Nightcap PLC (AIM:NGHT) was upbeat about the first six months of its financial year, with strong sales growth and leases for more than two dozen new sites under negotiation.
The company, which floated in London 12 months ago, said unaudited group net sales were £15.5mln for the six months up until 26 December, a 46.2% net sales increase on the same period in 2019.
Focusing on acquiring and redeveloping drinks-led bars, Nightcap pointed out that it achieved this growth in the face of uncertainty following Downing Street’s introduction of Plan B coronavirus guidelines.
Rising cases were likely the cause of nearly 7,500 bookings cancelled in the Christmas period, though 70% of those are rescheduled to take place in the next three months.
Looking forward, Nightcap says it has 25 further sites in legal negotiations or with offers under consideration as it looks to add further sites to its existing portfolio, adding to the recent acquisition of a sites in Bristol, Reading, Cardiff and Londo
"With the first new Adventure Bar Group site lease signed and a further 25 sites under offer or in legal negotiations across the group, we are well positioned for significant expansion as we enter 2022 with sufficient cash reserves of approximately £9.4mln for the group's operations and to execute our growth strategy,” said Sarah Willingham, chief executive officer of Nightcap.
Nightcap shares were up 4.3% to 19p at the time of publication.