Revolution Bars Group, the UK operator of premium bars, trading under the Revolution and Revolución de Cuba brands, has provided a pre-close trading update in respect of the year to 30 June 2015.
Total sales for the Period increased by £3.1m (+2.9%) to £111.8m (2014: £108.7m). Like-for-like sales rose by +3.0%. The Group’s full year results, which are expected to be in line with the Board’s expectations, will be announced on 29 September 2015.
Douglas Jack of Numis commented:
“Revolution Bars Group (Buy, TP: 265p) Strong trading; expansion Revving up”
“Over the year to June 2015, LFL sales rose by 3.0%, the highest rate for any quoted licensed retailer with a national presence, ahead of a 1% increase for the Coffer Peach Tracker’s pub constituents over the same period. We are holding our forecasts, ahead of September’s results.”
Continued strong trading performance
Mark McQuater, Chief Executive Officer, said:
“We are delighted to have joined the Premium Segment of the London Stock Exchange. Since we published our IPO prospectus earlier this year, I am pleased to confirm that our trading performance has continued to be strong and in line with our expectations. Like-for-like sales remain positive in both our drinks and food business and across both brands.
“We continue to make significant progress in developing our new site pipeline and we look forward to some exciting new bar openings before Christmas, details of which we will confirm in September. We will also be updating the market both on existing bar estate performance and our development plans at that time.”
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