All-day restaurant and bar group Loungers has reported a record year of results, with revenues of £237.3m – up from £78.3m in 2021 and £166.5m in 2020.
Since the year end, like for like sales have risen by 17.9% on a three year basis. Adjusted EBITDA was £53.6m, with operating profit £28.4m and profit before tax of £21.6m.
Over the course of the financial year to 17th April, it opened 27 new sites, comprising 26 Lounges and one Cosy Club – taking the portfolio to 200 sites as of today. Going forward, it also anticipates a roll out plan of 32 new site openings per year.
According to Loungers, “current trading remains very strong”, and as a group they are “uniquely well positioned to weather short term uncertainty whilst continuing to evolve and open new sites”.
The group has also appointed a new chief people officer and chief operating officer to further strengthen the team.
Loungers uses lockdowns to work through big strategic objectives
