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19 Jan 2017 07:00
Revolution Bars Group plc (LSE: RBG)
Trading update for the 26 weeks to 31 December 2016
Revolution Bars Group plc ("the Group"), a leading operator of 66 premium bars across the UK, under the Revolution and Revolución de Cuba brands, today provides a trading update for the 26 weeks to 31 December 2016 ("H1 FY17").
Trading results are expected to be in line with the Board's expectations, reflecting a further period of growth in the number of sites, revenue and profit.
Like-for-like sales* rose by 2.0% for H1 FY17. Overall sales, including the contributions from new bars, were £66.6m for the same period (2015: £59.1m), +12.7%.
The Group opened four new Revolución de Cuba bars in H1 FY17 in Harrogate, Aberdeen, Reading and Glasgow. We are currently on site at our fifth development in Southend on Sea which is due to open in H2.
The Interim Results will be announced on Tuesday 28 February 2017.
Mark McQuater, Chief Executive Officer, said:
"I am delighted to report another period of good progress for the Group. Continued investment in the business with new site openings in Harrogate, Aberdeen, Reading and Glasgow have further expanded our geographic footprint. We had a strong festive trading period across our existing estate and all of our new sites were open for Christmas and New Year where initial trading was encouraging, with Group sales increasing 16.2% over the five week trading period.
"We continue to develop our pipeline and are currently on site at our fifth development in FY17 which will take the estate to 67 sites. We remain positive for the future prospects of the Group."
19 January 2017
* Like-for-like sales are defined as total retail sales from bars that have been trading continuously from the same selling space for at least 12 months.
For further information:
Revolution Bars Group plc T: 0161 331 3708
Mark McQuater, CEO
Chris Chambers, CFO
Instinctif Partners T: 020 7457 2020
Justine Warren / Matthew Smallwood
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