Bar group Loungers is continuing to open new stores at a rate of knots after adding more than £20m to its turnover during its latest financial year.
Figures published with Companies House today reveal that sales for the 12 months to 23 April 2017 grew 34% year-on-year to £91.8m.
The huge spike in turnover is fuelling a growth plan that has already seen 11 sites rolled out in financial year 2017/18. A further 12 are in the pipeline, which will take it to 23 in the period, and 122 sites in total.
“Performance in the year has been encouraging despite rising input and we remain cautiously optimistic for the 2017/18 financial year,” directors of the company stated.
Loungers said in the report that its latest full year had brought another period of “significant growth” for the business across its Cosy Clubs and Lounges brands, with 5% like-for-like sales growth supported by the launch of 20 sites.
Underlying EBITDA increased 46% to £12.3m over the period, while net profit doubled from £1.1m to £2.2m.
The company said it continued to invest cash generated from operating activities into fixed assets and the development of new sites.
During the period it spent £12.9m on capital expenditure, around £3.4m less than the previous year.
It closed two sites in the period: Verano Lounge in Brighton and Deco Lounge in Bristol.
Verano was approaching the end of its lease and due to the size of the site the decision was taken to close it. Deco, meanwhile, was axed after bosses said the level of trade was materially below expectations”.