Revolution Bars earnings to surpass £10m

Revolution Bars Group plc has reported confidence in delivering adjusted EBITDA after rental charges “slightly ahead” of market expectations for the financial year to date, ahead of the group’s 2 July 2022 year end, currently standing at £10m.

This follows “positive” trading over the Jubilee Bank Holiday, and the business has recorded a “strong” performance across the group, particularly from its refurbished bars.

Revolution’s refurbishment programme has “continued at pace” and it has completed 16 refurbishments in FY22 – 14 in Revolution bars and two in Revolucion de Cuba bars. The group now expects to complete a further three refurbishments in FY22, taking Revolution to its planned target of 19 refurbishments, with a further 18 planned in the next financial year. 

Revolution said the refurbished bars are trading well and the group is confident in achieving its two-year payback target.

Additionally, the company has agreed terms on two new leasehold bars in Exeter and in Preston, which are the group’s first new sites since 2018. Both new bars will trade under the Revolution brand and are expected to open in June 2022.

Looking forward, Revolution has a pipeline of new sites for the future and it expects to open a further six bars in FY23.

The group added that, whilst not being immune to the widely reported inflationary headwinds in the UK, it continues to manage and control costs tightly wherever possible. 

Rob Pitcher, CEO of Revolution Bars Group, said: “Revolution Bars Group is in great shape and it’s great to be back doing what we do brilliantly.  The business is well funded and the investment we have made in our refurbishment programme is delivering positive results and delighting our guests.  

“This, together with encouraging trading, underpins our confidence in our expansion plans with two new bars due to open later this month and an excellent pipeline of new sites in place.”