(Alliance News) - Loungers PLC reported on Wednesday a strong interim performance despite Covid restrictions affecting nearly half of their trading days.
For the six months ended October 3, the Bristol-based cafe and restaurant-bar company nearly doubled their revenue which surged to GBP102.0 million from GBP53.0 million compared to the same period a year prior.
Loungers' pretax profit also leapt, rising to GBP13.0 million from GBP117,000 for the same period a year before.
Earnings before interest, tax, depreciation, and amortisation were equally strong, more than doubling to GBP27 million from GBP13 million for the same period the year prior.
Looking forward, Loungers said they are "mindful" of the new Omicron variant but remain "optimistic" as they begin trading over the Christmas period and beyond.
Loungers has chosen not to declare a dividend for this period.
"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. We will open 25 sites this year as we continue to benefit from the changing dynamics of the high street and our pipeline of new sites has never looked so strong. Our sustained growth alongside our operational discipline are enabling us to manage and mitigate most inflationary pressure.
"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," commented Chief Executive Nick Collins.
Shares in Loungers were up 2.8% at 277.56 pence on Wednesday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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