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Slow progress for Luminar

01 December 2004
Slow progress for Luminar

Late-night bar and nightclub operator Luminar has reported first-half profits in line with analysts' expectations as its "slow and patchy" recovery continues.

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Luminar: rebranding programme
Luminar, whose brands include Chicago Rock Caf‚ and Jumpin Jaks, reported pre-tax profits of £25m before goodwill on a turnover of £188m to 29 August. For the same period last year the company achieved £27m on a turnover of £199.9m. The company said improved margins and its refurbishment and rebranding programme had helped to mitigate the fall in like-for-like sales, which were down 1% in October, compared with a 2% fall in the previous nine weeks. In a statement the company predicted its progress would be "slow and patchy", although it remained "cautiously optimistic", with much hinging on the Christmas period. The company has also signed a joint venture with Accor Casinos SA to open a large casino in Leeds. Paul Hickman, an analyst at broker KBC Peel Hunt, said: "They're not quite as far ahead with their rebranding and refurbishment exercise as we would have hoped."
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