Nightcap PLC Record Christmas trading and trading update (1661Z)
10 Janvier 2024 - 8:00AM
UK Regulatory
TIDMNGHT
RNS Number : 1661Z
Nightcap PLC
10 January 2024
This announcement contains Inside Information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018). Upon the publication of this announcement this Inside
Information is now considered to be within the public domain.
10 January 2024
Nightcap plc
("Nightcap" or the "Company" or the "Group")
Record Christmas trading and update for the periods ended 31
December 2023
Trading update
Nightcap (AIM: NGHT), the owner and operator of 46 premium bars,
is pleased to announce a positive trading update for the four week
2024 Christmas period as well as the 13 weeks and 26 weeks ended 31
December 2023, with record trading weeks across several of the
Group's sites. This positive trading is despite the ongoing
challenges of train strikes, inflation and the cost of living
crisis.
Four week festive period ended 31 December 2023
Nightcap achieved a number of record revenue weeks during the
important Christmas period. Unaudited Group revenue for the
four-week period ended 31 December 2023 was GBP7.4 million, a 65.7%
increase compared to Group revenue of GBP4.5 million for the
equivalent period in 2022 and a like-for-like* increase of
11.9%.
As a result, Nightcap's revenues for the entire of December 2023
were the largest monthly revenues in its nearly three-year history
since IPO, with total December 2023 unaudited Group revenue of
GBP9.2 million against GBP5.9 million for December 2022, an
increase of 55.9% and a like-for-like* increase of 4.6%.
13 weeks ended 31 December 2023 ("Q2 FY2024")
Nightcap saw another quarter of strong growth in Q2 FY2024.
Unaudited Group revenue was GBP18.0 million, resulting in a 39.0%
increase compared to Group revenue of GBP12.9 million for the
equivalent period in FY2023 and a 5.9% like-for-like* decrease
compared to the same period in FY2023.
This represents a significant improvement in like-for-like*
revenue performance compared to Q1 FY2024, primarily driven by
strong Christmas trading alongside: the integration of the Dirty
Martini bars; the Company's PianoWorks collaboration; and a number
of sites opened in the previous 12 months starting to show improved
maturity profiles.
26 weeks ended 31 December 2023 ("H1 FY2024")
Unaudited Group revenue was GBP32.7 million for H1 FY2024,
resulting in a 40.9% increase compared to Group revenue of GBP23.2
million for the equivalent period in FY2023. Revenue for this
26-week period represents a 10.0% like-for-like* decrease compared
to the equivalent period for FY2023.
Cash
The Group's cash position as at 31 December 2023 was GBP3.9
million (including cash in transit of GBP0.9 million). At the same
date, the Group had total bank debt of GBP8.9 million resulting in
a net debt position of GBP5.0 million (excluding convertible loan
notes). GBP1.0 million of the Group's total bank debt is scheduled
for repayment during FY2024.
The Company has reached agreement with the administrator of DC
Bars Limited and Tuttons Brasserie Limited to pay the full GBP0.5
million of deferred consideration on the Dirty Martini acquisition
following all conditions being met. With GBP0.2 million paid in
December 2023, the remaining GBP0.3 million will be paid during Q3
FY2024. Details of the Dirty Martini acquisition were announced on
9 June 2023.
The Company expects to announce the Group's interim results for
the 26 weeks ended 31 December 2023 in mid-March 2024.
Sarah Willingham, Chief Executive Officer of Nightcap,
commented:
"I could not be prouder of the entire Nightcap team as we
continue to build the UK's leading premium bar group. To achieve
half yearly growth of 40.9% in revenue and 11.9% growth on a
like-for-like* basis for the important four week Christmas period
is a monumental effort.
"2023 has been a volatile year, particularly in terms of the
macro-economic impact on the hospitality sector. The cost of living
crisis, inflation and rail strikes have significantly impacted our
business and therefore it is very welcome news that the majority of
rail workers have reached an agreement to end the rail strikes. It
is also positive news that inflation is getting under control,
which is expected to result in interest rate cuts in 2024.
"These are elements that should start to positively impact
disposable income for our target customers during 2024.
"During the second half of 2023 we have transformed our
management team whilst focussing on the integration of acquisitions
and improving our systems. We expect to see the benefits of this
integration and the synergies during the coming year.
"We are a much larger business with the team and foundations in
place for the next stage of growth. We have set ourselves up to
maximise our long-term potential. I am so proud of what we have
achieved and am very excited about the future of Nightcap."
* Like-for-like revenue is same site revenue defined as revenue
at only those venues that traded in the same week in both the
current year and comparative reporting periods.
For further enquiries:
Nightcap plc
Sarah Willingham / Richard Haley / Gareth Edwards email@nightcapplc.com
Allenby Capital Limited (Nominated Adviser +44 (0) 20 3328
and Broker) 5656
Nick Naylor / Alex Brearley / Piers Shimwell www.allenbycapital.com
(Corporate Finance)
Jos Pinnington / Amrit Nahal / Tony Quirke
(Sales and Corporate Broking)
Bright Star Digital (PR) https://www.brightstardigital.co.uk/
Pam Lyddon +44 (0) 7534 500
829
pamlyddon@brightstardigital.co.uk
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