Nightcap forecasts significant earnings beat

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Cocktail bar owner Nightcap upgraded its profit guidance, citing bumper sales since Covid restrictions were relaxed.

Results for the 53 weeks through 3 July 2022 would be 'significantly ahead' of current market expectations, the company said in a trading update.

'Pent-up demand and disposable income built-up during lock-down has seen significant demand for experiential socialising across all the group's cocktail bars, inside and outside of London,' Nightcap said.

Sales in the 13-week period for the new financial year had jumped 68% compared to the same period in 2019 to £7.6 million.