Loungers plc, a leading UK operator of all-day cafes, bars, and restaurants, released its unaudited results for the 24 weeks ended October 6, 2024, highlighting strong financial and operational performance. The company reported revenue growth of 19.2% compared to the same period last year, driven by like-for-like sales growth of 4.7% and the addition of 35 new sites. Adjusted EBITDA increased by 25.0% to £29.8 million, with an adjusted EBITDA margin improvement of 0.8%. Operating profit rose by 31.8% to £10.2 million, and profit before tax increased by 51.3% to £5.9 million. The company also reported strong cash generation from operating activities, with a 38.5% increase to £32.4 million. During the period, Loungers opened 17 new sites, including 16 Lounges and one Cosy Club, and plans to open a total of 35 new sites by the end of the financial year. The companys brands, including Lounge, Cosy Club, and Brightside, continue to evolve their offerings and drive growth. Loungers plc remains confident in its ability to absorb unexpected increases in Employers NICs while improving margins and adjusting prices.
| Financial Metrics | 24 weeks ended 6 October 2024 | 24 weeks ended 1 October 2023 | Change |
|---|---|---|---|
| Revenue | £178,327,000 | £149,619,000 | +19.2% |
| Adjusted EBITDA | £29,832,000 | £23,862,000 | +25.0% |
| Adjusted EBITDA margin | 16.7% | 15.9% | +0.8 ppts |
| Adjusted EBITDA (IAS17) | £22,087,000 | £17,284,000 | +27.8% |
| Adjusted EBITDA (IAS17) margin | 12.4% | 11.6% | +0.8 ppts |
| Operating profit | £10,243,000 | £7,774,000 | +31.8% |
| Operating profit margin | 5.7% | 5.2% | +0.5 ppts |
| Profit before tax | £5,954,000 | £3,936,000 | +51.3% |
| Diluted earnings per share | 4.0 pence | 2.6 pence | +53.8% |
| Cash generated from operating activities | £32,402,000 | £23,402,000 | +38.5% |
| Non-property net debt | £12,194,000 | £14,259,000 | N/A |
| Net debt | £173,655,000 | £156,136,000 | N/A |