Loungers PLC Trading Update (1643C)
June 17 2021 - 2:00AM
UK Regulatory
TIDMLGRS
RNS Number : 1643C
Loungers PLC
17 June 2021
17 June 2021
Loungers plc
("Loungers" or "the Company")
Trading update
Loungers, the operator of 173 neighbourhood café / bar /
restaurants across England and Wales under the Lounge and Cosy Club
brands, announces the following update.
Loungers finished the financial year ended 18 April 2021 with
168 sites, having opened three new sites during the year. In the
period from 19 April 2021 to 13 June 2021 a further five Lounge
sites have been opened in Wolverhampton, St. Ives, Stourbridge,
Welwyn Garden City and Blackpool.
In the period following the initial relaxation of Covid-19
related restrictions on 12 April 2021, Loungers opened 88 sites to
trade outdoors only. Whilst the weather made this challenging at
times, outdoors trading allowed for a phased and controlled
re-opening of the estate. With the further relaxation of
restrictions on 17 May 2021 allowing indoors trading, Loungers
re-opened all of its sites. Like for like sales over the four-week
period from 17 May through to 13 June 2021 were +26.6%, using the
period 20 May to 16 June 2019 as the comparator. Whilst these are
still early days, and trading has benefitted from significant
pent-up demand and the VAT reduction, we are encouraged by the
initial strength of our trading performance and remain confident
the Company will emerge strongly from this period.
Net debt (excluding IFRS16 lease liabilities) at 18 April 2021
was GBP34.6m, with a further GBP12.9m of outstanding rent and
deferred liabilities to HMRC.
Loungers will next update the market on 21 July 2021 when we
publish our preliminary results for the year ended 18 April
2021.
Nick Collins, Chief Executive said:
"I am really pleased with how the business has re-opened and our
trading performance has once again demonstrated the resilience of
both the Lounge and Cosy Club brands. Customers have returned with
confidence and our team have performed amazingly.
"Whilst the Government's recently announced decision to leave
the remaining restrictions in place for a further four weeks is
disappointing for the hospitality sector as a whole, we look
forward to a return to normality on 19 July."
For further information please contact:
Loungers plc Via Instinctif Partners
Nick Collins, Chief Executive Officer
Gregor Grant, Chief Financial Officer
GCA Altium Limited (Financial Adviser and Tel: 020 7484 4040
NOMAD)
Sam Fuller / Tim Richardson
Liberum Capital Limited (Joint Broker) Tel: 020 3100 2000
Andrew Godber / John Fishley
Peel Hunt LLP (Joint Broker) Tel: 020 7418 8900
Dan Webster /George Sellar
Instinctif Partners (Financial Public Relations) Tel: 0207 457 2010/2005
Justine Warren / Matthew Smallwood
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END
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