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Loungers - New issue moves to healthy premium

June 2019

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • LGRS
  • Price:
  • 221.5p
New issues have slowed to a trickle but one bright spark has been Loungers, which was placed at 200p on AIM on 29th April and immediately rose to 221.5p, valuing it at £220m. The company, which raised £56m new money to pay down debt as well as nearly £22m on behalf of its financial backer, Lion Capital, is a fast-growing casual dining operator with two brands, Lounges and Cosy Club. Revenues have risen from £68.5m in the year ended April ’16 to £121m in ’18 while adjusted EBITDA almost doubled from £8.7m to £16.6m. Adjusted operating profit (excluding site- pre-opening costs) increased 140% from £4.2m to £10.1m. Most recent data revealed revenue and operating profit rising ...

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