Nightcap revenues hit £23.5m in half-year results
Cash generated from operations increased by 273% to £4.1m during the half year period, as the business ‘focussed on maximising returns from existing and recently opened bars’
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Nightcap has revealed that its revenues grew 48.7% to £23.5m during its half-year ended 1 January 2023, as like-for-like revenues increased 4.7% for the second quarter of FY23 against the same period last year.
Despite significant rail strikes being held across the UK, the group managed to increase its adjusted EBITDA by 25% to £2m. However, management estimates that the company lost roughly £1.2m in EBITDA to the 13 rail strike days held over the period.
By the end of the half year period, the group aso opened six additional sites. The group now has two additional Cocktail Club bars, two Tonight Josephine venues, and two Barrio bars.
In addition, cash generated from operations increased by 273% to £4.1m during the half year period, as the business “focussed on maximising returns from existing and recently opened bars”.
As of 1 January 2023, the group’s net debt stood at £4.1m, with £0.75m of the group’s total bank debt scheduled for repayment during the 2023 financial year.
Sarah Willingham, CEO of Nightcap, said: “Nightcap has had a fantastic half year. Our incredible team opened six bars in six weeks across the country, whilst also delivering a Christmas that exceeded expectations and records in terms of corporate parties, pre-sold events and a nearly sold out New Year’s Eve across all 36 sites.
“We look forward to the second half of the year with confidence and once again we thank our customers for coming to our sites and enjoying themselves with friends in a fun, relaxed party atmosphere and leaving knowing they have had a night to remember.”
