Last checked at 6 Jun 2019 07:00
6 June 2019
Loungers plc
("Loungers" or "the Group")
Trading update for the 52 weeks ended 21 April 2019
Loungers, the operator of 148 café / bar / restaurants across England and Wales which trade under the Lounge and Cosy Club brands, announces a trading update for the 52 weeks ended 21 April 2019.
Both brands have traded well throughout the year and since the year end, with Loungers' relaxed home-from-home customer proposition - offering great food and drink, all day, to an increasingly broad demographic - continuing to resonate with customers. Total revenue for the year was £153.0 million, representing total revenue growth of 26.4% over the prior year (2018: £121.1 million), and like for like sales growth of 6.9%. The results for the year are anticipated to be in line with market expectations.
Over the course of the year, the Group opened 25 new sites, comprising 22 Lounges and three Cosy Clubs, taking the portfolio to 146 sites as at 21 April 2019.
Post the year end, Loungers has opened two new sites, Panero Lounge in Southsea and Falco Lounge in Barnsley. The new site pipeline remains strong, reflecting the broad demographic appeal of the proposition in a diverse range of different site types and locations. The Group is on track to open 25 new sites in the current year, bringing its suburban "third space" lifestyle culture and hospitality to many new locations and communities nationwide.
The Group expects to announce its full year results on 28 August 2019.
Nick Collins, CEO, commented:
"This has been a landmark year for Loungers, delivering continued strong like for like growth and 25 new site openings, alongside taking the Group public.
"We remain excited about the opportunities ahead in the new financial year with good momentum in both brands, some fantastic sites in the pipeline and a real energy in the business following the IPO."
This announcement is released by Loungers and contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 (MAR), and is disclosed in accordance with the Company's obligations under Article 17 of MAR. This announcement is being made on behalf of the Company by Nick Collins, Chief Executive Officer of Loungers.
For further information please contact:
Loungers plc Nick Collins, Chief Executive Officer Gregor Grant, Chief Financial Officer
| Via Instinctif Partners |
GCA Altium Limited (Financial Adviser and NOMAD) Sam Fuller / Katherine Hobbs / Tim Richardson
| Tel: +44 (0) 20 7484 4040 |
Liberum Capital Limited (Joint Broker) Clayton Bush / Andrew Godber / John Fishley
| Tel: +44 (0) 20 3100 2000 |
Peel Hunt LLP (Joint Broker) Dan Webster /George Sellar | Tel: +44 (0)20 7418 8900 |
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Instinctif Partners (Financial Public Relations) Justine Warren / Matthew Smallwood
| Tel: +44 (0) 207 457 2020 |