23rd Nov 2023 12:11
(Alliance News) - Nightcap PLC on Thursday reported a swing to an annual loss as administrative cost increases outpaced revenue growth, but the company expects to match a "strong" 2022 Christmas period.
The London-based owner of Cocktail Club, Adventure Bar and Barrio Familia chains said in the financial year that ended on July 2, it swung to a pretax loss of GBP4.9 million from a profit of GBP238,000 a year prior.
Revenue climbed 29% to GBP46.4 million from GBP35.9 million.
Administrative expenses however increased 48% to GBP40.6 million from GBP27.4 million, while depreciation costs increased 46% to GBP5.7 million from GBP3.9 million. Cost of sales increased 24% to GBP9.0 million from GBP7.3 million.
Chair Gareth Edwards said he was "very pleased" about Nightcap's performance, adding that he expects "the long-term growth to continue in establishing Nightcap as one of the leading bar businesses in the UK."
Chief Executive Officer Sarah Willingham emphasised: "Whilst trading in October 2023 has continued on the same trend as Q1 FY2024, we are focussing on the important Christmas period. Christmas bookings and enquiries across the whole estate including Dirty Martini are in line with the strong 2022 Christmas period."
Nightcap shares rose 8.3% to 6.50 pence each on Thursday afternoon in London.
By Tom Budszus, Alliance News slot editor
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