The group’s revenue was £10.8million for its fourth quarter, resulting in a 73.2% revenue increase compared to the same period in 2019 and a 29% like-for-like increase compared to the same period in its 2019 financial year.
Meanwhile, the company’s revenue for its entire financial year was £35.9m (2021: £6m), resulting in a 55.1% revenue increase on a combined-group-of-companies basis and a 23.6% like-for-like (lfl) increase. The group’s lfl revenue comparisons are based on same-site revenue at venues that traded in the same week in both the current year and comparative reporting periods in FY2019 and FY2020 uninterrupted by Covid-19 lockdowns.
Revenue rose through each quarter during FY2022 from £7.6m in Q1 to £7.9m in its second quarter then to £9.6m in the third quarter and up to £10.8m in its final quarter.
Some 31 of the group’s 34 bars are currently trading across London, Birmingham and the south-west, with three additional larger format bars for Tonight Josephine in Bristol and Liverpool, and The Cocktail Club’s flagship site in Birmingham, entering the final stages of fit-out ready to be open for the important second quarter of the FY2023.
The continued planned deployment of CAPEX into new openings throughout the FY2022 financial year has resulted in weekly turnover steadily increasing quarter on quarter, with the group now regularly achieving weekly revenue exceeding £1m.
With the launch of the Nightcap Bar Academy, the business said it is continuing to focus on significant investment in its people throughout the organisation, with clear objectives to continue to improve recruitment and retention at all levels.
More sites available
It added margin conversion has been maintained despite uncertainties surrounding inflation, cost of living and costs of energy, although the majority of the group’s spirits supply contracts and energy deals are fixed into 2023 and some into 2024.
Nightcap chief executive officer Sarah Willingham said: “We are absolutely delighted with these results. Finishing the year with 31 sites, with a number of openings to follow and a significant new-site pipeline is a great achievement. Despite recent transport strikes and significant Covid-19 interruptions during the important 2021 Christmas period, we have managed to deliver against our expectations thanks to our wonderful teams and loyal customers.
“We always thought we would have a short window to sign and open the best sites across the UK when we were admitted to AIM last year but the challenging macro environment has resulted in more sites being available on very attractive terms and with a simple-to-replicate business model across four distinctive brands, all led by motivated and engaged managements teams, serving a customer base with continued high disposable income, we feel confident about the year ahead despite the economic pressures facing the UK today.”