Revolution Bars Group Trading Update and Notice of Results (2779O)
07 Octubre 2021 - 1:00AM
UK Regulatory
TIDMRBG
RNS Number : 2779O
Revolution Bars Group
07 October 2021
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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
GBP3.7m and GBP36.5m 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 Tel: 0161 330 3876
Rob Pitcher, CEO
Danielle Davies, CFO
finnCap, NOMAD and Joint Broker Tel: 020 7220 0500
Matt Goode / Simon Hicks / Teddy
Whiley (Corporate Finance)
Tim Redfern / Richard Chambers
(ECM)
Peel Hunt LLP, Joint Broker Tel: 020 7418 8900
George Sellar / Andrew Clark
Instinctif (Financial PR) Tel: 020 7457 2005
Matt Smallwood
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END
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October 07, 2021 02:00 ET (06:00 GMT)
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