Loungers celebrates ‘strong performance in transformational year'
Loungers has celebrated "strong trading performance in a transformational year" for the restaurant-café-bar operator.
The group, which operates the Lounge and Cosy Club brands, saw revenue grow by 26.4% to £153m in the 12 months to April 2019. The year had seen the group admitted to AIM in a move that raised £83.3m.
Like-for-like sales grew by 6.9% in the 12 months with adjusted earnings before interest, tax, depreciation and amortisation up 23.7% at £20.6m. Operating profits stood at £12.4m, up 23.3% on the previous year.
Nick Collins, chief executive of Loungers, said: "These results represent a strong performance for the financial year ending 21 April 2019 and are in line with both our, and the market's, expectations. Our revenue and profit growth not only reflect the continued success of the roll-out, but also our unwavering focus on our customers, the evolution of our proposition and how we support and invest in our teams.
"Our admission to AIM post the FY19 year-end has meant almost 600 employees have had the opportunity to become shareholders in Loungers plc and it is fantastic that their hard work and commitment can be rewarded in this way.
"Our new financial year has started well and our roll-out strategy for both brands is on schedule. I remain confident about the outlook and future growth prospects for the group."
The group opened 25 sites in the financial year, with eight following since year end, and now operates 154 across England and Wales.
