Loungers PLC Trading update for the 24 weeks ended 1 October 23 (9693P)
13 Ottobre 2023 - 8:00AM
UK Regulatory
TIDMLGRS
RNS Number : 9693P
Loungers PLC
13 October 2023
13 October 2023
Loungers plc
("Loungers" or the "Group")
Trading update for the 24 weeks ended 1 October 2023
Acceleration in like for like sales growth and 16 new sites
opened during the period
Loungers, a leading operator of all-day café/bar/restaurants
across the UK under the Lounge, Cosy Club and Brightside brands,
today announces a trading update for the 24 weeks ended 1 October
2023.
The Group has delivered one year like for like (LFL) sales
growth of 7.7% over the 24 weeks to 1 October 2023. This represents
an acceleration from the LFL sales growth of 5.7% previously
reported for the 12 weeks to 9 July 2023 and reflects a
continuation of our strong LFL sales performance since the
pandemic. Relative to the 24 weeks ended 6 October 2019, LFL sales
are up 25.0%. The Group is pleased to have delivered total revenue
for H1 FY24 of GBP149.6m, up 22.3% on the previous year (H1 FY23:
GBP122.3m). Inflationary pressures continue to diminish in line
with our expectations.
Our balance sheet remains strong with non-property net debt at 1
October 2023 of GBP14.3m (2 October 2022: GBP9.5m), reflecting the
timing of September month end working capital cash outflows.
The Group has opened 16 new sites during H1 FY24 (H1 FY23: 11
new sites), taking the portfolio to 238 sites as at 1 October 2023.
One Lounge site has been opened to date in the second half and,
with a further 17 sites scheduled to open, we expect to open a
total of 34 new sites in the current financial year, a record
number.
Loungers will next update the market on 28 November 2023 when we
announce our half year results.
Nick Collins, CEO, commented:
" I am delighted with our strong trading performance across both
the mature estate and our new openings. Our consistent sales growth
reflects the continued evolution of our offer and the resilience of
the UK consumer and high street. We have now opened 34 sites in the
past 12 months, creating around 1,000 jobs in the process, and 72
sites since the last Covid lockdown. With a great pipeline of
further openings in front of us I have never felt more optimistic
about our prospects. None of this would be possible without our
amazing team, and as ever I would like to say a massive thank you
to them for their hard work ."
For further information please contact:
Loungers plc Via Powerscourt
Nick Collins, Chief Executive Officer
Gregor Grant, Chief Financial Officer
Houlihan Lokey UK Limited (Financial Tel: +44 (0) 20 7484
Adviser and NOMAD) 4040
Sam Fuller / Tim Richardson
Liberum Capital Limited (Joint Broker) Tel: +44 (0) 20 3100
Andrew Godber / John Fishley 2000
Peel Hunt LLP (Joint Broker) Tel: +44 (0) 20 7418
Dan Webster / George Sellar 8900
Powerscourt (Financial Public Relations) Tel: +44 (0) 20 7250
Rob Greening / Nick Hayns / Elizabeth 1446
Kittle
Notes to Editors
Loungers operates through its two established complementary
brands - Lounge and Cosy Club - in the UK hospitality sector. A
Lounge is a neighbourhood café/bar combining elements of coffee
shop culture, the British pub and dining. There are 201 Lounges
nationwide. Lounges are principally located in secondary suburban
high streets and small town centres. The sites are characterised by
informal, unique interiors with an emphasis on a warm, comfortable
atmosphere, often described as a "home from home". Cosy Clubs are
more formal bars/restaurants offering reservations and table
service but share many similarities with the Lounges in terms of
their broad, all-day offering and their focus on hospitality and
culture. Cosy Clubs are typically located in city centres and large
market towns. Interiors tend to be larger and more theatrical than
for a Lounge, and heritage buildings or first-floor spaces are
often employed to create a sense of occasion. There are 35 Cosy
Clubs nationwide.
Loungers launched its third brand, a roadside dining concept
called Brightside, in November 2022. The first Brightside location
opened on the A38, south of Exeter, in February 2023, with the
second opening in Saltash near Plymouth in June 2023 and the third
in Honiton on the A303 in August 2023.
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