Nightcap revenues rise 42.1% to £33.4m in H1

Nightcap has reported that revenues grew 42.1% to £33.4m in the interim 26-week period ended 31 December 2023. 

The bar group has attributed its performance to the acquisition of Dirty Martini, the successful collaboration with The Piano Works over the Christmas period, and the maturing of sites opened in the previous year. 

As a result, IAS17 adjusted EBITDA also rose 5% to £2.1m despite the train strikes and “higher than expected” Dirty Martini integration costs. 

Nightcap’s acquisition of The Piano Works reached completion in February 2024, securing its presence at the group’s Covent Garden site and adding a new site in Farringdon in the process. 

As of 31 December 2023, the group had cash of £3.1m and total bank debt of £8.6m, resulting in net debt of £5.6m.

During H1 FY24, the group revealed that like-for-like sales decreased 10%, largely due to the ongoing train strikes and the impact of the cost of living crisis. 

Sarah Willingham, CEO of Nightcap, said: “I am pleased that we continue to show great progress in building the UK’s leading bar group. Five acquisitions and 13 openings in just over three years is an incredible achievement. 

“Whilst we have entered the next stage of our development where we will start to enjoy the benefits of the scale we have built in a short time, I continue to see great opportunities for growth in the market. Our ambition to double the size of our estate in the medium term is achievable.”

She added: “We expect the second half of FY24 to continue to be uncertain and challenging, but I believe hospitality has gone through the worst of this downturn with many economic indicators showing a likely recovery later on this year. In the meantime, we continue our focus on leading our sector in terms of quality, innovation and training.”