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Loungers swings to profit in H1 on higher profit; sees further hit to sales from tiered restrictions
StockMarketWire.com
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Hospitality group Loungers swung to a profit in the first half of the year as higher margins on cost cuts offset a fall in revenue.
For the 24 weeks ended 4 October 2020, pre-tax profit was £117,000 from a loss of £2.5 million year-on-year, while revenue fell 33% to £53.5 million.
The decline in revenue reflected the impact of national lockdown to 4 July, though some weakness was partly offset during the post-reopening period, with like for like sales growth of 25.1% between 4 July and 4 October.
Looking ahead, the company said it expected a more severe impact on sales from the Covid-19 restrictions that come into effect from Dec. 2, when the lockdown ended.
'In England, we have 60 sites that will remain closed under Tier 3, with 91 sites trading in Tier 2 and three sites trading in Tier 1. In Wales we have 14 sites that will be subject to increased restrictions from 4 December,' the company said.
At 9:33am: (LON:LGRS) Loungers PLC share price was 0p at 191p
Story provided by StockMarketWire.com
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