10th Jan 2022 12:08
(Alliance News) - Nightcap PLC on Monday recorded a positive trading performance during its first half that surpassed 2019 levels, despite government-imposed restrictions in its key Christmas trading weeks.
The London-based bar operator said unaudited group net sales for the six months ended December 26 amounted to GBP15.5 million, representing a 46% net sales increase a 22% like for like increase compared to the equivalent period in 2019.
Excluding the Plan B period from December 13, group net sales increased 53% and 28% on a like for like basis in the 24 weeks ended December 12, compared to 2019 levels.
Unaudited group net sales for the bar operator's second-quarter totalled GBP7.9 million, resulting in a 32% net sales increase and a 23% like for like increase against the same period in 2019.
Nightcap put this "strong growth" down to three new site openings in its second quarter, including new The Cocktail Clubs in Bristol and Reading and a Mansion House opening in London.
Adventure Bar Group also entered into a new lease for a site in Cardiff on December 23, the company noted.
Nonetheless, Nightcap remarked that 7,500 bookings for the Christmas period were initially cancelled, due to the UK government's plan b guidelines.
However, 70% of these bookings were rescheduled to take place between January and March, Nightcap said.
"With the first new Adventure Bar group site lease signed and a further 25 sites under offer or in legal negotiations across the group, we are well-positioned for significant expansion as we enter 2022 with sufficient cash reserves of approximately GBP9.4 million for the group's operations and to execute our growth strategy," Chief Executive Sarah Willingham commented.
Shares in Nightcap were up 5.8% at 20.63 pence each on Monday in London.
By Abby Amoakuh; [email protected]
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