Loungers reports 34% increase in turnover

Loungers reports 34% increase in turnover

In its latest financial report for the year ended 23 April 2017, Loungers records a turnover of £91.8m, up 34% on the previous year.

Growth in the period has been driven by like-for-like sales growth of 5.3% and underlying EBITDA also increased 46% from £8.4m to £12.3m.

The company opened 20 sites during the period, comprising 16 Lounges and four Cosy Clubs.

The business continues to invest cash generated from operating activities into the development of new sites. £12.9m of capital expenditure was invested, less than the previous year due to improved control of capex spend as average cost per unit decreased by 8%.

Post the year-end, Loungers has experienced a like-for-like sales increase of 7.4% for the 24 weeks to 8 October 2017. A further 11 sites have opened, made up of 10 Lounges and one Cosy Club.

With the opening of Lounge sites in Beeston, Bury and Sudbury and Cosy Club in Leeds, the company is on track to open around 24 sites this financial year.