looks very intresting results tuesday

Regent profits tumble
MoneyAM
Regent Inns said H1 profit from continuing operations was 0.8m against 2.2m the previous year.

The operator of the Walkabout and Old Orleans chains, as well as Jongleurs comedy clubs, said first half like-for-like sales were down 3.8%, as the smoking ban and a downturn in consumer confidence took their toll.

The group said it experienced deteriorating market conditions in November and December, which were reflected across the sector. Regent said it enjoyed strong uplifts in the absolute level of weekly sales during December, but added that celebrations in Walkabout chain appeared to be muted compared to last year, resulting in disappointing sales.

Regent Inns said Jongleurs responded well to its premium strategy for Christmas shows, achieving year-on-year growth of 5.3%. New Year's Eve was not included in this reporting period, as was the case last year.

The group added that consumer response to the refurbished Old Orleans estate has been extremely positive. It said ten of its revamped sites (excluding one at Lakeside, Thurrock, and another fire-damaged site in Epping) showed a 17.4% collective improvement in sales compared with the non-refurbished sites.

Total sales were up 4.2% to 76m.

Regent Inns said January sales have shown the same trends as the last 9 weeks of the first half, though it expects the impact of the smoking ban to lessen as the weather improves.

Regent Inns said discussions for a potential sale of the company are still ongoing, with the group also considering other options including asset disposals and sale and leaseback arrangements.

Regent Inns withheld its first half dividend, in line with the same period of 2007.