Nightcap has announced a strong period of growth in the 26 weeks ended 1 January 2023, with like-for-like revenue growth over December of 27.6%.

The late night bar owner and operator achieved unaudited group revenue of £12.9m for Q2 2023, resulting in a 60.9% increase compared to group revenue of £8 million for Q2 FY2022 and a 4.7% like-for-like increase compared to the same period in FY2022.

Group revenue for the month of December 2022 was £5.9 million, resulting in a 71.8% increase compared to December 2021.

Across the 26-week period, Nightcap achieved unaudited group revenue of £23.2m – a 49.2% increase compared to FY2022. However, this translated to a 5.8% like-for-like decrease compared to the equivalent period for FY2021, primarily due to the significant rail strikes in the period.

During the period, Nightcap opened six new sites across three of its key brands – two The Cocktail Club bars, two Tonight Josephine venues and two Barrio openings – taking its total estate to 36 bars.

The group also disposed of one site – The Cocktail Club in Bethnal Green, which had been used as its initial training academy.

At the half-year, Nightcap had £5.5m in cash, and £9.6m of total bank debt, resulting in a net debt position of £4.1m.

Sarah Willingham, chief executive officer of Nightcap, commented: “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.

“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.”

The board said it looked forward to the second half of the year with confidence, and in the absence of further rail strikes or major interruptions to trading, it expects the group to trade in line with management’s expectations.