REG - Loungers PLC - Trading Update

LoungersAnnouncement

16/10/2019 07:05

RNS Number : 9940P
Loungers PLC
16 October 2019
 


Loungers plc
("Loungers" or the "Group")
 
Trading update for the 24 weeks ended 6 October 2019
 
Loungers, the operator of 157 café / bar / restaurants across England and Wales which trade under the Lounge and Cosy Club brands, announces a trading update for the 24 weeks ended 6 October 2019.
 
Both brands have traded well throughout the period, with Loungers' relaxed home-from-home customer proposition - offering great food and drink, all day, to an increasingly broad demographic - continuing to resonate with customers.  Total revenue for the period was £79.8 million, representing total revenue growth of 22.0% over the prior year, and the Group delivered like for like sales growth of 5.4%.
 
Over the course of the period, the Group opened 10 new sites, comprising eight Lounges and two Cosy Clubs, taking the portfolio to 156 sites as at 6 October 2019.  Since then, the Group's 27th Cosy Club opened in Basingstoke last week and a further three sites are scheduled to open before the end of October, comprising a Cosy Club in Plymouth and Lounges in Carmarthen and Buxton.  The Group is on track to open 25 new sites in the financial year and the pipeline remains strong.
 
The Group expects to announce its half year results on 4 December 2019.
 
Nick Collins, CEO, commented:
 
"Both Lounge and Cosy Club have continued to perform well, reflecting the growing appeal of our customer offer in the communities in which we serve.  Our broad, value for money proposition across multiple occasions underpins the resilience of our trading and leaves us well placed to continue to outperform the market. 
 
"We remain confident of delivering another year of positive progress for the Group and are encouraged by the performance of our new openings."
16 October 2019
 
 
For further information please contact:



 
Loungers plc
Nick Collins, Chief Executive Officer
Gregor Grant, Chief Financial Officer
 


Via Instinctif Partners




GCA Altium Limited (Financial Adviser and NOMAD)
Sam Fuller / Katherine Hobbs / Tim Richardson
 


Tel: +44 (0) 20 7484 4040




Liberum Capital Limited (Joint Broker)
Clayton Bush / Andrew Godber / John Fishley
 


Tel: +44 (0) 20 3100 2000







 



Peel Hunt LLP (Joint Broker)
Dan Webster /George Sellar


Tel:  +44 (0)20 7418 8900




 


 




Instinctif Partners (Financial Public Relations)
Justine Warren / Matthew Smallwood
 


Tel: +44 (0) 207 457 2020



 




This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
TSTMMMMGNKGGLZM