpark in Birmingham.
CEO of Boxpark Simon Champion said: “We are pleased with our results in this period, delivering growth in like-for-like sales. We’ve successfully navigated a challenging trading environment with high-cost inflation, a stress on consumer spending, and changing patterns of consumers going out.”
“Our results are testament that our agile and resilient approach is working but we still need to remain cautious in such a tough market. Whilst we anticipate these macro challenges to continue for now, we are optimistic about the future prospects for the business, having announced the opening of BOXPARK Liverpool, the first of its kind outside of London in 2024, and now Birmingham.”
