Profit falls as Luminar plans restructure

26 May 2005 by
Profit falls as Luminar plans restructure

Bar, restaurant and nightclub operator Luminar has seen profit and turnover drop as it enters a year of transition.

Turnover for the year ended 27 February 2005 fell 6.2% to £375.1m, compared with £399.7m the previous year, while pre-tax profit dropped 14.8% from £62m to £54m.

Luminar is currently transforming itself into a nightclub and late-night entertainment group and has earmarked 91 non-core nightclub venues for sale.

It is also conducting a review of its entertainment division, which includes Chicago Rock Café and Jumpin' Jaks bars, with a possible sale in mind.

Company chief executive Stephen Thomas said: "We're focusing our estate to play to our strengths: managing the country's leading group of late-night venues."

Thomas said trading since the year end had shown signs of stabilising, with flat like-for-like sales across the company's core estate of nightclubs, bars and restaurants in the 10 weeks to date.

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