Loungers Group Sees Rise in Revenue as Inflation Concerns Ease
Posted by Emily on 13th Oct 2023
In the first half of the fiscal year, Loungers experienced a 22.3% increase in revenue.
Image Source/ Copyright Owner: Loungers Group
Loungers, a prominent UK cafe bar and restaurant chain, highlighted its recent spurt in growth. According to the company, sales climbed by 7.7% in the 24 weeks leading up to October. This is a notable rise compared to the 5.7% growth reported in the preceding 12 weeks.
While the exact reason for this growth surge wasn't detailed, the numbers reveal that Loungers earned £149.6 million during the first six months of this fiscal year. This is a 22.3% leap from the previous year's figures.
Over the past year, the company has launched 34 new sites, paving the way for approximately 1,000 new job opportunities. Impressively, they've opened 72 locations since the end of the last Covid lockdown. On the bright side, inflationary pressures seem to be lessening for Loungers.
Image Source/ Copyright Owner: Loungers Group
In the past six months alone, the group introduced 16 additional venues, bringing the total number of Loungers sites to 238 nationwide. The company is ambitious, with plans to set up a record 34 new sites this fiscal year.
Nick Collins, the Chief Executive, expressed his contentment with the company's robust performance, praising both established and newly opened venues. He said, "Our sustained growth in sales mirrors the ongoing enhancement of our offerings and the UK high street and consumers' resilience."
Collins continued, "In the last 12 months, we've launched 34 sites and generated about 1,000 jobs. Moreover, since the previous Covid lockdown, we've inaugurated 72 locations. Given the promising lineup of upcoming launches, I've never been more hopeful about our future prospects."
He extended heartfelt gratitude to their exceptional team, emphasising that their tireless efforts are the backbone of the company's success.