Nightcap (NGHT ) announced strong net sales growth in a Q3 FY2022 update. The Company owns The Cocktail Club, Adventure Bar, and Barrio Familia group of bars.
Unaudited net sales amounted to £9.6m in Q3 FY2022, representing a 52.7% increase from the same period in 2019. YTD FY2022 unaudited sales were £25.2 million, a 48.6% increase from the same period in 2019. Nightcap's balance sheet remains solid with unaudited cash of £7.6m as of 3 April, 2022.
Nightcap opened two new venues following Q3 FY2022, a new location of The Cocktail Club in Exeter and a new Adventure Bar location in Cardiff. Both have been profitable so far. The Company acquired a third franchise on 21 November 2021, the Barrio Familia Group, which has also seen solid growth.
Furthermore, Nightcap has signed four new leases: A flagship Cocktail Club site in Birmingham, a second Cocktail Club location in Cardiff, a Blame Gloria site in Bristol, and a Tonight Josephine venue in Liverpool. Most are expected to open before the end of June 2022. The Company has a further 23 sites in legal negotiations or under offer across all brands. Several new leases are expected before June 2022.
Overall, the new update represents a positive outlook for the future of the Company, with strong sales growth, aggressive nationwide expansion, and an exciting summer season ahead.
Sarah Willingham, CEO, 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."
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