17th Dec 2020 13:45
Revolution Bars Group PLC - bars operator based in Ashton-under-Lyne, England - Reports pretax loss widens to GBP31.7 million in its financial year ended June 27 from a GBP5.6 million loss the year prior. Says full-year revenue GBP110.1 million, down 27% from GBP151.4 million in 2019 due to its bars being closed throughout the last 14 weeks of the trading period as a result of the UK lockdown restrictions.
Says its outlook has brightened due to the introduction of the Covid-19 vaccine but trading in the first quarter of 2021 - the group's third quarter - looks to be "severely compromised", resulting in the company expecting to incur a "substantial loss" during its 2021 financial year.
It is "reasonable" to assume the business may be able to trade in a "more normal manner" from April 2021, Revolution Bars says.
"The next few months will continue to be challenging and entirely dependent on imposed operating restrictions. Further meaningful government support will be required to help safeguard the industry and avoid further job losses, particularly for young people. However, given the actions we have taken to secure the future of the business, I am confident that Revolution will emerge from this crisis as a more focused business," says Chief Executive Rob Pitcher.
Current stock price: 22.20 pence; up 9.6% on Thursday
Year-to-date change: down 64%
By Zoe Wickens; [email protected]
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