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Loungers helped by Eat Out to Help Out with summer sales jumping by a third

The firm opened two new sites since April and “cautiously” plans for another four by the end of the current financial year

Loungers PLC - Loungers helped by Eat Out to Help Out with summer sales jumping by a third

Loungers PLC (LON:LGRS) said summer performance benefited from the government's Eat Out to Help Out scheme and the VAT reduction on food and non-alcoholic drinks.

Like-for-like sales jumped 30% from July 4 to September 13, with all sites trading as of August 7.

READ: Loungers surges amid strong trading following reopening

The bar and restaurant operator opened two new sites since April and “cautiously” plans for another four by the end of the current financial year.

In the year to April 19, revenue rose 8% to £166mln but loss before tax widened 55% to £14mln due to costs related to COVID-19 and the IPO.

Net debt was cut to £24mln on September 6 from £35mln on April 19.

"Loungers’ model is ideally positioned, hence it is trading ahead (despite social distancing reducing covers by 10-15%), cutting debt and building upside risk into forecasts," analysts at house broker Peel Hunt commented.

Shares advanced 9% to 167.2p early on Wednesday.

--Adds analyst comment, shares--

Quick facts: Loungers PLC

Price: 149 GBX

AIM:LGRS
Market: AIM
Market Cap: £152.58 m
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