Loungers, the company behind popular chains like Lounge and Cosy Club, has announced a record-breaking revenue year, with a significant increase in sales as inflation pressures begin to wane.
On Friday, Loungers revealed that its revenue soared to £353.5million in the year leading up to April 21, marking a 24.7% increase from the previous year. Despite the financial year being one week longer than usual, the firm noted that even without this extra week, revenue still jumped by 22.2%.
The hospitality giant reported a robust 7.5% rise in like-for-like sales over the 53-week span, alongside the launch of new venues. "I am delighted with our performance over the year," said Nick Collins, the chief executive of Loungers.
"We have consistently out-performed the sector on a like-for-like basis whilst having delivered a record 36 new site openings. As ever, it's our continued focus on menu innovation, value for money and exceptional hospitality that is driving the strength of our performance in both the mature estate and our new openings."
"As we start the new financial year we are looking ahead with optimism. Our experience suggests that the UK economy is holding up well and we are well positioned to deliver continued growth."
Loungers highlighted its "disciplined" approach to managing costs and noted a relaxation in the inflation-induced cost increases. The company anticipates that its earnings before interest, tax, depreciation and amortisation (Ebitda) will surpass market forecasts when it announces its full-year results in July. Shares in the company saw a 3.5% increase on Friday morning.