Good morning, it's Paul here with the SCVR for Weds.

Apologies for yesterday's report fizzling out, I'll finish it off later & flag here when that's done.

Please see the header for today's announcements that I'll be covering. Although I want to get through these quickly, so I can spend time on the more interesting companies that I didn't get round to covering yesterday.

Estimated timings today - I've earmarked the whole day for SCVR-writing, so this & yesterday's report should both be finished by 5pm.
Edit - change of plan, I have to nip out mid-afternoon, so will have to wrap things up here by 2:30pm.
Update at 14:19 - today's report is now finished.


Revolution Bars (LON:RBG)

Share price: 71p (up 4%, at 09:10)
No. shares: 50.0m
Market cap: £35.5m

(at the time of writing, I hold a long position in this share)

Interim results

This is a UK-based premium, late night bars group, trading as Revolution, and Revolucion de Cuba (the latter targets a slightly older demographic than the main brand). It currently has 74 branches.

There's a neat summary at the start;

Like-for-like2 sales positive, Adjusted1 EBITDA higher, debt reduced, on track to meet expectations

Background - I've written a disproportionately large amount about this share in recent years! We had the excitement of a 203p cash takeover bid for the company in autumn 2017, which then fell through. The share price lost two thirds of its value by the spring of 2019, and flat-lined for the rest of the year. Recent signs of life have been snuffed out by coronavirus worries - investors worrying that people may not want to congregate in close confinement, in say aeroplanes, cruise ships, bars, etc. Such worries are bound to hit shares in pubs/bars/restaurants, as well as travel companies, which they have. After all, it would be difficult to drink in a bar, with a face mask on. Even less chance of pulling too!

Given that RBG serves a mostly younger customer base (people in their twenties & early thirties), and given that coronavirus is generally mild for that age group, then I wonder how much of a deterrent it might be to them going out on a Friday or Saturday night (which is when RBG makes its profit)? The way things are going, we'll probably find out…

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