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Pin to quick picksRev Bars Regulatory News (RBG)

Share Price Information for Rev Bars (RBG)

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Trading Update

14 Jun 2018 07:00

RNS Number : 3383R
Revolution Bars Group
14 June 2018
 

 

This announcement contains inside information

 

Revolution Bars Group PLC ("Revolution" or the "Group" or the "Company")

 

TRADING UPDATE

 

 Headlines

 

· The Company has experienced challenging and volatile trading conditions.

 

· Total sales for the Group in the second half up to 9 June 2018 are up by 7.3%. However, like-for-like sales are down 1.7%. Adjusted EBITDA is now expected to be below market expectations and in line with last year.

 

· New bars opening programme delivered to schedule and is performing in line with expectations.

 

· The Board remains confident in the future prospects of the Group as a result of the progress of management initiatives currently underway.

 

· New CEO, Rob Pitcher, joins the business on 25 June 2018.

 

Detail on Trading

 

Revolution Bars Group plc today provides an update on the performance of the Group for the 52 week period ending 30 June 2018. In recent weeks the Group has experienced challenging and volatile trading conditions and sales have fallen short of expectations. Consequently, full year underlying profit performance, measured by Adjusted EBITDA (excluding pre-opening costs), is anticipated to be in line with last year's result (£15.1m).

 

The adverse, wintery weather conditions in March combined with the unusually hot weather throughout May and early June, has curtailed typical late-night week-end trading. The sales performance in the last six weeks at sites with significant outside trading areas has performed well relative to last year.

 

Total sales for the Group in the second half to 9 June 2018 are up by 7.3%, however, like-for-like sales are down 1.7%. Both of our brands have seen similar changes in their sales trends over this period, although Revolucion de Cuba like-for-like sales remain in growth. For the 49 weeks to 9 June 2018, total sales are up by 9.1% and like-for-like sales are down by 0.5%. Wet sales have performed better than food, particularly in the Revolution estate where little food development and innovation was undertaken in 2017. This development is now underway for delivery in Q1 next year.

 

Whilst the Board believes that the weather has been the most significant factor impacting the sales trend, disruption caused by operational management change prompted by the unsettling effect of last year's takeover activity and the prolonged absence of a CEO has also played its part.

 

The Board remains confident in the future prospects of the business given the following initiatives:

 

1. The new bars opening programme for the current financial year has been delivered to schedule. Those 5 bars are performing to expectations;

 

2. As planned, we have six new sites for our next financial year including four large bars scheduled to open in the next four months;

 

3. Following a full review, we anticipate significantly improving the effectiveness of our marketing expenditure;

 

4. The roll-out of labour scheduling software across all venues has been completed in recent weeks and is starting to deliver real operational improvements;

 

5. Simon Dobson, the Group's new Food director, joined the business towards the end of January to drive a step change in Food sales and profitability;

 

6. Pre-booked revenue continues to grow and it is anticipated that that further strong growth in this important income stream will be achieved.

 

The Group's new Chief Executive Officer, Rob Pitcher, joins the business on 25 June 2018.

 

 

 14 June 2018

 

 

Enquiries:

 

 

Revolution Bars Group 

+44 (0) 161 330 3876

Keith Edelman, Executive Chairman

Mike Foster, Chief Financial Officer

 

 

 

 

 

 

Instinctif Partners​​

Matthew Smallwood

Tim Linacre

Tom Berger​

+44 (0) 20 7457 2020

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
TSTEAPKDFSFPEFF
Date   Source Headline
7th May 20247:00 amRNSUpdate re General Meeting
2nd May 202411:26 amRNSResponse to announcement by Revolution Bars Group
2nd May 20247:00 amRNSResponse to press speculation
1st May 20247:00 amRNSResult of Open Offer
30th Apr 202411:48 amRNSPostponement of General Meeting
23rd Apr 20249:16 amRNSForm 8.3 - Revolution Bars Group PLC
16th Apr 202411:47 amRNSPosting of Circular
15th Apr 20248:48 amRNSForm 8.5 (EPT/NON-RI) - Revolution Bars Group
12th Apr 20248:29 amRNSForm 8.5 (EPT/NON-RI) - Revolution Bars Group
11th Apr 20246:15 pmRNSResults of the Firm Placing and Placing
11th Apr 20247:30 amRNSRestoration - Revolution Bars Group PLC
10th Apr 20246:05 pmRNSInterim Results
10th Apr 20246:05 pmRNSFundraise, Restructuring Plan & FSP
10th Apr 20244:16 pmRNSForm 8.3 - Revolution Bars Group Plc
10th Apr 20241:42 pmRNSForm 8.3 - REVOLUTION BARS GROUP PLC
10th Apr 20249:16 amRNSForm 8.3 - Revolution Bars Group plc
9th Apr 20243:49 pmRNSForm 8.3 - Revolution Bars Group Plc
9th Apr 20242:30 pmRNSForm 8.3 - Revolution Bars Group Plc
9th Apr 20242:28 pmRNSForm 8.3 - Revolution Bars Group Plc
9th Apr 202412:30 pmRNSForm 8.3 - Revolution Bars Group plc
8th Apr 20242:52 pmRNSForm 8.3 - Revolution Bars Group Plc
8th Apr 20249:30 amRNSForm 8.3 - Revolution Bars Group Plc
2nd Apr 202410:00 amRNSForm 8.5 (EPT/NON-RI) - Revolution Bars Group
2nd Apr 20247:30 amRNSSuspension - Revolution Bars Group plc
2nd Apr 20247:00 amRNSTemporary Suspension
28th Mar 202411:14 amRNSForm 8.5 (EPT/NON-RI)
27th Mar 20246:23 pmRNSForm 8 (OPD) Revolution Bars Group plc
27th Mar 20249:27 amRNSForm 8.5 (EPT/NON-RI)
24th Jan 20247:00 amRNSH1 Update
5th Jan 20247:00 amRNSTrading and Estate Update
22nd Dec 20237:00 amRNSHolding(s) in Company
21st Dec 202310:40 amRNSHolding(s) in Company
18th Dec 202312:30 pmRNSHolding(s) in Company
14th Dec 20233:59 pmRNSHolding(s) in Company
12th Dec 202310:58 amRNSHolding(s) in Company
5th Dec 20233:20 pmRNSHolding(s) in Company
30th Nov 202311:58 amRNSResult of the 2023 Annual General Meeting
24th Nov 202310:00 amRNSHolding(s) in Company
21st Nov 202311:18 amRNSDealing by Director/PDMR
7th Nov 202310:14 amRNSPublication of 2023 Annual Report & Accounts/AGM
7th Nov 20237:00 amRNSPublication of 2022 Annual Report & Accounts/AGM
2nd Nov 20237:00 amRNSHolding(s) in Company
27th Oct 20237:00 amRNSGrant of Options
26th Oct 20237:00 amRNSInvestor Presentation via Investor Meet Company
17th Oct 20237:00 amRNSPreliminary results
26th Jul 20237:00 amRNSPre-Close Statement
24th Jul 202310:30 amRNSNotification of Trading Update
15th Mar 20233:00 pmRNSDirector/PDMR Shareholding
7th Mar 20239:05 amRNSSecond Price Monitoring Extn
7th Mar 20239:00 amRNSPrice Monitoring Extension

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