(Alliance News) - UK bar operator Revolution Bars Group PLC said Wednesday its loss narrowed in the first half of 2020, helped by a growth in same-store sales.
For the 26 weeks ended 28 December, total sales rose 3.5% to GBP81.2 million from GBP78.5 million a year ago.
Like-for-like sales were up 1.2%, boosted by "another record" pre-Christmas trading period, the seventh consecutive record period, Revolution said.
"The recent new and refurbished Revolution bars have performed well and are proof that the Revolution brand remains relevant and liked by its customer base," the company said.
Meanwhile, the pretax loss narrowed to GBP1.6 million from GBP3.5 million a year ago.
Chief Executive Rob Pitcher said: "Profit growth was achieved through a combination of like-for-like sales growth, improved gross margins and tight control of our costs, despite the ongoing structural cost inflation the sector is facing, to deliver improved profit conversion."
The company said it is not recommending the payment of an interim dividend as it focuses on investing to revitalise its brands and reducing debt, which reduced to GBP11.5 million from GBP18.5 million a year ago.
Looking ahead, the company said the second half has started "encouragingly" with strong trading on New Year's Eve. In the eight weeks to 22 February, like-for-like sales were up 1.6% yearly.
Revolution shares were trading 0.9% higher in London at 68.58 pence each on Wednesday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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