16th Oct 2019 09:53
(Alliance News) - Bar and cafe owner Loungers PLC on Wednesday expressed confidence for the future, with both of its brands trading solidly.
Loungers, which operates the Lounge and Cosy Club brands, reported revenue of GBP79.8 million for the 24 weeks to October 6, 22% higher year-on-year, and like-for-like growth was 5.4%.
During the period Loungers opened 10 new sites, meaning as of October 6 it had 156 locations. Since then it has opened another, in Basingstoke, and has three more lined up to open in October.
Chief Executive Nick Collins said: "Both Lounge and Cosy Club have continued to perform well, reflecting the growing appeal of our customer offer in the communities in which we serve. Our broad, value for money proposition across multiple occasions underpins the resilience of our trading and leaves us well placed to continue to outperform the market.
"We remain confident of delivering another year of positive progress for the group and are encouraged by the performance of our new openings."
Loungers, which will release results for the six months to October 21 on December 4, was flat on Wednesday morning in London at 199.50 pence a share. It listed in April this year, at a price of 200p.
By George Collard; [email protected]
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