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Loungers interim revenues grow on strong sales

By Iain Gilbert

Date: Wednesday 01 Dec 2021

Loungers interim revenues grow on strong sales

(Sharecast News) - Bar and restaurant operator Loungers said on Wednesday that revenues had grown 91.4% to £102.4m in the 24 weeks ended 3 October.
Loungers said during the half it saw like-for-like sales grow 26.6% compared to 2019's pre-Covid levels and adjusted underlying of £27.1m, up 105.1% year-on-year, driven by strong sales and margin improvements.

The AIM-listed group also posted a pre-tax profit of £12.8m and earnings per share of 10.4p.

Since the end of the period, Loungers stated it had witnessed like-for-like sales growth of 23.4% for the 28 weeks ended 28 November and said it was "optimistic" about the Christmas period and beyond.

However, the company also said it was "mindful" of the omicron variant and that recruitment and retention within the sector "remains tough".

Chief executive Nick Collins said: "Our value for money, all-day offer appeals to a very broad demographic, and this underpins our market-leading performance in towns and suburbs across England and Wales.

"As we move into the Christmas trading period any potential impact of Omicron remains to be seen, but as we look ahead to 2022, I am very optimistic with regards to our prospects and the continuing roll-out of both Lounge and Cosy Club."

As of 0930 GMT, Loungers shares were up 4.07% at 281.0p.


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