reports
Hybridan Small Cap Feast - 26 April 24
26th April 2024 A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Delistings: C4X Discovery Holdings (C4XD.L) has left AIM. What’s baking in the oven? ** Potential**** Initial Public Offerings: Reverse Takeovers: 16 April 2024: Electric Guitar (ELEG.L) Concurrent with its Admission to trading on AIM, Electric Guitar is proposing to acqu...
- Caroline Gulliver
“All day” success, all year round
Loungers has announced record FY24 Sales of £353.5m, up 24.7% and 22.2% excluding the 53rd week. This exceptional performance was 2.7% ahead of our estimate as FY24 LFL sales growth of 7.5% was maintained into the final 21 weeks, outperforming the industry again. Even more impressively, FY23/FY24 new sites contributed c.15% to revenue growth as Loungers’ unique all-day café-bar model continues to attract new customers nationwide, ranging from coastal towns to mixed use retail / leisure schemes. ...
Hybridan Small Cap Feast - 9 April 2024
9th April 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced Dish of the day Admissions: Helix Exploration (HEX.L) a helium exploration company with operations in Montana, USA announces admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange. An Oversubscribed placing with book of demand over £22m to raise gross proceeds of...
- Caroline Gulliver
Delivering self-funded growth “all day” long - initiation
Loungers is an award winning, uniquely positioned all day café-bar group that has grown revenues an impressive 22.5% CAGR FY16-FY23. Comprising of Lounges, Cosy Club and Brightside, the 257-site group still has huge scope to grow towards its conservative ambition of over 650 sites. Loungers is profitable with improving margins and we forecast will generate over £100m free cashflow (pre-expansion capex) FY24E-FY26E. This, we estimate, will fully fund c.100 new site openings over the next three y...
- Kate Heseltine
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...
Hybridan Small Cap Feast - 13 Oct 23
13th October 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment obje...
Hybridan Small Cap Feast - 18 Aug 23
18th August 2023 The Hybridan Team will take a well earned break today for a few weeks. Back on 4 September. Enjoy the Summer! @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connec...
Hybridan Small Cap Feast - 12 Jul 23
12th July 2023 @HybridanLLP Status of this Note and Disclaimer This document has been issued to you by Hybridan LLP for information purposes only and should not be construed in any circumstances as an offer to sell or solicitation of any offer to buy any security or other financial instrument, nor shall it, or the fact of its distribution, form the basis of, or be relied upon in connection with, any contract relating to such action. This document has no regard for the specific investment objecti...
Record revenue and industry leading LFL growth
Loungers has reported record revenue of £283.5m, up 85% on pre-Covid FY19. 29 new sites opened during the year, taking the total to 222 at year end. Excluding the continued estate expansion, like-for-like revenue growth was up 7.4% on the last year, and an impressive industry-leading 17.6% over the last three years. Inflationary pressures have impacted margins, especially wage inflation, while the results also reflect the end of government Covid-support measures. The adjusted EBITDA margin (IFR...
- Liberum Research Team
- Liberum Research Team
- Anna Barnfather
- Nishant Dahad
LIBERUM: Loungers* - Resilient and relevant despite macro challenges –...
Loungers continues to outperform, with FY23 LFL sales +18% ahead of pre pandemic levels and +7% against prior year. Additionally, it has opened 29 sites and delivered revenues of £283.5m (Lib est. £280.0m) – an increase of 19.5% on the previous year. Non-property debt remains low and its accelerated roll-out is progressing well with 9 sites set to open in 1Q24E. While FY23E Group EBITDA is expected to be broadly in line with market expectations, we move our above consensus estimates c5% lower, h...
- Kate Heseltine
Loungers - On a roll
With Loungers trading ‘fantastically well’ and its organic growth strategy ‘never looking more relevant’, management is pulling no punches. Since full reopening on 17 May, its first nine weeks’ like-for-like sales growth of 24% on the same period of 2019 shows material market outperformance (restaurants +8% like-for-like in June, according to Coffer CGA Business Tracker) and sustains the buoyancy of its initial month (+27%). Yet more striking is Loungers’ resumption of its historical run rate of...
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