Revolution set to open three more restaurant bars after strong year

REVOLUTION Bars Group is celebrating healthy growth in profits and turnover with the announcement with three more outlets set to open before Christmas.

The listed Ashton-under-Lyne, Greater Manchester firm, which operates 62 premium bars across the UK, 53 trading under the Revolution brand and nine under the Revolución de Cuba format, saw revenue increase 6.9% to £119.5m (2015: £111.8m) in the year to June 30.

Adjusted EBITDA increased by £1m to £15.6m (2015: £14.6m) and profit before tax was £7.1m (2015: £2.9m), with adjusted PBT after exceptional costs relating to the opening of new sites at £9.2m (2015: £8.3m), an increase of 10.8%.

During the year, five new sites opened and are trading well.

Chief executive Mark McQuater said: “We are delighted to have delivered excellent growth in revenue, margin and profit in our first full year as a listed company.

“As a result, adjusted earnings per share were 14.1% higher. We achieved this through continually improving the performance of our existing estate and through successfully opening five new bar restaurants.

“The group is benefiting from its growth in scale and the establishment of its second brand Revolución de Cuba, which expanded from five to nine branches.

McQuater said the company’s confidence in its “strong operating model and overall debt-free balance sheet” will enable it to open another five bars in the current years.

Three new Revolución de Cuba bars will open in Harrogate, Reading and Aberdeen before Christmas, he said.