Revolution Bars enjoys bumper Christmas with like-for-like sales up 4%
Revolution Bars Group (RBG) enjoyed a bumper Christmas with like-for-like sales up 4% year-on-year between 1 December and 31 December, its seventh consecutive year of record sales.
The bar group, which operates the Revolution and Revolución de Cuba brands, said its venues saw average weekly revenue of £65,000 throughout the Christmas period.
It also provided a trading update for the 26 weeks ending 28 December 2019 (H1 FY20). Total revenue was £81.2m, an increase of 3.4% on the previous year with like-for-like sales up 1.2%.
RBG reported that sales growth was driven primarily by the annualisation of five venues opened during H1 FY19.
CEO Rob Pitcher said: "I am delighted with our Christmas trading and the steady improvement in our like-for-like sales performance over the first half is further evidence that our key initiatives are driving both operational and financial improvement.
"Considerable strides have been made in rebuilding customer loyalty and driving sales and profit from the existing estate, creating a stronger business with significant cash generation.
"Whilst external cost pressures persist, we will continue to manage cautiously, using excess cash to reduce indebtedness below one times EBTIDA before we will consider further expansion opportunities."
RBG's interim results as measured by EBITDA will be published on 26 February and the board expects them to have improved in line with market expectations.
