StockMarketWire.com - Cocktail bar group Revolution Bars upgraded its profit guidance as it continues to re-open sites amid an easing of lockdowns.

The company, which operates 66 bars, said it welcomed Prime Minister Boris Johnson this week saying indoor bar trading would be allowed on 17 May.

Johnson also confirmed a reopening roadmap remained on track for a return to restriction-free trading on 21 June.

Revolution Bars last month said it had recommenced trading outside on 12 April in 20 bars.

Since that date, a further five bars have opened outdoor space.

'We are pleased to report that since opening those bars have traded extremely strongly, fulfilling the desire for our customers to return despite the often unseasonably cold weather,' the company said.

'The restrictions in place are such that in the bars where we have been able to trade outdoors the covers available represent approximately only 15% of total capacity of those venues, which are also trading for shorter hours than normal.'

'Despite these constraints, we are delighted to report that these venues have delivered 48% of the sales in the four weeks to 9 May when compared to the same period in 2019, when there were no Covid-19 restrictions.'

'Following the customer reaction we have seen over the last four weeks, the board is confident that significant further pent up demand exists and therefore further strong trading is anticipated in the months to come as restrictions fall away and we fully open up the estate.'

'Taking the above into account, together with continued tight cost control and better than anticipated support from third parties, we now expect that our full year performance for the year ending 30 June 2021 will be ahead of previous management expectations.'




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