StockMarketWire.com - Revolution Bars swung to a first-half loss after after higher sales were offset by a number of significant charges, including asset write-downs and costs associated with managing two failed takeover bids for the company.

The company left its interim dividend unchanged at 1.65p and said like-for-like sales in the most recent seven weeks of the 2018 financial year had slipped 2%.

For 2017, Revolution Bars booked an interim operating loss of £3.7m, compared to a profit in 2016 of £5.1m.

The loss included £9.6m of exceptional charges related to costs incurred managing takeover attempts, provisions for onerous lease costs on venues where rental costs exceed the bar contribution, asset impairment charges and the change to a new chief executive.

Sales rose 10.6% to £73.8m, boosted by new bar openings.

Like-for-like sales growth for 26 weeks to 30 December was 0.4%, though the company said growth was limited by the inclusion of New Years in the comparative period. Like-for-like sales growth for the 27 weeks to 6 January 2018 was 1.9%.

Revolution Bars held its interim dividend steady at 1.65p.

'New openings are performing particularly strongly, and site refurbishments are delivering healthy returns, meaning the group can pursue its strategy of profitable growth and drive like-for-like sales in its core estate,' executive chairman Keith Edelman said.

'The business is well set for the arrival of Rob Pitcher in the coming months." Story provided by StockMarketWire.com