Loungers PLC Trading Update (9940P)
16 October 2019 - 5:00PM
UK Regulatory
TIDMLGRS
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 GBP79.8 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 Via Instinctif Partners
Nick Collins, Chief Executive Officer
Gregor Grant, Chief Financial Officer
GCA Altium Limited (Financial Adviser and Tel: +44 (0) 20
NOMAD) 7484 4040
Sam Fuller / Katherine Hobbs / Tim Richardson
Liberum Capital Limited (Joint Broker) Tel: +44 (0) 20
Clayton Bush / Andrew Godber / John Fishley 3100 2000
Peel Hunt LLP (Joint Broker) Tel: +44 (0)20 7418
Dan Webster /George Sellar 8900
Instinctif Partners (Financial Public Relations) Tel: +44 (0) 207
Justine Warren / Matthew Smallwood 457 2020
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END
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