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Revolution Bars warns of 20% earnings drop amid 'economic uncertainties'

StockMarketWire.com

Revolution Bars Group warned of an expected 20% fall in annual earnings after its like-for-like sales slipped in the first half.

Adjusted Ebitda for the first half -- the 26 weeks through 29 December -- was expected to be around £2.0m lower on-year, due to a 4.0% decline in like-for-like sales and increased operating costs.

'Whilst the business has seen a much improved trend over the Christmas period, there is still further work to be done on the Revolution brand,' the company said,

"Therefore the board is taking a cautious approach to trading in the second half given the economic and political uncertainties at this time.'

Consequently, the company said it expected annual adjusted Ebitda to be around £12.0m, compared to £15.0m on-year.

On the positive side, like-for-like sales in the important four-week trading period leading up to and including New Year's Eve were 2.6% higher on-year. The 26-week reporting period for the first half, however, did not include New Year's Eve, consistent with the comparative period.

'The uplift in like-for-like sales performance over the festive period gives us momentum going into the second half and I'm pleased with the progress being made in refreshing the Revolution brand proposition,' chief executive Rob Pitcher said.

'However, given the uncertain economic and political outlook we are adopting a more cautious outlook on trading in the coming months.'



Story provided by StockMarketWire.com