26th Apr 2024 11:48
(Alliance News) - Loungers PLC on Friday reported a jump in its full-year revenue amid strong sales and a successful roll-out of its new site opening scheme.
Loungers is a Bristol-based operator of Lounge, Cosy Club and Brightside cafes and bars.
In the financial year ended April 21, Loungers said it has delivered "record" of GBP353.5 million, up 25% from GBP283.5 million the year before.
It added that total sales were up 22%, which it said reflects continuing strong like for like sales growth and the "ongoing success" of its new site opening programme.
Loungers also said it expects its full-year earnings before interest, tax, depreciation and amortisation to be ahead of market expectations. In financial 2023, Ebitda was GBP47.3 million.
The company also noted that during the financial year, it opened 36 new sites, an increase from the 29 new sites opened a year ago, bringing its total to 257 sites.
Loungers is set to publish its full-year results on July 9.
Chief Executive Officer Nick Collins said: "I am delighted with our performance over the year. We have consistently out-performed the sector on a like for like basis whilst having delivered a record 36 new site openings. As ever, it's our continued focus on menu innovation, value for money and exceptional hospitality that is driving the strength of our performance in both the mature estate and our new openings.
"As we start the new financial year we are looking ahead with optimism. Our experience suggests that the UK economy is holding up well and we are well positioned to deliver continued growth."
Shares in Loungers were up 1.8% at 236.26 pence each in London on Friday morning.
By Sabrina Penty, Alliance News reporter
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