StockMarketWire.com - Cafés, bars and restaurant operator Loungers said annual revenues rose by more than quarter as efforts to increase its offering to a broader demographic paid off.

Both the Lounge and Cosy Club brands had traded 'well throughout the year and since the year end, with Loungers' relaxed home-from-home customer proposition - offering great food and drink, all day, to an increasingly broad demographic - continuing to resonate with customers,' the company said.

Total revenue for the year was £153.0m, representing total revenue growth of 26.4% over the prior year, and like for like sales growth of 6.9%.

Over the course of the year, the group opened 25 new sites, comprising 22 Lounges and three Cosy Clubs, taking the portfolio to 146 sites as at 21 April 2019.

Post the year end, Loungers had opened two new sites, Panero Lounge in Southsea and Falco Lounge in Barnsley.

'The Group is on track to open 25 new sites in the current year, bringing its suburban 'third space' lifestyle culture and hospitality to many new locations and communities nationwide,' the company said.

The results for the year, slated to released on 28 August, were anticipated to be in line with market expectations, the company added.


At 9:31am: [LON:LGRS] share price was +5.5p at 226p



Story provided by StockMarketWire.com