Loungers PLC Trading Update (8609C)
October 14 2022 - 2:00AM
UK Regulatory
TIDMLGRS
RNS Number : 8609C
Loungers PLC
14 October 2022
14 October 2022
Loungers plc
("Loungers" or the "Group")
Trading update for the 24 weeks ended 2 October 2022
Continued industry-leading like for like sales growth with 11
new sites opened during the period
Loungers, a leading operator of all-day café/bar/restaurants
across the UK under the Lounge and Cosy Club brands, today
announces a trading update for the 24 weeks ended 2 October
2022.
The Group has continued to significantly outperform the market.
Over the 24 weeks to 2 October 2022, the Group delivered like for
like sales growth of 17.0%, using the period 22 April to 6 October
2019 as the comparator. The continued strength of performance
against a well-documented challenging macroeconomic backdrop is
testament to the relevance and resilience of our brands.
Our balance sheet remains strong with non-property net debt at 2
October 2022 of GBP9.5m (3 October 2021: GBP11.9m), reflecting the
timing of September month end working capital cash outflows.
Since the start of the financial year the Group has opened 11
new sites, comprising eight Lounges and three Cosy Clubs, taking
the portfolio to 206 sites as of today. In line with our recently
accelerated roll-out plans, we expect to open a further 19 sites in
the current financial year.
Loungers will next update the market on 30 November 2022 when we
announce our half year results.
Nick Collins, CEO, commented:
" Loungers continues to thrive and I am delighted with our
consistent out-performance of the market, thanks to the fantastic
efforts of our teams and the hospitality they provide. We are
particularly pleased with the strong performance of our new
openings and we are on track to open 30 sites this year. As our
strong sales performance demonstrates, neither uncertainty in
respect of the wider UK economy nor consumer attitudes towards
discretionary spending have to date impacted our sales. We are
continuing to benefit from more people staying local, working from
home, and supporting their community and high street, which are
trends that we believe are here to stay.
"We are operating in a particularly inflationary environment and
we are working hard to mitigate inbound cost pressures and to
maintain the value for money principles that are so important to
our customers. We continue to focus on getting the right balance
and take confidence from the positioning of both Lounge and Cosy
Club and their market-leading track records."
For further information please contact:
Loungers plc Via Powerscourt
Nick Collins, Chief Executive Officer
Gregor Grant, Chief Financial Officer
Houlihan Lokey UK Limited (Financial Tel: +44 (0) 20 7484
Adviser 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
Powerscourt (Financial Public Relations) Tel: +44 (0) 20 7250
Rob Greening / Nick Hayns / Elizabeth 1446
Kittle
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END
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