H1 Trading update

RNS Number : 2385M

Revolution Bars Group

19 January 2016

 

19 January 2016

Revolution Bars Group plc (LSE:  RBG)

H1 trading update:  Good progress with three new sites opened

Revolution Bars Group plc ("the Group"), a leading operator of 60 premium bars across the UK, under the Revolution and Revolución de Cuba brands, today provides a trading update for the 26 weeks to 26 December 2015 ("H1 FY16").    

Trading results are expected to be in line with market expectations, reflecting a further period of growth in the number of sites, revenue and profit.    

Like-for-like sales* rose by 2.7% for H1 FY16.  Overall sales, including the contributions from new bars, were £59.1m for the same period (2014: £58.0m). 

The Group opened three new Revolución de Cuba bars in H1 FY16, at Milton Keynes, Leeds and Nottingham.  Trading for these sites is ahead of pre-investment expectations. 

The Interim Results will be announced on Tuesday 1 March 2016.

 Mark McQuater, Chief Executive Officer, said:

"Following a good Christmas trading period, we are pleased to confirm that trading results are in line with expectations.    

"Our new sites at Milton Keynes, Leeds and Nottingham have all started trading well.  These sites were open and trading for the Christmas period and, for the six weeks to 2 January, Group sales rose by 7.0% compared to prior year, indicating the impact of adding new bars. 

"We expect to open a further two new sites in the second half, which will grow the estate from 57 to 62 sites over the course of the financial year.  We continue to develop our pipeline. 

"We remain positive for the future and will be providing an update on first half profits and the success of our development activity at our Interim Results on 1 March 2016." 

* 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 Sean Curran, CFO	0161 330 3876
Instinctif Partners         Justine Warren/ Matthew Smallwood	020 7457 2020

 

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