30th Jan 2015 09:55
LONDON (Alliance News) - Eclectic Bar Group PLC on Friday said trading in its financial first half was in line with its expectations, but said it is taking a cautious view on the outlook for the second half.
The company said trading in the six months to December 28 was in line with its expectations, set out in November, when the group issued a profit warning owing to a lacklustre freshers' week, which is the start university academic year.
The company said it remains cautious on the second half and has put in place a number of measures to try to reinvigorate student trade in the third quarter, cut costs and mitigate competition effects. It said its performance for the year will depend on the success of its plans to target mid-week student trade and on the level of competition faced by its other venues.
The group said it invested in and refurbished the Embargo Republica and Bristol Lola Lo bars in the first half and said both are showing an improved performance. It shut down its Bournemouth Sakura venue, which continued to underperform despite steps taken to revive it.
Eclectic said its new bar in Sheffield is due to open to coincide with the start of the new student intake in late September, but said timing of the development and opening of Liverpool is currently under review.
Shares in the company were untraded on Friday, having last traded at 99.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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