StockMarketWire.com - Revolution Bars Group scrapped its interim dividend after posted a first-half loss owing to rising costs and a fall in like-for-like sales.

Pre-tax losses for the 26 weeks ended 29 December amounted to £3.5m, narrowing from loss of £4.0m on-year.

New bar openings helped revenue rise 6.4% to £78.5m but on a like-for-like basis, revenue reversed 4.0%.

The company had paid an interim dividend of 1.65p in the previous corresponding period.

Trading at the beginning of the third quarter had been 'challenging', with like-for-like sales down 7.3% in the eight weeks to 23 February.

'It is clear that the lack of investment into the Revolution proposition is impacting performance,' chief executive Rob Pitcher said.

'Revolution has been reviewed, the issues identified, and workstreams are being implemented to restore it to growth.'

'Our confidence in achieving this is underpinned by the good performance of the new Revolution venues, while the recently refurbished sites are also seeing uplifts.'

'We have therefore decided to prioritise the refurbishment programme over new openings.'

'We expect trading to improve as we come up against softer comparatives for the rest of the financial year.'




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