Trading Update

RNS Number : 0869B

Nightcap PLC

08 June 2021

 

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.

8 June 2021

Nightcap plc

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

Trading Update  

Strong trading despite restrictions

The Board of Nightcap (the "Board") is pleased to announce an update on the Group's recent trading. All of the Group's 19 premium bars are open and trading across London, Bristol and Birmingham, in compliance with government guidelines for group sizes and social distancing.

Unaudited Group revenues for the three full weeks since the reopening of indoor hospitality, being 17 May to 6 June 2021 inclusive, saw growth of 92% when compared to Group revenues recorded in the equivalent weeks in the calendar year 2019 (16 of the 19 premium bars had been established and were open at that time) and a 53% growth when compared to Group revenues on a like for like basis for the same time frame. The strong sales performance since re-opening is significantly ahead of the Board's expectations,given that the bars have restricted capacity due to social distancing requirements.  

For the same periods described above, The London Cocktail Club saw revenues grow by 83% when compared to revenues seen in the same weeks in 2019, representing a 69% growth of revenues on a like for like basis. Nightcap's latest acquisition, Adventure Bar Group, saw revenues growth of 96% when compared to those seen in the same weeks in 2019, representing a 46% growth of revenues on a like for like basis, including an all-time weekly sales record in excess of £520,000 across its nine bars.

The Board is particularly encouraged by the strong trading of the Group's two most recently opened venues, Luna Springs and Tonight Josephine in Birmingham. Luna Springs is Nightcap's first outdoor trading space outside of London and Tonight Josephine Birmingham is the first expansion of the Tonight Josephine brand outside of London.  Both form part of the Group's national roll-out strategy.

On the back of the strong recent trading performance, the Group continues to expand its opening pipeline for the next three years. Our management teams are travelling around the UK looking for new properties and we have a number of sites that are currently in legal negotiations across several of the Group's brands.

Whilst we look forward to all COVID-related restrictions being lifted on 21 June 2021, in line with the government's previous guidance and the bars being able to trade to their full potential, we now have confidence that all sites will continue to trade well even if the current capacity restrictions remain in place.

For further enquiries:

Nightcap plc Sarah Willingham-Toxvaerd / Toby Rolph / Gareth Edwards	c/o Fleet Street Communications
Allenby Capital Limited (Nominated Adviser and Broker) Nick Naylor / Alex Brearley (Corporate Finance) Matt Butlin / Amrit Nahal / Tony Quirke (Sales and Corporate Broking)	[phone] www.allenbycapital.com
Fleet Street Communications (Financial PR) Mark Stretton / Mike Berry	[phone] www.fsc.uk.com

 

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