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Revolution Bars losses deepen; starts reopening sites
StockMarketWire.com
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Cocktail bar owner Revolution Bars booked a deeper first-half loss after sales were hammered by the pandemic and associated lockdowns.
Pre-tax losses for the six months to 26 December amounted to £17.7 million, compared to year-on-year losses of £1.6 million. Sales tumbled 73% to £21.6 million.
Revolution Bars said it was planning for outdoor trading from 12 April from 20 bars, indoor trading from 17 May from all sites in England, and unrestricted trading from 21 June.
It claimed that tickets for summer events were selling out in as quick as nine minutes of release, with long waiting lists for some events.
'Prior to the pandemic the business was outperforming our peer group,' chief executive Rob Pitcher said.
'This year has provided us with the opportunity to advance the business across multiple areas which will allow us to maximise our future performance and capitalise on growth opportunities as we move towards more normalised conditions.'
'With the vaccination programme running ahead of the government's expectation and all the Covid-19 related health data exceeding even the most optimistic of forecasts, I look forward to all restrictions on personal freedoms falling away on the 21st of June and urge the Prime Minister to follow the data, not dates, and bring our 'national day of freedom' forward in line with the vastly better outcomes that have been achieved.'
Story provided by StockMarketWire.com
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