(Alliance News) - Revolution Bars Group PLC on Wednesday said it expects a significant downturn in trading due to Covid-19.
Revolution Bars's financial year ends on June 30. It said it not yet possible quantify the precise impact on trading from the virus.
The company, which operates bars under the Revolution and Revolucion de Cuba brands, said it has taken steps to conserve cash to mitigate the impact of the virus outbreak.
This measures include reduction in payroll and other variable costs; reduction of unprofitable trading sessions; suspension of rent and deferral of business rates; and requests to defer tax payments.
The company's net debt position as at the end of last week was GBP10.5 million, in line with board's expectations.
For the 37 weeks of the financial period to date, Revolution Bars recorded a 1.1% rise in like-for-like bar sales.
Shares in Revolution Bars were down 33% at 16.39 pence each in London on Wednesday afternoon.
By Tapan Panchal; tapanpanchal@alliancenews.com
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Rev Bars (RBG)