StockMarketWire.com - Cafe and restaurant operator Loungers reported narrower annual losses as revenues rose by more than a quarter.

For the 52 weeks ended 21 April 2019, pre-tax losses narrowed to £5.0m from £6.6m a year earlier as revenues surged 26.4% to £153.0m, and like for like sales grew of 6.9%, above the 6.0%) growth seen last year.

The company opened 25 new sites in the year, up from 22 new sites last year, taking the total to 146 sites at year end.

'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,' the company said.

'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,' it added.


At 8:39am: [LON:LGRS] share price was +1.5p at 207.5p



Story provided by StockMarketWire.com