Operating under the Revolution and Revolution de Cuba brands, the company opened 25 bars with outdoor spaces - out of its estate of 66 bars - including those permitted by the relaxations of restrictions in Scotland, Wales and Northern Ireland.
Despite the unseasonably cold weather in April and shorter than normal trading hours, in the four weeks to 9 May 2021 the venues delivered 48% of the revenues achieved in the same period in 2019 before the restrictions, despite trading from only 15% of total capacity.
UPGRADE TO FULL YEAR
Consequently, the board is confident that further pent-up demand exists and anticipates further strong trading in the months ahead as more restrictions are lifted. The company welcomed the government’s commitment to return to restriction-free trading from 21 June 2021.
The company said that with ‘continued tight cost control’ and better than anticipated support from third parties, it now expects performance in the year to 30 June 2021 to be ahead of its prior expectations.
Chief executive Rob Pitcher commented, ‘the ability to trade inside from 17 May 2021 provides another landmark in the Roadmap and whilst we will still be restricted to using less than 50% of our actual capacity, the demand that we have experienced in recent weeks provides us with the confidence to open all the remaining bars.’
Consensus market expectations for the year to 30 June 2021 are for the company to deliver £37 million of revenues and around £7.5 million of EBITDA (earnings before interest, taxes, depreciation, and amortisation) losses, according to data provider Refinitiv.
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