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(Alliance News) - Revolution Bars Group PLC shares rose on Tuesday after the bar operator said it has delivered adjusted earnings slightly ahead of the top end of market forecasts.
Shares in the firm were 6.7% higher in London on Tuesday mid-morning at 16.16 pence each.
Revolution said it was not "immune" to inflationary headwinds in the UK, but noted it is continuing to manage and control costs "tightly wherever possible".
"Following positive trading over the Jubilee bank holiday, the board is confident of delivering adjusted Ebitda after rental charges slightly ahead of the top end of market expectations, which currently stands at GBP10.0 million," it added.
As part of this improved trading, it has completed 16 refurbishments in financial 2022, with three more planned before the end of the financial period, which ends on July 2.
Chief Executive Rob Pitcher said: "Revolution Bars Group is in great shape and it's great to be back doing what we do brilliantly. The business is well funded and the investment we have made in our refurbishment programme is delivering positive results and delighting our guests."
The bar operator has six new sites planned for financial 2023.
"This, together with encouraging trading, underpins our confidence in our expansion plans with two new bars due to open later this month and an excellent pipeline of new sites in place," Pitcher added.
By Paul McGowan; paulmcgowan@alliancenews.com
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