Revolution Bars shares collapse as fears over Brexit grow
Shares in Revolution Bars collapsed on Monday after the company warned that full-year benefit will take a knock from “economic and political uncertainties”, taking a shine off emerging gross sales over the festive length.
The crew noticed like-for-like gross sales for the 26 weeks to December 29 drop four%, with the primary quarter declining five% and the second one quarter down three.1%.
As a consequence, it now expects half-year profits to come back in round £2 million less than ultimate 12 months and annual profits of £12 million, down from £15 million the former 12 months.
Shares had been down over 19% in morning industry at 97.5p.
However, December proved extra fruitful, with Revolution recording its 6th consecutive 12 months of festive enlargement, posting a 2.6% upward push in like-for-like gross sales within the 4 weeks to Christmas Eve.
Total earnings for the primary 1/2 was once up 6.four% to £78.five million.
Chief govt Rob Pitcher stated “The uplift in like-for-like gross sales efficiency over the festive length provides us momentum going into the second one 1/2 and I am proud of the growth being made in refreshing the Revolution logo proposition.
“However, given the unsure financial and political outlook we’re adopting a extra wary outlook on buying and selling within the coming months.”
Over the four-week Christmas length, pre-booked birthday celebration earnings was once up 11.7% on a like-for-like foundation and moderate weekly gross sales in step with venue had been above £60,000, with 22 venues environment new overall gross sales information.
Christmas buying and selling “got here past due”, Revolution stated, with related gross sales within the ultimate two weeks of the monetary length rising eight.1%.
The company added that it goals to “revitalise” the Revolution logo after it traded under ultimate 12 months.