Cafe, bar, and restaurant operator Loungers reported wider annual losses as government-imposed lockdowns and restrictions forced the company to halt operations. For the 52 weeks ended 19 April 2020, pre-tax losses widened to £14.8m from £6.7m on-year as revenue increased 8.8% to £166m. Profit fell as a strong performance pre-pandemic was offset by a fall in margins and revenue as the lockdown came into effect. Revenue growth was supported by the opening of 21 new sites and strong underlying like-for-like sales of 4.5% in the 44 weeks to 23 February, the company said. Since reopening its sites, performance had rebounded with like-for-like sales growing 29.9% from 4 July to 13 September. Two new sites were opened, and the 'group cautiously plans to open four further new sites by the end of the current financial year,' it added.
0.00p (0.00%)delayed 08:39AM
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