Last checked at 15 Oct 2021 07:00
Loungers plc
("Loungers" or the "Group")
Trading update for the 24 weeks ended 3 October 2021
Loungers, the operator of 150 Lounge cafe-bars and 31 Cosy Club restaurant-bars, today announces a trading update for the 24 weeks ending 3 October 2021.
Our significant outperformance of the market in the period post the commencement of indoor trading on 17 May 2021 has been maintained. Over the 20 weeks to 3 October 2021, the Group delivered like for like sales growth of 26.6%, using the period 20 May to 6 October 2019 as the comparator. Whilst trading and the reported like for like sales uplift benefit from the VAT reduction, the continued strength of performance is testimony to the relevance and resilience of our brands.
Net debt at 3 October 2021 was £11.9m, excluding a further £5.6m of outstanding rent and deferred liabilities payable to HMRC.
Since the start of the financial year the Group has opened 13 new sites, comprising 12 Lounges and one Cosy Club, taking the portfolio to 181 sites as of today. We expect to open a further 10 sites in the current financial year.
Loungers will next update the market on 1 December 2021 when we announce our half year results.
Nick Collins, CEO, commented:
"Our like for like sales have been consistently strong since re-opening, across all site age cohorts and both brands. In addition, I am particularly pleased with the strength of performance in the new sites we have opened in this financial year. Loungers continues to thrive as we put Covid behind us and manage the current challenges facing our sector. This success reinforces our roll-out strategy and we look ahead with confidence, with our pipeline of future sites as strong as it ever has been. I would like to say a special thank you to our teams across England and Wales for their fantastic performance over what was a demanding summer trading environment."
15 October 2021
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 / Tim Richardson
| Tel: +44 (0) 20 7484 4040 |
Liberum Capital Limited (Joint Broker) 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 2010/2005 |