Loungers revenues rise by 53% in H1
Loungers’ accrued an adjusted EBITDA of £19.3m, a growth of 33.4% compared to the same period in 2020 for the first half of 2022
Loungers has reported that it is “well-placed” to out-perform during a recession as its revenues grew by 53% in the 24 weeks ended 2 October compared to the first half of 2020.
Over the period, Loungers’ accrued an adjusted EBITDA of £19.3m, a growth of 33.4% compared to the same period in 2020. It was down from £27.1m from the prior year, which had benefitted materially from reduced rate of VAT and business rates.
In addition, Loungers’ three-year like-for-like sales grew by 17%, while it also improved its rent to revenue ratio to 4.7%.
According to the operator of all-day café and bars, its sustained market outperformance demonstrates “the continued relevance and resilience” of its Lounge and Cosy Club brands.
The group reportedly opened a total of 15 new sites this year as they are on-track to end the year with 225 sites nationwide.
Nick Collins, CEO of Loungers, said: “I am delighted with the consistent strength of our sales performance. Our out-performance of the market has continued unabated and reflects both our unique positioning as well as the amazing hospitality and hard-work of our teams.
“We aren’t immune to the inflationary pressures impacting our sector, but we have worked hard to strike the right balance between growing market share and managing margin pressures. These numbers would suggest we have got the balance about right.”
He added: “The short-term outlook is uncertain, but we take confidence from the resilience of current trading in both brands. We are excited about the coming months and are well-placed to take advantage of opportunities through our continued growth.”
