Revolution raises a glass to revenue increase
REVOLUTION Bars Group is toasting a 2.9% increase in sales by £3.1m to £111.8m in its pre-close trading up date for the year to June 30 (2014: £108.7m).
The company based in Ashton-under-Lyne, east Manchester, which operates under the Revolution and Revolución de Cuba brands, said its full year results were likely to be in line with the board’s expectation and would be announced on September 29.
Chief executive of the company, which floated in February for £86m, Mark McQuater said: “We are delighted to have joined the premium segment of the London Stock Exchange.
“Since we published our IPO prospectus earlier this year, I am pleased to confirm that our trading performance has continued to be strong and in line with our expectations. Like-for-like sales remain positive in both our drinks and food business and across both brands.
“We continue to make significant progress in developing our new site pipeline and we look forward to some exciting new bar openings before Christmas, details of which we will confirm in September.
“We will also be updating the market both on existing bar estate performance and our development plans at that time.”
The group has around 60 leasehold venues, of which 53 trade under the vodka-focused Revolution brand.
The first Revolution bar opened in Manchester in 1996. Under the name Inventive Leisure, the company was floated on AIM in 2000, when it had 22 bars, then taken private by Alchemy Partners six years later.
