REG - Nightcap PLC - Q3 Trading Update

NightcapAnnouncement

29/04/2022 07:00

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RNS Number : 7825J  Nightcap PLC  29 April 2022

 

This announcement contains Inside Information for the purposes of Article 7 of
EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the
European Union (Withdrawal) Act 2018).  Upon the publication of this
announcement this Inside Information is now considered to be within the public
domain.

 

29 April 2022

 

Nightcap plc

("Nightcap" or the "Company" or the "Group")

 

Q3 trading update

 

Nightcap (AIM: NGHT), the owner of The Cocktail Club, the Adventure Bar Group
and the Barrio Familia group of bars, is delighted to announce that it
experienced further positive trading during the 14 weeks ended 3 April 2022.

 

14 weeks ended 3 April 2022 ("Q3 FY2022")

 

Nightcap continued its growth trajectory during the third quarter of its 2022
financial year, which includes strong growth in the Barrio Familia group
("Barrio"), which was acquired on 21 November 2021.

 

Unaudited Group net sales were £9.6 million for Q3 FY2022, resulting in a
52.7% net sales increase compared to the same period in 2019 and a 27.7% like
for like* increase compared to the same period in FY2019.

 

40 weeks ended 3 April 2022 ("YTD FY2022")

 

Unaudited Group net sales were £25.2 million for YTD FY2022, resulting in a
48.6% net sales increase on the same period in 2019 and a 24.4% like for like*
increase compared to periods in FY2020 and FY2019.

 

Unaudited Group net sales by quarter for the first three quarters of FY2022
were as follows:

 

 Q1      Q2      Q3      Total
 £7.6m   £7.9m   £9.6m   £25.2m

 

New site openings and additional pipeline

 

Nightcap is pleased to announce that both The Cocktail Club ("TCC"), Exeter
venue and Adventure Bar Group ("ABG"), Cardiff venue started trading just
after the period ending 3 April 2022. Both sites have traded profitably from
their first week of opening.

 

In addition to these two new sites opening, the Group has also announced the
signing of four new leases - a flagship TCC site in Birmingham, another TCC
site in Cardiff, a Blame Gloria site in Bristol and a Tonight Josephine site
in Liverpool. The majority of these sites are expected to open and start
trading before the end of June 2022 (end of FY2022).

 

Nightcap currently has a further 23 sites in legal negotiations or under offer
across all of its brands, including its most recently acquired Barrio brand.
The Group expects for several new site leases to be entered into before the
end of June 2022.

 

The Group's balance sheet remains solid, with unaudited cash at bank of £7.6
million as at 3 April 2022.

Sarah Willingham, Chief Executive Officer of Nightcap, commented:

 

"We continue to deliver on our promise to build the leading premium bar group
in the UK. As seen from our Q3 revenue numbers, our run rate revenue is
developing nicely."

"We are mid-build on several new openings, we continue to negotiate on a
string of new attractive leases and we have the cash required for our
incredible teams to deliver on the strategy for their individual brands."

"We are delighted with how Nightcap is progressing."

 

For further enquiries:

 Nightcap plc

 Sarah Willingham / Toby Rolph / Gareth Edwards                          email@nightcapplc.com (mailto:email@nightcapplc.com)

 Allenby Capital Limited (Nominated Adviser and Broker)

 Nick Naylor / Alex Brearley / Piers Shimwell (Corporate Finance)

 Matt Butlin / Amrit Nahal / Tony Quirke (Sales and Corporate Broking)   +44 (0) 20 3328 5656

                                                                         www.allenbycapital.com (http://www.allenbycapital.com/)

 Bright Star Digital (PR)                                                https://www.brightstardigital.co.uk/ (https://www.brightstardigital.co.uk/)

 Pam Lyddon                                                              +44 (0) 7534 500 829

                                                                         pamlyddon@brightstardigital.co.uk (mailto:pamlyddon@brightstardigital.co.uk)

 

 

* 'like for like' net sales is a measure of the period over period change in
net sales for the same site base. Within this announcement, the Group's
trading over Q3 FY2022 has been compared with Q3 FY2019. YTD FY2022 has been
compared with the 26 weeks from 1 July 2019 to 29 December 2019 and the 14
week period from 31 December 2018 to 7 April 2019, which predates the onset of
COVID-19.

 

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