Q3 Trading Update

RNS Number : 7825J

Nightcap PLC

29 April 2022

 

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.

29 April 2022

Nightcap plc

("Nightcap" or the "Company" or the "Group")

Q3 trading update

Nightcap (AIM: NGHT), the owner of The Cocktail Club, the Adventure Bar Group and the Barrio Familia group of bars, is delighted to announce that it experienced further positive trading during the 14 weeks ended 3 April 2022.

14 weeks ended 3 April 2022 ("Q3 FY2022")

Nightcap continued its growth trajectory during the third quarter of its 2022 financial year, which includes strong growth in the Barrio Familia group ("Barrio"), which was acquired on 21 November 2021.

Unaudited Group net sales were 9.6 million for Q3 FY2022, resulting in a 52.7% net sales increase compared to the same period in 2019 and a 27.7% like for like* increase compared to the same period in FY2019.

40 weeks ended 3 April 2022 ("YTD FY2022")

Unaudited Group net sales were 25.2 million for YTD FY2022, resulting in a 48.6% net sales increase on the same period in 2019 and a 24.4% like for like* increase compared to periods in FY2020 and FY2019.

Unaudited Group net sales by quarter for the first three quarters of FY2022 were as follows:

Q1	Q2	Q3	Total
£7.6m	£7.9m	£9.6m	£25.2m

New site openings and additional pipeline

Nightcap is pleased to announce that both The Cocktail Club ("TCC"), Exeter venue and Adventure Bar Group ("ABG"), Cardiff venue started trading just after the period ending 3 April 2022. Both sites have traded profitably from their first week of opening.

In addition to these two new sites opening, the Group has also announced the signing of four new leases - a flagship TCC site in Birmingham, another TCC site in Cardiff, a Blame Gloria site in Bristol and a Tonight Josephine site in Liverpool. The majority of these sites are expected to open and start trading before the end of June 2022 (end of FY2022).

Nightcap currently has a further 23 sites in legal negotiations or under offer across all of its brands, including its most recently acquired Barrio brand. The Group expects for several new site leases to be entered into before the end of June 2022.

The Group's balance sheet remains solid, with unaudited cash at bank of 7.6 million as at 3 April 2022.

Sarah Willingham, Chief Executive Officer of Nightcap, commented:

"We continue to deliver on our promise to build the leading premium bar group in the UK. As seen from our Q3 revenue numbers, our run rate revenue is developing nicely."

"We are mid-build on several new openings, we continue to negotiate on a string of new attractive leases and we have the cash required for our incredible teams to deliver on the strategy for their individual brands."

"We are delighted with how Nightcap is progressing."

For further enquiries:

Nightcap plc Sarah Willingham / Toby Rolph / Gareth Edwards	[e-mail]
Allenby Capital Limited (Nominated Adviser and Broker) Nick Naylor / Alex Brearley / Piers Shimwell (Corporate Finance) Matt Butlin / Amrit Nahal / Tony Quirke (Sales and Corporate Broking)	[phone] www.allenbycapital.com
Bright Star Digital (PR) Pam Lyddon	https://www.brightstardigital.co.uk/ [phone] [e-mail]

* 'like for like' net sales is a measure of the period over period change in net sales for the same site base. Within this announcement, the Group's trading over Q3 FY2022 has been compared with Q3 FY2019. YTD FY2022 has been compared with the 26 weeks from 1 July 2019 to 29 December 2019 and the 14 week period from 31 December 2018 to 7 April 2019, which predates the onset of COVID-19.

 

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