StockMarketWire.com - Revolution and Revolucion de Cuba branded bar owner Revolution Bars reported a deeper annual loss amid a fall in like-for-like sales.

Pre-tax losses for the year through June amounted to £5.6m, compared to losses of £3.6m on-year.

Sales rose 6.7% to £151.4m but declined 3.5% on a like-for-like basis.

Revolution Bars said the fall in like-for-like sales masked an improving trend, with them falling 4.0% in the first half, 2.9% in the second half and 1.8% in the fourth quarter.

The company said its financial performance was in line with expectations in a year of transition for the business.

Pre-booked Christmas sales were 'strong' and had risen 15%, or by 8% on a like-for-like basis, compared to the same time last year.

'A return to positive like-for-like sales in the first quarter of the current year reflects the hard work by the team in stabilising the business,' chief executive Rob Pitcher said.

'We will invest in our team, our brand experience and our estate to continue to improve performance.'

'Our progress demonstrates that our business is delighting our guests, and is both profitable and cash generative.'

'We will utilise surplus cash to reduce debt to such an extent whereby any return to expansion of the estate will be self-funding.'




Story provided by StockMarketWire.com