Loungers ‘continues to outperform market’ as it closes in on 300 sites
In a trading update this morning (8 October), the all-day café and restaurant group whose portfolio includes the Lounge, Cosy Club and Brightside brands reported total revenue for the period of £178.3m, up 19.2% on the previous year (£149.6m).
It said it ‘continues to make good progress’ towards its target of returning to a pre-Covid EBITDA margin level of 13.5%, and that the Group's balance sheet ‘remains strong’ with non-property net debt at 6 October 2024 of £12.2m (1 October 2023: £14.3m).
As of 6 October 2024, the group’s estate stood at 273 sites, with a further 18 sites scheduled to open in the next six months.
“I am delighted with our performance and the consistency of our sales growth, both in terms of like for like growth in the mature estate as well as the strength of our new openings,” says Nick Collins, Loungers CEO.
“During the period we have opened in 17 towns and high streets across the UK, which adds up to 37 in the last 12 months, and enormous credit is due to the hard work and professionalism of our amazing teams.”
This included the Ritorno Lounge on Bristol's harbourside, which opened in July and has had the strongest start for a new site in the group's 22-year history.
“This is particularly gratifying given Bristol is the city in which the Loungers story first started,” Collins continues.
“From what we are seeing across our sites, UK consumers are feeling increasingly confident and want to go out and enjoy themselves across all parts of the day.
“That confidence, combined with the variety, breadth, flexibility and relevance of our all-day offering, is reflected in our continued sales success.”
Loungers reported a record year for sales, profits and site openings in its full-year results back in July.
Revenue grew 24.7% year-on-year to £353.5m, while adjusted EBITDA rose 25.9% to £59.6m in the 53 weeks to 21 April 2024.
