Loungers revenues jump 24.7% to £353.5m in FY24

Loungers revenues were up 24.7% to £353.5m during the 53 weeks ended 21 April 2024.

Excluding the benefit of the 53rd week total sales were up 22.2%. This sales performance reflects both continuing “strong” like-for-like sales growth (7.5% across the 53 weeks) and the ongoing success of the operator’s new site opening programme.

The strength of its sales performance has been accompanied by “disciplined management of costs” and a continued easing of inflationary cost pressures. The operator now expects EBITDA for FY24 to be ahead of market expectations. 

During FY24 the group opened 36 new sites, a record number compared to the 29 opened in FY23. The new sites comprise 33 Lounges, one Cosy Club and two Brightsides. At year end the portfolio totalled 257 sites.  

Subsequent to the year end, the group opened a further Lounge in Ely, Cambridgeshire.  

Nick Collins, CEO, said: “I am delighted with our performance over the year. We have consistently out-performed the sector on a like for like basis whilst having delivered a record 36 new site openings. As ever, it’s our continued focus on menu innovation, value for money and exceptional hospitality that is driving the strength of our performance in both the mature estate and our new openings. 

“As we start the new financial year we are looking ahead with optimism. Our experience suggests that the UK economy is holding up well and we are well positioned to deliver continued growth.”