Loungers reports revenue jump as inflation pressures ease
13 October 2023, 08:24
Revenue rose 22.3% in the first six months of the financial year.
Loungers, which runs hundreds of cafe bar and restaurant sites around the UK, said that its growth has accelerated in recent weeks.
The business said that sales rose 7.7% in the 24 weeks to the start of October. It was up from 5.7% growth in the prior 12 weeks, Loungers said.
The business did not offer any explanation for the increase. It means that in the first half of this financial year, Loungers made £149.6 million in revenue, 22.3% higher than the year before.
Loungers also said that the pressure from inflation was easing.
The group said that it had opened 16 more sites during those six months. It means that there are now 238 Loungers locations across the country. It plans to add to this and open a record 34 sites during this financial year.
“I am delighted with our strong trading performance across both the mature estate and our new openings,” said chief executive Nick Collins.
“Our consistent sales growth reflects the continued evolution of our offer and the resilience of the UK consumer and high street.
“We have now opened 34 sites in the past 12 months, creating around 1,000 jobs in the process, and 72 sites since the last Covid lockdown.
“With a great pipeline of further openings in front of us I have never felt more optimistic about our prospects.
“None of this would be possible without our amazing team, and as ever I would like to say a massive thank you to them for their hard work.”
