Nightcap revenues jump 65.7% amid bumper Christmas trading
Revenues for the entire of December 2023 were the largest monthly revenues in its nearly three-year history since IPO
Nightcap has revealed that group revenues jumped to £7.4m during the four-week period ended 31 December 2023, spelling a 65.7% rise compared with the same period last year.
As a result, Nightcap’s revenues for the entire of December 2023 were the largest monthly revenues in its nearly three-year history since IPO, with total December 2023 unaudited group revenue of £9.2m against £5.9m for December 2022, an increase of 55.9% and a like-for-like increase of 4.6%.
The group’s cash position as of 31 December 2023 was £3.9m, including cash in transit of £900k. At the same date, the group had total bank debt of £8.9m, resulting in a net debt position of £5m – excluding convertible loan notes.
Sarah Willingham, CEO of Nightcap, said: “I could not be prouder of the entire Nightcap team as we continue to build the UK’s leading premium bar group. 2023 has been a volatile year, particularly in terms of the macro-economic impact on the hospitality sector. It is also positive news that inflation is getting under control, which is expected to result in interest rate cuts in 2024.
“We are a much larger business with the team and foundations in place for the next stage of growth. We have set ourselves up to maximise our long-term potential. I am so proud of what we have achieved and am very excited about the future of Nightcap.”
In addition, Nightcap has reached an agreement with the administrator of DC Bars Limited and Tuttons Brasserie Limited to pay the full £500k of deferred consideration on the Dirty Martini acquisition following all conditions being met.
With £200k paid in December 2023, the remaining £300k will be paid during the third quarter of FY24. Details of the Dirty Martini acquisition were announced on 9 June 2023.
