Revolution Bars Group Trading update (4540C)
January 22 2018 - 1:00AM
UK Regulatory
TIDMRBG
RNS Number : 4540C
Revolution Bars Group
22 January 2018
Revolution Bars Group plc
Trading update
Total revenue for 26 weeks +10.6%
Like-for-like** growth in key Christmas trading period +5.9%
Revolution Bars Group plc ("the Group"), a leading operator of
72 premium bars across the UK under the Revolution and Revolucion
de Cuba brands, today is providing a trading update for the 26
weeks to 30 December 2017 (H1 FY18) and for the Christmas and New
Year trading period.
Total revenue for the 26 weeks ended 30 December 2017 was
GBP73.7m (H1 FY17: GBP66.6m), an increase of 10.6%. Four new venues
opened during this period; Revolucion de Cuba Belfast in July and
Revolutions in Solihull, Inverness and Putney all opening in late
December.
For the 4-week period from 4 December 2017 to 31 December 2017,
the Group's like-for-like** sales were up 5.9%. This strong
performance built on last years' record results when even stronger
like-for-like** year-on-year growth was achieved. This is the fifth
consecutive year that the Group has enjoyed record sales in the
festive period.
Given the way the Christmas period fell this year, with New
Year's Eve in the Group's second half, the Directors believe that
the 27 weeks to 6 January 2018 provides a better benchmark for
underlying performance. Like-for like** sales during the 27 weeks
to 6 January 2018 were up 1.9%, with a 14 week second quarter
performance up 3.1%*. These results are all the more pleasing as
they were delivered against a backdrop of inclement weather
mid-month in December and between Christmas and New Year.
Interim results will be published on Friday 2 March 2018. The
Board expects trading results to be in line with its expectations,
reflecting continued growth in the number of venues, revenue and
profits.
The financial statements for the 52 weeks ended 1 July 2017
included certain adjustments to accounting policies and practices,
which required a restatement of the results of prior periods. Given
that the adjustments were actioned in the second half of the
comparative period, the half year impact needs to be appropriately
phased and accordingly the first half comparatives will be
restated.
Commenting on the sales performance, Keith Edelman - Executive
Chairman said:
"I am delighted with our sales performance in the second quarter
and over Christmas. This is the fifth year that the Group has
recorded record results over the key trading period and again
demonstrates the appeal of our brands. This excellent result
underlines that the Group is delivering on its strategy of
expanding the two brands whilst continuing to drive like for like
growth in the core estate."
* Reported like-for-like sales for the 26-week period and second
Quarter are up 0.4% and 0.6% respective
**Like-for-like sales comprises aggregate weekly sales for each
bar trading for the full week in both the current financial
reporting period and in the comparative reporting period.
22 January 2018
Enquiries:
Revolution Bars Group +44 (0) 161 330 3876
Keith Edelman, Executive
Chairman
Mike Foster, Chief Financial
Officer
Instinctif Partners
Matthew Smallwood
Tom Berger +44 (0) 20 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
END
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