StockMarketWire.com - Cafe, bar, and restaurant operator Loungers reported wider annual losses as government-imposed lockdowns and restrictions forced the company to halt operations.

For the 52 weeks ended 19 April 2020, pre-tax losses widened to £14.8m from £6.7m on-year as revenue increased 8.8% to £166m.

Profit fell as a strong performance pre-pandemic was offset by a fall in margins and revenue as the lockdown came into effect.

Revenue growth was supported by the opening of 21 new sites and strong underlying like-for-like sales of 4.5% in the 44 weeks to 23 February, the company said.

Since reopening its sites, performance had rebounded with like-for-like sales growing 29.9% from 4 July to 13 September.

Two new sites were opened, and the 'group cautiously plans to open four further new sites by the end of the current financial year,' it added.

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