Nightcap revenues jump 55.1% to £35.9m in FY22

Nightcap has reported its group revenues surged 55.1% year-on-year from £6m to £35.9m on a combined group of companies basis for the 53 weeks ended 3 July 2022 (FY22), with like-for-like revenues up 23.6%.

The fourth quarter ended 3 July 2022 (Q4 FY22) also saw group revenues jump 73.2% to £10.8m compared to the same period in 2019 and a 29% on a like-for-like basis compared to 2019.

Overall, 31 of the 34 group’s announced bars are now trading across London, Birmingham and the South West of the UK, with three additional larger format bars for Tonight Josephine in Bristol and Liverpool, and The Cocktail Club’s flagship site in Birmingham, entering the final stages of fit out ready to be open for Q3 FY23.

The continued planned deployment of CAPEX into new openings throughout FY22 has resulted in weekly turnover “steadily” increasing quarter-on-quarter, with the group now regularly achieving weekly revenues exceeding £1m.

Nightcap said it is confident in continuing to invest in growth during FY23. At the group level, margin conversion has been maintained due to inflation, cost of living and costs of energy, although the majority of the group’s spirits supply contracts and energy deals are fixed into 2023 and some into 2024.

Sarah Willingham, CEO of Nightcap, said: “Finishing the year with 31 sites, with a number of openings to follow and a significant new site pipeline is a great achievement. Despite recent transport strikes and significant Covid-19 interruptions during the important 2021 Christmas period, we have managed to deliver against our expectations.

“We always thought we would have a short window to sign and open the best sites across the UK when we were admitted to AIM last year, but the challenging macro environment has resulted in more sites being available on very attractive terms and with a simple to replicate business model across four distinctive brands.”