StockMarketWire.com - Loungers narrowed its losses on higher revenue as the cafe, bar and restaurant operator rolled out new sites.

For the 24 weeks to 6 October, pre-tax losses narrowed to £2.5m from £4.3m on-year as revenue grew 22% to £79.8m, with like-for-like sales up 5.4%.

The uptick in performance was driven by new site openings and strong underlying sales growth in its existing estate, the company said.

Over the course of the period, the company opened 10 new sites, comprising eight Lounges and two Cosy Clubs, taking the portfolio to 156 sites.

Five new sites opened in the second half of the year to date, keeping the company on track to deliver 25 new site openings in this financial year and going forward.

'Looking ahead, the strength of our fiscal 2020 openings to date and the continued evolution of our offer further underpins our confidence in continuing our current growth rate of 25 new openings per year and the potential for more than 400 Lounges and 100 Cosy Clubs across the UK,' Loungers said.



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