All-day bar and dining operator Loungers has posted a 7.4% rise in like-for-like sales in its latest financial year, having expanded its portfolio with 29 new locations.
The company’s total revenue leaped by 19.5% to £283.5m in the year ending 16 April, compared with the previous year.
Sales were 17.6% ahead of pre-pandemic levels, on a three-year basis. EBITDA for the financial year is expected to be in line with market expectations.
Year-end net debt stood at £6.2m at the end of the period. During the year, Loungers bought three freehold sites for £3.9m.
During the year, the group opened 29 locations, taking its site count to 222. It has since opened another lounge concept in Altrincham, Greater Manchester.
Loungers has a pipeline of around 35 sites for its next financial year, with nine openings planned for the first quarter.
Loungers chief executive Nick Collins said: “The property market continues to work in our favour.
“For almost a decade now we have consistently outperformed the market as we strive to deliver better for our customers and our teams.
“The inflationary pressure across our supply chain looks to be easing and our scale and continued growth have allowed us to mitigate much of the impact.”
To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews
