Loungers revenue up 38% as expansion continues
Restaurant/café/bar group Loungers saw its revenue jump by nearly 38% for the year to April 2012, as it continued on its path of rapid expansion.
The group saw revenues climb by £4.1m to £15.1m for the period, while its earnings before interest, tax, depreciation and amortisation grew 46.5% to nearly £2.2m.
But it incurred a pre-tax loss for the period of almost £140,000, compared with a pre-tax profit of just under £600,000 for the year before.
Loungers said that the pre-tax loss in 2012 was down largely to costs involved with bringing private equity firm Piper on board with a significant minority stake. The company's annual accounts showed that these non-recurring items totalled just over £1m.
Loungers finance director Nick Collins said: "We fully expect the underlying profitability of the business to increase as we open more units and benefit from economies of scale."
Loungers currently has 27 sites, although it had 20 at the end of April 2012. It has four Cosy Clubs and 23 Lounges.
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By Neil Gerrard
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