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Luminar Group Hlgs (LMR)

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Tuesday 12 July, 2011

Luminar Group Hlgs

Interim Management Statement

RNS Number : 1930K
Luminar Group Holdings PLC
12 July 2011
 



Luminar Group Holdings plc

 

Interim Management Statement

 

Luminar Group Holdings plc ("Luminar" or the "Group") will hold its Annual General Meeting today at 1pm at Luminar House, Deltic Avenue, Rooksley, Milton Keynes, Buckinghamshire, MK13 8LW. This Interim Management Statement, which coincides with the AGM, covers the 18 week period from 27 February to 2 July 2011.

 

Trading

 

Despite our marketplace remaining highly competitive with increased discounting by some operators, Luminar continues to see the benefit of its actions reflected in an improving performance, with a slightly lower than anticipated reduction in the decline of sales.

 

Same outlet sales for the 18 weeks in the financial year to 2 July 2011 are down by 11.7%. For the 9 weeks to 2nd July 2011 same outlet sales fell by 9.7%.

 

The Group is responding to the increased competitive environment in certain locations with targeted initiatives to drive admission volumes. The reduction in margin associated with this activity is largely being offset by increased admissions.

 

The Group now has seven venues successfully operating Jongleurs comedy evenings with a further five in the pipeline. The Group has also opened five WooWoo Bars adjacent to its existing clubs with an additional four due to open over the coming months. These, with other initiatives, are extending, as planned, the dwell time of customers in our venues as well as attracting customers outside the traditional 18-24 year old target market.

 

As part of our strategy to optimize our estate we have disposed of our club at Redhill and sold with a minimum two year leaseback our Lava and Ignite club in Preston for a total consideration of £2.6m. In addition the Group has received £1.1m in respect of the liquidation of 3DE in which it held a 49% shareholding.

 

Constructive discussions with our Banking Group as to the options for a longer term solution in respect of the restructuring of the Group's debt arrangements are ongoing.

 

12 July 2011

 

Enquiries:

 

Luminar Group Holdings plc

Tel: 01908 544100

Simon Douglas, Chief Executive


Philip Bowcock, Finance Director




College Hill

Tel: 020 7457 2020

Matthew Smallwood


Jamie Ramsay


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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