REG - Revolution Bars - Trading and Property Update

Revolution BarsAnnouncement

14/06/2022 07:00

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RNS Number : 7174O  Revolution Bars Group  14 June 2022

 

Revolution Bars Group plc (LSE:RBG)

Trading and Property Update

Revolution Bars Group plc ("the Group"), a leading operator of 67 premium
bars, trading mainly under the Revolution and Revolucion de Cuba brands, is
pleased to announce a trading and property-related investment update for the
financial year to date, ahead of the Group's 2 July 2022 year end.

Trading

We are pleased to report continued strong performance across the Group,
particularly from our refurbished bars, and continued guest enjoyment in all
of our brands. Whilst not being immune to the widely reported inflationary
headwinds in the UK, we continue to manage and control costs tightly wherever
possible. Following positive trading over the Jubilee Bank Holiday, the Board
is confident of delivering adjusted EBITDA after rental charges (on an IAS 17
basis) slightly ahead of the top end of market expectations, which currently
stands at £10.0 million.

Investment and expansion

Our refurbishment programme has continued at pace and we have completed 16
refurbishments in FY22, 14 in Revolution bars and two in Revolucion de Cuba
bars. We expect to complete a further three refurbishments in FY22, taking us
to our planned target of 19 refurbishments, with a further 18 planned in the
next financial year. The refurbished bars are trading well and we are
confident in achieving our two-year payback target.

Further to the strong trading reported above, we are pleased to confirm that
we have agreed terms on two new leasehold bars in Exeter and in Preston, which
are the Group's first new sites since 2018. Both new bars will trade under the
Revolution brand and are expected to open in June 2022.

Our two new brands, Playhouse and Founders & Co, have proved to be
exciting additions to the Group therefore adding additional optionality within
the estate.

Looking forward, we have an exciting pipeline of future new sites and we
expect to open a further six bars in FY23.

The Group intends to publish its Annual Results for the financial year ended 2
July 2022 on 18 October 2022.

Rob Pitcher, CEO of Revolution Bars Group, said:

"Revolution Bars Group is in great shape and it's great to be back doing what
we do brilliantly.  The business is well funded and the investment we have
made in our refurbishment programme is delivering positive results and
delighting our guests.  This, together with encouraging trading, underpins
our confidence in our expansion plans with two new bars due to open later this
month and an excellent pipeline of new sites in place.

"Our success in delivering our vision and strategy is testament to the whole
team's hard work and their ability to create fun and memorable experiences for
our guests."

 
14 June 2022

 

Enquiries:

 Revolution Bars Group plc                                    Tel: 0161 330 3876
 Rob Pitcher, CEO

 Danielle Davies, CFO

 FinnCap, NOMAD and Joint Broker                              Tel: 020 7220 0500
 Matt Goode / Simon Hicks / Teddy Whiley (Corporate Finance)

 Tim Redfern / Richard Chambers (ECM)

 Peel Hunt LLP, Joint Broker                                  Tel: 020 7418 8900
 George Sellar / Andrew Clark
 Instinctif (Financial PR)
 Matt Smallwood/Justine Warren                                Tel: 020 7457 2005/

                                                              020 7457 2010

 

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