Nightcap sees sales rise in Q2 2023
Bar investment group Nightcap has seen a 4.7% like-for-like revenue increase for the second quarter of its 2023 financial year.
Nightcap’s portfolio of bars includes The Cocktail Club, Adventure Bar Group, and Barrio Familia chains.
The like-for-like growth only accounts for those venues that traded during the same period the previous year. The second quarter (Q2) covers the 13 weeks ending 1 January 2023.
Taking into account Nightcap’s new additions, the group’s revenue rose by 60.9% during Q2 to reach £12.9 million (US$15.7m), compared with £8m (US$9.7m) for the same period the year prior.
For December 2022 alone, revenue reached £5.9m (US$7.2m) – a 71.8% increase compared with December 2021, and like-for-like increase of 27.6%.
Sarah Willingham, chief executive officer of Nightcap, said: “As we approach our second anniversary since our IPO, I could not be prouder of the entire Nightcap team.
“To achieve quarterly growth of 60.9% in revenue and 4.7% growth on a like-for-like basis represents a monumental effort, not least during a time when rail unions deliberately chose a number of the biggest, most important weeks and weekends for hospitality, for their series of significant rail strikes, including the incredibly important Christmas weeks.”
The first-half (H1) results of fiscal 2023 delivered a 5.8% like-for-like decrease compared to the same period for 2021, attributed to the rail strikes.
However, like-for-like revenue was up by 10.1% when compared with the same period in 2019.
Sales during H1 2023 hit £23.2m (US$28.3m), a 49.2% rise compared with the £15.6m (US$19m) during H1 2022.
In H1 2023, Nightcap opened six new venues taking its total number of sites to 36. In November 2022, Willingham said the group would “slow down” its expansion plan of buying new venues amid economic uncertainty.
“During the first half of our current financial year we also successfully opened another six phenomenal bars across the country, while also delivering record-breaking amounts of corporate Christmas parties and a New Year’s Eve, which was sold out across most of our 36 sites,” Willingham added.
“This result is a testament to the resilience of our high-disposable income Millennial and Gen Z customers, who continue to enjoy social interactions in a fun party atmosphere in our bars across the country.”