LONDON (Alliance News) - Revolution Bars Group PLC Tuesday reported growth in profit in its recently-ended financial year as revenue grew and it said it is well-positioned for further growth in the current financial year.
In its maiden set of results since listing in London, the bar operator reported a rise in pretax profit in the year ended June 30 to GBP2.9 million from GBP2.6 million the year before, as its revenue increased 2.9% to GBP111.8 million from GBP108.7 million.
Like-for-like sales grew 3.0%, while like-for-like sales in the first ten weeks of the new financial year were in line with last year. Revolution said that sales were boosted by brand repositioning, an upgrade to a more food-friendly environment and the introduction of more premium products.
Revolution will pay a dividend of 1.7 pence per share for the full year.
"The future, in a highly competitive and changing market, is an exciting one and one in which the board and management are highly alert to the challenges created. Our performance in 2015 has given us a solid platform and our current pipeline of new bars gives us the confidence that we can grow the footprint of the group. With a clear strategy and our depth of management experience, we remain confident that the business is well positioned for future growth and we expect to make continued progress in 2016," Chairman Keith Edelman said in a statement.
Despite the positive results, shares in Revolution were trading down 5.5% at 177.11 pence early Tuesday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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Rev Bars (RBG)