Loungers PLC on Friday said it is confident that it will open some more sites, as revenue in the first half of its financial year jumps.

Loungers is the Bristol-based operator of Lounge, Cosy Club and Brightside cafes and bars. Its shares were up 3.3% to 193.25 pence each in London on Friday morning.

In a trading update on the 24 weeks ended October 1, Loungers said it delivered like-for-like sales growth of 7.7%. This represents an acceleration from the like-for-like sales growth of 5.7% previously reported for the 12 weeks to July 9.

It also said it reflects a strong like-for-like sales performance since the pandemic. Relative to the 24 week period ended October 6, 2019, like-for-like sales are up 25%.

It added that total revenue in the first half of financial 2024 jumped 22% to £149.6 million from £122.3 million a year earlier. Further, inflationary pressures in the period continued to diminish, in line with the company’s expectations.

During the first half of the financial year, Loungers said it has opened 16 new sites, taking its portfolio to 238 sites. One Lounge site has been opened to date in the second half and, with a further 17 sites scheduled to open.

‘I am delighted with our strong trading performance across both the mature estate and our new openings. Our consistent sales growth reflects the continued evolution of our offer and the resilience of the UK consumer and high street,’ said Chief Executive Nick Collins.

‘With a great pipeline of further openings in front of us I have never felt more optimistic about our prospects.’

Loungers plans on publishing its half year results on November 28.

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