StockMarketWire.com - UK bar owner Revolution Bars Group swung to an annual loss after revenue came under pressure in the second half and expenses were pushed up by asset write-downs and site opening costs.

Pre-tax losses for the year through June amounted to £3.6m, compared to a profit of £5.2m on-year.

Revenue rose 8.7% to £141.9m, though on a like-for-like basis revenue fell 0.6% after growing 1.9% in the first half.

Revolution Bars said the second half was impacted by uncertainty following corporate activity, management change, extremes of weather and the World Cup.

The company was the subject of several takeover approaches during the reporting period.

'This is a fundamentally good business which has seen significant disruption over the past year and factors outside of its control,' chief executive Rob Pitcher said.

'The group's strategy is sound and with a stable management team and better execution the company can rapidly return to growth.'

'The performance of our new sites is encouraging, in line with our expectations and set to deliver good returns underpinning our strategic view of the business.'

'Our confidence in the potential of the Group is undiminished.'





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