RNS Number : 9249C
Luminar Group Holdings PLC
15 March 2011
Luminar Group Holdings plc.
Trading Update for the year ended 26 February 2011
Luminar Group Holdings plc ("Luminar", or "the Group"), announces its trading update for the year ended 26 February 2011.
It is anticipated that the results for the continuing business, before exceptional items, will be in line with the Board's expectations.
Same outlet sales for the financial year were down 18.6% driven primarily by a reduction in admissions. Total spend per head for same outlet clubs was broadly in line with last year at £12.20 but as previously indicated, gross margin was slightly behind. Although trading during the last seven weeks of the year remained challenging, the rate of decline has improved, with same outlet sales down 12.3% on the previous year.
The Group has successfully launched Jongleurs comedy nights in four clubs (Leeds, Newcastle, Norwich and Cardiff) with a further eight clubs planned over the coming months. In addition the Group intends to open a number of bars at its Clubs during the day and early evening where location and existing facilities provide profitable revenue generating opportunities.
Since the year end trading has continued to improve on a like for like basis.
The Group continues to have open and constructive dialogue with its banking group who remain supportive of the management team and of the strategy and initiatives (including those described above) that have been and are being put in place. To allow these initiatives time to gain sufficient traction, the banking group has agreed, in principle, to amend certain terms of the bank facility going forward to provide the Company with adequate flexibility.
Full results for the year are expected to be announced on 12 May 2011.
15 March 2011
Enquiries:
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Luminar Group Holdings plc
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Tel: 01908 544100
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Simon Douglas, Chief Executive
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Philip Bowcock, Finance Director
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College Hill
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Tel: 020 7457 2020
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Matthew Smallwood
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Jamie Ramsay
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This information is provided by RNS
The company news service from the London Stock Exchange
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