Nightcap PLC shares surged on Wednesday following its positive trading update for the Christmas period, as well as for its latest half year and quarter.

The stock was up 18% at 6.09 pence per share in London on Wednesday.

The London-based owner of the Cocktail Club, Adventure Bar and Barrio Familia chains ‘achieved a number of record revenue weeks during the important Christmas period’.

Nightcap said revenue for the four weeks that ended on December 31 reached £7.4 million, up 66% from £4.5 million the prior year. For the whole of December, the company achieved its largest ever monthly revenue, which rose 56% to £9.2 million.

For its second quarter, which likewise ended on December 31, Nightcap saw ‘further strong growth’ with revenue rising 39% to £18.0 million from £12.9 million.

Nightcap said that for the first half of the year ending on June 30, it delivered £32.7 million in revenue, up 41% from £23.2 million the previous year. It expects to report its official interim results in mid-March.

Chief Executive Officer Sarah Willingham said achieving such strong half-year and Christmas growth had been ‘a monumental effort’ for Nightcap.

‘2023 has been a volatile year, particularly in terms of the macro-economic impact on the hospitality sector,’ she commented. ‘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...These are elements that should start to positively impact disposable income for our target customers during 2024.’

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