Loungers Plc Released Trading Update For The Financial Year 2019

  • Jun 07, 2019 BST
  • Team Kalkine
Loungers Plc Released Trading Update For The Financial Year 2019
Business Overview Established in 2002, Loungers Plc (LGRS) is an award-winning, all day neighbourhood café-bar and dining business. The Loungers business comprises of two distinct but complementary brands: The Lounge café-bar and the Cosy Club bar and dining concept. Lounges are mainly located in small town centres and secondary suburban high streets. The company sites are characterised by a comfortable atmosphere, unique interiors with an emphasis on a warm, informal, and described as an HFH (home from home). All day, the company Lounge is offering delicious food and drinks on the doorstep. The company currently operates 148 bars, cafés, and restaurants. LGRS is headquartered in Bristol, the United Kingdom. Loungers PLC had announced the trading update for the 52 weeks ended April 21, 2019. The company’s total reported revenue for the year 2019 stood at £153.0 million, an increase of 26.4 per cent from the prior year 2018 of £121.1 million and like for like sales surged by 6.9 per cent. The group’s results for the financial year 2019 are expected to be in line with market expectations. Both brands have operated well throughout the year. The company had opened 25 new sites, comprising three Cosy Clubs and 22 Lounges, taking the portfolio to 146 sites over the year as accounted on 21st April 2019. In the year-end 2019, the company has opened two new sites -                 Falco Lounge in Barnsley and Panero Lounge in Southsea. The new site pipeline remains strong, due to the broad demographic appeal of the proposition in a various range of different site and places. The company is bringing its suburban "third space" lifestyle hospitality and culture to several new places & communities nationwide. Nick Collins, the Chief Executive Officer (CEO) stated that this had been a landmark year for Loungers, delivering continued decent like for like growth and new site openings, alongside taking the Group public. The company is expected to declare its full-year results on August 28, 2019. In brands, number of units at year-end were 146 including 122 Lounges and 24 Cosy Clubs. The group reported strong operating cash flow conversion, averaging over 110% in recent years (before pre-opening costs. The company raised funds which will be used to reduce the senior debt (including Lion Capital’s shareholder loans) and provide liquidity for the Lion Capital and other shareholders. Founders and management remain highly committed and will remain significant shareholders post listing. Loungers Plc Share Price Performance Daily Chart as at June-07-19, before the market close (Source: Thomson Reuters) On June 7, 2019, at the time of writing (before the market closed, at 09:36 AM GMT), Loungers Plc shares were trading at GBX 224.5, same as the previous day closing price. Stock’s 52 weeks High and Low is GBX 227.90/GBX 209. At the time of writing, the share was trading 1.49 per cent lower than the 52w High and 7.42 per cent higher than the 52w low. Stock’s average traded volume for 5 days was 187,129.40. LGRS shares 5-day average trading volume stood at around 187,129.40. On a year to date basis, the stock has given a return of 3.94 per cent and on a monthly basis, total return generated was 6.15 per cent. The outstanding market capitalisation of the company stood at around £263.40 million.

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