Revolution Bars Group Trading Update (7445D)
July 01 2021 - 1:00AM
UK Regulatory
TIDMRBG
RNS Number : 7445D
Revolution Bars Group
01 July 2021
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
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THE PUBLIC DOMAIN.
Revolution Bars Group plc (LSE:RBG)
Trading Update
Revolution Bars Group plc ("the Group" or "the Company"), a
leading operator of 66 premium bars, trading under the Revolution
and Revolucion de Cuba brands is pleased to announce an update to
trading ahead of our year end date of 3 July 2021.
As previously announced in our re-opening update of 11 May, our
bars traded extremely well within the restrictions in place from 12
April, when trading outdoors was permitted. This strong performance
has continued since 17 May when indoor trading was permitted and
all of our bars have been able to trade, albeit with continuing
significant restrictions such as seated table service and the
wearing of masks when guests are not at table.
Despite the restrictions in place since 17 May when seated
capacity in our bars represented only 28% of total capacity, we are
delighted to report that trading since that date has improved to
86% against the same period in 2019 when there were no Covid
restrictions, with revenue for the year therefore expected to be
ahead of management's previous expectations.
Following the customer reaction we have seen over the last six
weeks, the Board is confident that significant further pent up
demand exists and therefore further strong trading is anticipated
in the coming months as restrictions fall away and we fully open up
the estate. However, we remain cautious about the coming financial
year as the continuing impact of Covid-19 remains unclear and we
call upon the Government to adhere to the revised Roadmap to allow
clarity for all consumer facing businesses.
Taking the above into account, together with ongoing excellent
cost control and continued support from third parties, we now
expect that our full year performance for the year ending 3 July
2021 will be ahead of previous management expectations with an
EBITDA loss pre IFRS16 adjustments of cGBP12.5m, with net bank debt
significantly improved to cGBP5m following this period of trading
and after our recent equity raise.
Rob Pitcher, CEO of Revolution Bars Group said:
"As predicted we have continued to see huge pent up demand and a
rapid recovery across the nation in our bars following indoors
reopening.
We were disappointed to see that the much anticipated 'Freedom
Day' of 21 June was delayed but the new date of 19 July, when our
bars will be able to trade without restrictions, looks more certain
than ever.
Following sixteen months of government-imposed restrictions on
our business our customers are very keen to take advantage of our
full guest experience. Whilst we anticipate strong demand for our
late night offering, we continue to be cautious about possible
restrictions on our business during the winter period.
Revolution Bars Group plc Tel: 0161 330 3876
Rob Pitcher, CEO
Danielle Davies, CFO
finnCap, NOMAD and Joint Broker Tel: 020 7220 0500
Matt Goode / Simon Hicks / Teddy
Whiley (Corporate Finance)
Tim Redfern / Richard Chambers
(ECM)
Peel Hunt LLP, Joint Broker Tel: 020 7418 8900
George Sellar / Andrew Clark
Instinctif (Financial PR) Tel: 020 7457 2005/7427 1445
Matt Smallwood
Jack Devoy
The person responsible for arranging release of this
Announcement on behalf of Revolution Bars Group plc is Danielle
Davies, Chief Financial Officer.
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