Loungers PLC Trading Update (8609C)

TIDMLGRS

RNS Number : 8609C

Loungers PLC

14 October 2022

Loungers plc

("Loungers" or the "Group")

Trading update for the 24 weeks ended 2 October 2022

Continued industry-leading like for like sales growth with 11 new sites opened during the period

Loungers, a leading operator of all-day café/bar/restaurants across the UK under the Lounge and Cosy Club brands, today announces a trading update for the 24 weeks ended 2 October 2022.

The Group has continued to significantly outperform the market. Over the 24 weeks to 2 October 2022, the Group delivered like for like sales growth of 17.0%, using the period 22 April to 6 October 2019 as the comparator. The continued strength of performance against a well-documented challenging macroeconomic backdrop is testament to the relevance and resilience of our brands.

Our balance sheet remains strong with non-property net debt at 2 October 2022 of GBP9.5m (3 October 2021: GBP11.9m), reflecting the timing of September month end working capital cash outflows.

Since the start of the financial year the Group has opened 11 new sites, comprising eight Lounges and three Cosy Clubs, taking the portfolio to 206 sites as of today. In line with our recently accelerated roll-out plans, we expect to open a further 19 sites in the current financial year.

Loungers will next update the market on 30 November 2022 when we announce our half year results.

Nick Collins, CEO, commented:

" Loungers continues to thrive and I am delighted with our consistent out-performance of the market, thanks to the fantastic efforts of our teams and the hospitality they provide. We are particularly pleased with the strong performance of our new openings and we are on track to open 30 sites this year. As our strong sales performance demonstrates, neither uncertainty in respect of the wider UK economy nor consumer attitudes towards discretionary spending have to date impacted our sales. We are continuing to benefit from more people staying local, working from home, and supporting their community and high street, which are trends that we believe are here to stay.

"We are operating in a particularly inflationary environment and we are working hard to mitigate inbound cost pressures and to maintain the value for money principles that are so important to our customers. We continue to focus on getting the right balance and take confidence from the positioning of both Lounge and Cosy Club and their market-leading track records."

For further information please contact:

 
 Loungers plc                                    Via Powerscourt 
  Nick Collins, Chief Executive Officer 
  Gregor Grant, Chief Financial Officer 
 Houlihan Lokey UK Limited (Financial       Tel: +44 (0) 20 7484 
  Adviser and NOMAD)                                        4040 
  Sam Fuller / Tim Richardson 
 Liberum Capital Limited (Joint Broker)     Tel: +44 (0) 20 3100 
  Andrew Godber / John Fishley                              2000 
 Peel Hunt LLP (Joint Broker)               Tel: +44 (0) 20 7418 
  Dan Webster / George Sellar                               8900 
 Powerscourt (Financial Public Relations)   Tel: +44 (0) 20 7250 
  Rob Greening / Nick Hayns / Elizabeth                     1446 
  Kittle

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October 14, 2022 02:00 ET (06:00 GMT)

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