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News
Nightcap sees Christmas success but H1 sales down
Bar owner Nightcap reported double-digit sales growth during the four-week festive period ending 31 December 2023.
The bar operator, whose portfolio includes Cocktail Club, Tonight Josephine and Disrepute, saw like-for-like sales against the same four-week period in 2022 grow by 11.9%.
The company’s total sales during those four weeks reached £7.4 million (US$9.4m), marking a 65.7% increase compared with the £4.5m (US$5.7m) revenue in 2022. The 2023 amount includes revenue from the company’s acquired sites last year.
Nightcap also shared the results from the second quarter of fiscal 2024, the 13 weeks ending 31 December 2023. Unaudited group revenue reached £18m (US$22.9m), representing a like-for-like 5.9% rise compared with the same period in 2022.
However, looking at the first half of the company’s 2024 financial year, Nightcap experienced a 10% like-for-like decrease compared with the same period for 2023.
Sarah Willingham, chief executive officer of Nightcap, said: “I could not be prouder of the entire Nightcap team as we continue to build the UK’s leading premium bar group. To achieve half-yearly growth of 40.9% in revenue, and 11.9% growth on a like-for-like basis for the important four-week Christmas period is a monumental effort.
“2023 has been a volatile year, particularly in terms of the macro-economic impact on the hospitality sector. The cost-of-living crisis, inflation and rail strikes have significantly impacted our business and therefore it is very welcome news that the majority of rail workers have reached an agreement to end the rail strikes. It is also positive news that inflation is getting under control, which is expected to result in interest rate cuts in 2024.
“These are elements that should start to positively impact disposable income for our target customers during 2024.
“During the second half of 2023 we have transformed our management team whilst focusing on the integration of acquisitions and improving our systems. We expect to see the benefits of this integration and the synergies during the coming year.
“We are a much larger business with the team and foundations in place for the next stage of growth. We have set ourselves up to maximise our long-term potential. I am so proud of what we have achieved and am very excited about the future of Nightcap.”