Revolution Bars Group records strong annual results

Revolution Bars Group, a leading UK operator of premium bars, trading under the Revolution and Revolución de Cuba brands, has announced positive preliminary results for the year to 30 June 2016.

The firm saw revenue of £119.5m (2015: £111.8m), an increase of 6.9%, and positive like-for-like sales of +2.3%. Adjusted EBITDA increased by £1m, to £15.6m (2015: £14.6m).

Profit before tax of £7.1m (2015: £2.9m), adjusted profit before tax* of £9.2m (2015: £8.3m), an increase of 10.8%.

During the period, five new sites opened and all are trading well.

Like-for-like sales for first 12 weeks of current year are up by 1.8%, and five new sites are planned for the year to 30 June 2017, of which three will open in H1.

Chief Executive Mark McQuater (pictured) said, ‘We are delighted to have delivered excellent growth in revenue, margin and profit in our first full year as a listed company. As a result adjusted Earnings per share were 14.1% higher. We have achieved this through continually improving the performance of our existing estate and through successfully opening five new bar restaurants.’

He continued, ‘The Group is benefitting from its growth in scale and the establishment of its second brand Revolucion de Cuba brand which expanded from five to nine branches. We also opened a Revolution in the year. The new sites are performing well.

‘Reflecting our confidence in our strong operating model and overall debt free balance sheet we will open another 5 bars in our current year building on the success in 2015. Three new Revolucion de Cuba bars in Harrogate, Reading and Aberdeen are expected to open before Christmas 2016.’

McQuater, concluded, ‘This financial year has begun well with recent trading robust with like for like sales of 1.8% in the first 12 weeks of the current financial year.’