Revolution Bars Group serves up solid interims
REVOLUTION Bars Group saw its revenue climb 2.2% to £59.2m in the six months to December 2015.
The business, which trades as Revolution and Revolución de Cuba, expanded its estate to 60 bars in the period, including taking its newest brand to Leeds, Nottingham and Milton Keynes at a cost of £300,000.
Like-for-like sales were up 2.7%, while operating profit margin rose 40bps. Profit before tax edged upwards from £4.3m to £4.7m year-on-year.
The results come during a rocky maiden year as a listed company. Having priced its initial public offering (IPO) at 200p in March 2015, the business’ shares have tumbled 17.5% to 165p.
While the group’s vodka-focused Revolution brand marks its 20th anniversary this year and has 52 high-street bars, its rum-themed Revolución de Cuba bars launched in 2011 and so far includes eight sites. Its Leeds venue opened late 2015.
The company plans to expand to 100 Revolution and 40 Revolución de Cuba bars, with five openings per year to 2017 planned.
Keith Edelman, chairman at Revolution Bars Group, said its latest Revolución de Cuba bars all performed well in early trading.” With two more bars scheduled for opening in the second half, we are confident of meeting our strategic growth targets,” he said.
