Loungers, a restaurant operator in the UK, has reported a profit of £9.12m ($11.67m) for the fiscal year 2024 (FY 2024), a surge of 31.6% compared with £6.92m a year ago.  

The company saw its diluted earnings per share climb by 30.8% to 8.5p for the 53 weeks ending 21 April 2024, while it was 6.5p for 52 weeks ending 16 April 2023. 

Total revenue reached £353.48m, marking a 24.7% year-on-year growth from $283.50m in the previous year.  

Loungers, known for its diverse brands such as Lounge, Cosy Club, and Brightside, also reported a 56% rise in pre-tax profit, reaching £11.44m from £7.33m in FY23. 

Operating profit for the year was £20.31m, up 37.7% from £14.75m reported last year, with operating margin improving by 50 basis points to 5.7%.  

Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at £59.59m, up 25.9% year-on-year. 

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The company attributed its strong performance to strategic expansion, having opened a record 36 new sites, contributing to a 7.5% like-for-like (LFL) sales growth.  

With a current total of 264 sites, Loungers has created 1,200 new jobs, increasing its workforce to 9,000 employees. 

Loungers believes its target of 665 sites across the UK remains a “conservative” estimate.  

In the 11 weeks following the close of FY 2024, LFL sales rose by 5%, and the company opened an additional seven Lounges. 

Loungers CEO Nick Collins said: “The variety, breadth and flexibility of our all-day offer is proving to be more relevant than ever, and last year our wonderful teams served seven million breakfasts and poured six million pints to an increasingly wide demographic.

“As the business grows, we are constantly evolving and improving our menus to ensure that we continue to offer our customers the great experience and fantastic value for money that they have come to expect from us. 

“The improving macroeconomic environment, with falling interest rates and declining inflation, adds to our confidence in Loungers’ trading prospects for the coming year. In the longer term, we continue to believe that 665 sites is a conservative target.”