Pre-close Trading Update

RNS Number : 6600E

Revolution Bars Group

20 July 2016

 

Revolution Bars Group plc (LSE: RBG)

Pre-close trading update

Revolution Bars Group plc ("the Group"), a leading UK operator of 62 premium bars, trading under the Revolution and Revolución de Cuba brands, today provides a pre-close trading update in respect of the year to 30 June 2016 ("the Period"). 

Total sales for the Period increased by £7.7m (+6.9%) to £119.5m (2015: £111.8m). Like-for-like sales rose by +2.3%.  The increase in sales reflects both the positive like-for-like sales result and the sales contribution from the new sites opened in the Period. 

New Revolución de Cuba bars at Milton Keynes, Nottingham and Leeds, all of which were opened in the first half, were followed by a new Revolution in Stafford and a Revolución de Cuba bar in Liverpool's Albert Dock, late in the second half.  The Group currently trades from 62 sites, 53 trading under the Revolution format and nine under the Revolución de Cuba format. 

The Group's full year results, which are expected to be in line with the Board's expectations, will be announced on Tuesday 4 October 2016.

Mark McQuater, Chief Executive Officer, said:

"We are pleased with performance this year and particularly pleased with the performance of our new openings, all of which are trading ahead of our pre-investment expectations.     

"We continue to make progress in developing our new site pipeline and look forward to opening a new Revolución de Cuba bar in Reading in the autumn.  We are today announcing the continued implementation of our rollout plan with three more new sites being confirmed for FY17.  We have exchanged contracts, with full licensing and planning consents, on sites in Harrogate, Glasgow and Aberdeen. 

"We will provide further details when we update the market on the existing bar estate performance and our development plans in early October." 

20 July 2016 

* Like-for-like sales are defined as total retail sales from bars that have been trading continuously for at least twelve months. 

For further information:

Revolution Bars Group plc

Mark McQuater, CEO                                                      0161 330 3876

Instinctif Partners     

Justine Warren   / Matthew Smallwood                             020 7457 2020                          

 

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