Loungers revenues rise 24.7% to £353.5m in FY24

Loungers has revealed it achieved record revenue growth of 24.7% to £353.5m for the 53-week period to 21 April, after opening 36 new sites during the year – seven more than in the prior year. 

During the year, the operator of Lounge, Cosy Club and Brightside dining concepts saw like-for-like sales growth of 7.5%, with current trading continuing to “beat the market”. 

The group also recorded adjusted EBITDA of £59.6m, representing year-on-year growth of 25.9%. 

Loungers has attributed its record-breaking performance to decreasing inflationary pressures combined with increasing scale, which allowed it to make good progress towards reestablishing its pre-pandemic margins. 

Due to a record number of new restaurant openings also each delivering “consistently high” sales and profits, Loungers has sustained a strong pipeline of new locations to maintain the current rate of openings.  

Nick Collins, CEO of Loungers, said: “This has been another year of outstanding strategic, operational and financial progress for Loungers. Our consistent and market-leading like-for-like sales growth coupled with our improving margins are allowing us to achieve record levels of profits to reinvest in our ambitious roll-out programme.

“We have demonstrated yet again that the hospitality sector is capable of making a really positive economic and social impact on parts of the country that are otherwise all-too-often overlooked. To encourage further investment, I would strongly urge the new government to address the wildly unfair tax burden that is shouldered by our industry.”