1st Mar 2016 08:30
LONDON (Alliance News) - Revolution Bars Group PLC on Tuesday reported growth in profit in the first half of its financial year as it continues to expand its portfolio with the opening of new bars.
The operator of the Revolution and Revolución de Cuba brands said its pretax profit in the six months ended December 31 grew to GBP4.7 million from GBP4.3 million a year before, as revenue rose by 2.2% to GBP59.2 million from GBP58.0 million. Like-for-like sales increased by 2.7%.
Revolution said it now operates from 60 bars in the UK, following the opening of three Revolución de Cuba bars in the first half, each of which have performed well in early trading. It plans to open two more bars in the second half of the year and said it is confident of meeting its strategic growth targets.
Revolution will pay its first interim dividend since listing last year of 1.5 pence.
"Recent trading over January and February has been positive. Like-for-like sales for the eight weeks to February 20 rose by 2.7%. This, taken together with improved profit conversion and the impact of new sites, gives us the platform to be confident about our prospects for the future," Chairman Keith Edelman said in a statement.
Shares in Revolution were trading up 1.8% at 168.00 pence on Tuesday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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