Loungers, a leading operator of all day café/bar/restaurants across the UK under the Lounge, Cosy Club and Brightside brands, is pleased to announce its audited results for the 52 weeks ended 16th April 2023.
- Loungers achieved record revenue of £283.5 million (up 19% vs FY22 and 85% vs FY19).
- The Group achieved industry-leading like-for-like (LFL) sales growth of 7.4% (one year), and 17.6% (three-year).
- Adjusted EBITDA was £47.3 million, representing growth of 66% since IPO in April 2019.
- Adjusted EBITDA declined vs FY22, reflecting the positive impact in FY22 of Covid-related government support measures.
- Cash generated from operating activities was £51.1 million, representing growth of 81% since IPO in April 2019.
- Additionally, Loungers opened a record number of new sites (29), including its 200th site, Cosy Club Chester, and the first of the Group’s new roadside restaurant brand, Brightside, ending the year on 222 sites.
Nick Collins, Chief Executive Officer of Loungers, said: “I am delighted to be announcing another excellent set of results for Loungers. During the year, we opened 29 new sites, creating around 1,000 new jobs, launched an exciting new roadside dining brand, and achieved industry leading LFL sales growth. We also converted well at the bottom-line, achieving Adjusted EBITDA of £47.3 million. This is the seventh year in succession we have delivered industry leading LFL sales growth, and over that period, the estate has grown from 44 sites to 232 today. We are proud to be making a positive contribution to high streets and communities across the UK and there are hundreds more locations around the country for us to target.
“Based on our experience, the UK consumer remains positive, inflationary pressures are diminishing and recruitment challenges have eased. As an example, a few weeks ago, we opened Ormo Lounge in the seaside town of Llandudno, which achieved a record level of sales for any new Lounge opening in our 22-year history, reflecting the relevance of our offer and how well we trade by the coast.
“More broadly, we are excited about our ongoing rollout programme and the opportunity to bring our culture and hospitality to around 34 new locations in the coming year, with many more to come beyond that.”