Loungers outperforms market since reopening on 17 May

Loungers

233.33p

14:00 15/11/24

0.14%

0.33p

Bar and restaurant operator Loungers said on Friday that it had significantly outperformed the broader market in the six months ended 3 October following the recommencement of indoor trading in mid-May.

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Loungers stated that over the 20 weeks to 3 October, it had delivered like-for-like sales growth of 26.6% when compared to 2019's pre-Covid numbers.

Net debt was £11.9m as of 3 October, excluding a further £5.6m of outstanding rent and deferred liabilities payable to HMRC.

Chief executive Nick Collins said: "Our like-for-like sales have been consistently strong since re-opening, across all site age cohorts and both brands. In addition, I am particularly pleased with the strength of performance in the new sites we have opened in this financial year.

"Loungers continues to thrive as we put Covid behind us and manage the current challenges facing our sector. This success reinforces our roll-out strategy and we look ahead with confidence, with our pipeline of future sites as strong as it ever has been."

The AIM-listed firm added that it would report its interim results on 1 December.

As of 0935 BST, Loungers shares were up 3.71% at 303.35p.