Nightcap PLC Record Christmas trading and trading update (1661Z)

TIDMNGHT

RNS Number : 1661Z

Nightcap PLC

10 January 2024

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.

10 January 2024

Nightcap plc

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

Record Christmas trading and update for the periods ended 31 December 2023

Trading update

Nightcap (AIM: NGHT), the owner and operator of 46 premium bars, is pleased to announce a positive trading update for the four week 2024 Christmas period as well as the 13 weeks and 26 weeks ended 31 December 2023, with record trading weeks across several of the Group's sites. This positive trading is despite the ongoing challenges of train strikes, inflation and the cost of living crisis.

Four week festive period ended 31 December 2023

Nightcap achieved a number of record revenue weeks during the important Christmas period. Unaudited Group revenue for the four-week period ended 31 December 2023 was GBP7.4 million, a 65.7% increase compared to Group revenue of GBP4.5 million for the equivalent period in 2022 and a like-for-like* increase of 11.9%.

As a result, Nightcap's revenues for the entire of December 2023 were the largest monthly revenues in its nearly three-year history since IPO, with total December 2023 unaudited Group revenue of GBP9.2 million against GBP5.9 million for December 2022, an increase of 55.9% and a like-for-like* increase of 4.6%.

13 weeks ended 31 December 2023 ("Q2 FY2024")

Nightcap saw another quarter of strong growth in Q2 FY2024. Unaudited Group revenue was GBP18.0 million, resulting in a 39.0% increase compared to Group revenue of GBP12.9 million for the equivalent period in FY2023 and a 5.9% like-for-like* decrease compared to the same period in FY2023.

This represents a significant improvement in like-for-like* revenue performance compared to Q1 FY2024, primarily driven by strong Christmas trading alongside: the integration of the Dirty Martini bars; the Company's PianoWorks collaboration; and a number of sites opened in the previous 12 months starting to show improved maturity profiles.

26 weeks ended 31 December 2023 ("H1 FY2024")

Unaudited Group revenue was GBP32.7 million for H1 FY2024, resulting in a 40.9% increase compared to Group revenue of GBP23.2 million for the equivalent period in FY2023. Revenue for this 26-week period represents a 10.0% like-for-like* decrease compared to the equivalent period for FY2023.

Cash

The Group's cash position as at 31 December 2023 was GBP3.9 million (including cash in transit of GBP0.9 million). At the same date, the Group had total bank debt of GBP8.9 million resulting in a net debt position of GBP5.0 million (excluding convertible loan notes). GBP1.0 million of the Group's total bank debt is scheduled for repayment during FY2024.

The Company has reached agreement with the administrator of DC Bars Limited and Tuttons Brasserie Limited to pay the full GBP0.5 million of deferred consideration on the Dirty Martini acquisition following all conditions being met. With GBP0.2 million paid in December 2023, the remaining GBP0.3 million will be paid during Q3 FY2024. Details of the Dirty Martini acquisition were announced on 9 June 2023.

The Company expects to announce the Group's interim results for the 26 weeks ended 31 December 2023 in mid-March 2024.

Sarah Willingham, Chief Executive Officer of Nightcap, commented:

"I could not be prouder of the entire Nightcap team as we continue to build the UK's leading premium bar group. To achieve half yearly growth of 40.9% in revenue and 11.9% growth on a like-for-like* basis for the important four week Christmas period is a monumental effort.

"2023 has been a volatile year, particularly in terms of the macro-economic impact on the hospitality sector. The cost of living crisis, inflation and rail strikes have significantly impacted our business and therefore it is very welcome news that the majority of rail workers have reached an agreement to end the rail strikes. It is also positive news that inflation is getting under control, which is expected to result in interest rate cuts in 2024.

"These are elements that should start to positively impact disposable income for our target customers during 2024.

"During the second half of 2023 we have transformed our management team whilst focussing on the integration of acquisitions and improving our systems. We expect to see the benefits of this integration and the synergies during the coming year.

"We are a much larger business with the team and foundations in place for the next stage of growth. We have set ourselves up to maximise our long-term potential. I am so proud of what we have achieved and am very excited about the future of Nightcap."

* Like-for-like revenue is same site revenue defined as revenue at only those venues that traded in the same week in both the current year and comparative reporting periods.

For further enquiries:

 
 Nightcap plc 
  Sarah Willingham / Richard Haley / Gareth Edwards      email@nightcapplc.com 
 
   Allenby Capital Limited (Nominated Adviser            +44 (0) 20 3328 
   and Broker)                                           5656 
   Nick Naylor / Alex Brearley / Piers Shimwell          www.allenbycapital.com 
   (Corporate Finance) 
   Jos Pinnington / Amrit Nahal / Tony Quirke 
   (Sales and Corporate Broking) 
 Bright Star Digital (PR)                              https://www.brightstardigital.co.uk/ 
  Pam Lyddon                                            +44 (0) 7534 500 
                                                        829 
                                                        pamlyddon@brightstardigital.co.uk

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