Trading update for the 26 weeks ended 3 July 2022

RNS Number : 8787R

Hostmore PLC

11 July 2022

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

Hostmore plc

Trading update for the 26 weeks ended 3 July 2022 and guidance for FY22

Trading in line with expectations

Growth opportunities remain, despite consumer caution

11 July 2022

Hostmore plc (the "Company" and, together with its subsidiaries, being the "Group"), the hospitality business focused on American-themed casual dining brand, 'Fridays', the cocktail-led bar and restaurant brand, '63rd+1st', and the fast casual dining brand 'Fridays and Go', announces an update on trading for the 26 weeks ended 3 July 2022.

· Guidance for the full year remains unchanged, with LFL revenues for the period since 23 May 2022 in line with the expectations set out in the trading update issued on 26 May 2022.

· Organic growth continues in line with previously stated plans of the Group, with the recent opening of the fourth 63rd + 1st restaurant, in Edinburgh, on 7 July 2022.

· On 5 July 2022, the Group extended its primary banking facilities for an additional 12 months to 1 October 2024. The terms include an increase in the value of the Revolving Credit Facility to £30m from £25m in support of the Group's capital allocation policy.

Robert B. Cook, Hostmore plc's Chief Executive Officer, commented:

"More than one million customers visited our brands during June, and I am grateful to all our valued and loyal customers for their ongoing support despite the financial challenges currently faced by consumers. Additionally, the consistently high guest opinion scores recorded reflect the phenomenal effort of our teams to ensure every customer visit is a valued occasion.

Our new 63rd + 1st store on Frederick Street in Edinburgh has opened with the fanfare it deserves and we are encouraged by the feedback so far. We expect the store to trade well through the summer as Edinburgh hosts its annual Military Tattoo and International Fringe Festival.

The new bank facility extension provides us with greater flexibility to pursue growth opportunities which we are working hard and at pace to deliver."

ENDS

ENQUIRIES

Hostmore plc

Robert B. Cook, Chief Executive Officer

Alan Clark, Chief Financial Officer

[e-mail]

[phone]

MHP

Oliver Hughes, Simon Hockridge, Eleni Menikou 

[e-mail]

[phone]

NOTES TO EDITORS

Hostmore plc is a growing hospitality business with its current operations focused on the American-themed casual dining brand, 'Fridays', the cocktail-led bar and restaurant brand, '63rd+1st', and the fast casual dining brand 'Fridays and Go'. While Fridays has been trading for over three decades in the UK, Hostmore was established in 2021 to provide a platform for the development of hospitality brands under the leadership of an experienced management team that has a record of building businesses in the hospitality and leisure sectors. Hostmore's businesses are defined by their iconic brand experience and vibrant heritage. As of 11 July 2022, Hostmore operates 90 restaurants in the United Kingdom and Jersey, a majority of which are in high footfall locations, including retail parks, shopping centres and city centres. Hostmore is exploring opportunities with TGI Friday's, Inc., the franchisor of Fridays, to expand its existing brands into new franchise territories and is seeking to add rapidly growing, early-stage businesses to its portfolio of complementary hospitality brands, as well as to extend its offering in other experience-led, leisure concepts.

 

 

END

 

 

TSTUWAARUKUBRAR