Urbium expects to weather consumer weakness

04 July 2005
Urbium expects to weather consumer weakness

Urbium is looking forward to a strong second half to the year despite the expectation current weak consumer spending will continue.

In a trading statement, the Tiger Tiger operator revealed like-for-like sales in the first six months of the year were 1% lower than 2004's and flat in London, where it has the majority of its 33 bars.

But despite flagging sales during the June heat-wave and a host of refurbishments, like-for-like sales remain up on 2003.

In a statement the company said: "While we do not underestimate the second half challenge, Urbium has a track record of delivering an extremely strong second half performance and remains confident that it can do so again in 2005."

Broker KBC Peel Hunt said it was confident about Urbium's prospects and its ability to hit the £11.7m pre-tax profit forecast for the year.

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