Loungers - Happy eaters
Loungers continues to show that UK hospitality in the guise of an innovative, all-day value offer can deliver significant and sustained profit growth despite sector headwinds. H124 adjusted EBITDA (IAS 17) was 28% higher due to a like-for-like sales increase (+7.7%) and scale benefits from accelerated expansion (over 15% in the last year). Such momentum may only be reinforced by a burgeoning pipeline in a property market that management expects to remain favourable for the foreseeable future and thus conducive to a potential long-term trebling of the estate, which could be funded internally on the current model. A consensus FY24e EV/EBITDA (based on IAS 17 accounting standard) of 6.5x compares with a c 9x historical exit multiple for Restaurant Group, Loungers’ closest listed peer.
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