Food and drink outlet operator Loungers PLC (LON: LGRS) booked healthy growth across financial performance indices during the full year ended April 31 2019.
The Group’s revenue jumped 26.4% on a year-on-year basis, to £153.0 million, and adjusted operating profit bounced 23.3% to £12.4 million. Loungers also reported adjusted EBITDA growth of 23.7% to £20.6 million and their adjusted EBITDA margin dropped slightly by 0.2% on-year.
Further, the Company’s like-for-like sales grew 6.9% and cash generated from operations hiked 13.5% to £22.4 million.
The Group added that it added 25 sites over the course of the year, taking its total number to 146 cafes, bars and restaurants. Loungers shares were admitted to the AIM post year end and raised £83.30 million.
Nick Collins, Chief Executive Officer, said,
“These results represent a strong performance for the financial year ending 21 April 2019 and are in line with both our, and the market’s, expectations. Our revenue and profit growth not only reflect the continued success of the roll-out, but also our unwavering focus on our customers, the evolution of our proposition and how we support and invest in our teams.”
“Our admission to AIM post the FY19 year-end has meant almost 600 employees have had the opportunity to become shareholders in Loungers plc and it is fantastic that their hard work and commitment can be rewarded in this way.”
“Our new financial year has started well and our roll-out strategy for both brands is on schedule. I remain confident about the outlook and future growth prospects for the Group.”
Despite the positive update, the Company’s shares dipped 0.49% or 1.00p to 205.00p a share 28/08/19 12:37 BST. Analysts from Peel Hunt and Liberum Capital both reiterated their respective ‘Buy’ stances on Loungers stock.
Elsewhere, there have been updates from other food and drink retailers; The Coca-Cola Co (NYSE: KO), Devro plc (LON: DVO), Greencore Group plc(LON: GNC), NWF Group plc (LON: NWF), Cranswick plc (LON: CWK) and Nestle SA (SWX: NESN).