StockMarketWire.com - Cocktail bar owner Revolution Bars booked a first-half loss after rising sales were offset by operating costs and higher finance expenses.

Pre-tax losses for the six months through December amounted to £1.6m, compared to losses of £3.5m on-year, though the narrowing of losses was largely due to a switch to IFRS 16 accounting.

Sales rose 3.5% to £81.2m and like-for-like sales rose 1.2%.

'We have continued to make significant progress revitalising the Revolution brand and further improving the performance of Revolución de Cuba,' chief executive Rob Pitcher said.

'Having stabilised the business in FY19, FY20 is about consolidation and the benefits of the many actions that we have taken are beginning to be realised.'

Pitcher said the second half had started encouragingly and, should it continue on its current trajectory, the company was confident the business would be well-positioned to resume site expansion in the 2021 financial year.


At 10:02am: [LON:RBG] Revolution Bars Group Plc share price was +2.4p at 70.4p



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