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LONDON (Alliance News) - Revolution Bars Group PLC Wednesday said its financial performance in the recently-ended financial year should meet expectations as the bar operator posted a lift in sales, and said it will continue opening new bars this year.
Trading under the Revolution and Revolucion de Cuba brands, the company currently operates 62 premium bars in the UK after opening five new stores in the financial year that recently ended in June.
Revolution confirmed Wednesday that it will open three more sites this year and it has already exchanged contracts and secured planning and licensing consents for bars to be opened in Harrogate, Glasgow and Aberdeen.
"We will provide further details when we update the market on the existing bar estate performance and our development plans in early October," said Chief Executive Mark McQuater.
"We continue to make progress in developing our new site pipeline and look forward to opening a new Revolucion de Cuba bar in Reading in the autumn. We are today announcing the continued implementation of our rollout plan with three more new sites being confirmed for the 2017 financial year," he added.
Looking back at the recently-ended financial year, Revolution Bars said total sales increased by 6.9% to GBP119.5 million from GBP111.8 million, whilst like-for-like sales were 2.3% higher year-on-year, driven by the new sites opened during the year and an improved performance from existing bars.
"We are pleased with performance this year and particularly pleased with the performance of our new openings, all of which are trading ahead of our pre-investment expectations," said McQuater.
The new sites opened in the year included three new Revolucion de Cuba bars being opened in the first half of the financial year in Milton Keynes, Nottingham and Leeds, with a further one opening in Liverpool in the second half. One new Revolution bar was also opened in the second half down in Stafford.
Of the 62 sites that the company now operates, 53 trade under the Revolution brand whilst the other fall under the Revolucion de Cuba title.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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