Revolution Bars Group said it expects FY21 performance for the year ended 3 July 2021, to be “ahead” of previous management expectations with an EBITDA loss pre adjustments of £12.5m.
The news follows a “significant improvement” to the group’s net bank debt of £5m following the period of trading and after the company’s recent equity raise.
Restrictions in place up until 17 May 2021, meant that seated capacity in the group’s bars was only at 28%, however since that date, it has improved to 86% against the same period in 2019 when there were no Covid restrictions.
Due to the improved trading, the group now expects revenue for the year therefore “to be ahead” of management’s previous expectations.
Following the customer reaction seen over the last six weeks, the board said it is confident that significant further “pent up demand” exists and therefore further strong trading is anticipated in the coming months as restrictions fall away and the group fully opens up its estate.
However, the company remains “cautious” about the coming financial year as the continuing impact of Covid-19 is still unclear.
Rob Pitcher, CEO of Revolution Bars Group, said: “As predicted we have continued to see huge pent up demand and a rapid recovery across the nation in our bars following indoor reopening.
“We were disappointed to see that the much anticipated ‘Freedom Day’ of 21 June was delayed but the new date of 19 July, when our bars will be able to trade without restrictions, looks more certain than ever.”
He added: “Whilst we anticipate strong demand for our late night offering, we continue to be cautious about possible restrictions on our business during the winter period.”