Trading Update and Notice of Results

RNS Number : 2779O

Revolution Bars Group

07 October 2021

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU NO. 596/2014) (AS AMENDED) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AND OTHER IMPLEMENTING MEASURES. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

Revolution Bars Group plc (LSE:RBG)

Trading Update and Notice of Results

Revolution Bars Group plc ("the Group" or "the Company"), a leading operator of 67 premium bars, trading mainly under the Revolution and Revolucion de Cuba brands, is pleased to announce a Q1 update.

Covid restrictions were fully relaxed in England from 19 July 2021, which was 2 weeks into our financial year ending 2 July 2022, with restrictions having been gradually reduced though not fully removed since then in the remaining Home Nations. In the period from 19 July 2021 to 2 October 2021 our sites have experienced strong demand delivering same site sales growth of 17% when compared to the same period 2 years ago, when the business traded normally pre Covid. Our 56 English sites, which had no restrictions over this period, traded at 21% higher when compared to 2 years ago. In line with the previously communicated plans we have re-commenced our refurbishment programme.

This strong trading performance was well ahead of the Company's expectations for this period, and costs have continued to be well controlled resulting in good profit generation from these sales. This robust performance reflects the strength and relevance of our customer offering. Whilst confident in the outlook for the business in the current trading environment, the Board remains cautious of the potential impact of an escalation of Covid-19 and any associated restrictions on the business in the upcoming key trading months, including Corporate Christmas parties.

The Group's balance sheet remains strong, with net cash of £3.7m and £36.5m facility headroom as at 6 October 2021.

The Group intends to publish its Preliminary Results for the year ended 3 July 2021 on 16 November 2021.

Rob Pitcher, CEO of Revolution Bars Group said:

"We spent the lockdown periods working extremely hard to refine and enhance our brand propositions with a key focus on heightening guest experience.

As a result, it is extremely encouraging to see we have capitalised on the pent up demand we predicted, which has been reflected in excellent trading so far this year. We are therefore confident in the Group's outlook assuming that there are no further restrictions on our ability to trade.

I'd like to take this opportunity to personally thank all of our colleagues for their hard work during what has been a hugely challenging period."

Revolution Bars Group plc   Rob Pitcher, CEO Danielle Davies, CFO	Tel: [phone]
finnCap, NOMAD and Joint Broker Matt Goode / Simon Hicks / Teddy Whiley (Corporate Finance) Tim Redfern / Richard Chambers (ECM)	Tel: [phone]
Peel Hunt LLP, Joint Broker   George Sellar / Andrew Clark	Tel: [phone]
Instinctif (Financial PR)   Matt Smallwood	Tel: [phone]

 

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