Loungers PLC Trading update (1580P)

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RNS Number : 1580P

Loungers PLC

15 October 2021

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 GBP11.9m, excluding a further GBP5.6m 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                             Via Instinctif Partners 
   Nick Collins, Chief Executive Officer 
   Gregor Grant, Chief Financial Officer 
 
 
 GCA Altium Limited (Financial Adviser    Tel: +44 (0) 20 7484 
  and NOMAD)                                              4040 
  Sam Fuller / Tim Richardson 
 Liberum Capital Limited (Joint Broker)   Tel: +44 (0) 20 3100 
  Andrew Godber / John Fishley                            2000 
 Peel Hunt LLP (Joint Broker)              Tel: +44 (0)20 7418 
  Dan Webster / George Sellar                             8900 
 
 Instinctif Partners (Financial Public    Tel: +44 (0) 207 457 
  Relations)                                         2010/2005 
  Justine Warren / Matthew Smallwood

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