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Revolution Bars Group plc, has reported its full year like-for-like (LFL) sales increased 1.3% in the year ended 2 July 2022 (FY22), following the lifting of Covid restrictions in England after 19 July 2021.
The group said this is a strong result given the disruption caused by the Omicron variant and subsequent plan B restrictions which were in place over the winter and the peak Christmas trading period.
However, LFL sales for the full group, including Wales, Northern Ireland and Scotland, where restrictions on Revolution’s trade were slower to lift, were 0.3% for the period after 19 July 2021.
Revolution Bars said it has “not been immune” to inflationary pressures, but the group continues to mitigate these where possible with a focus on cost management. Its sustainability agenda has also reduced the company’s carbon footprint and mitigate, in part, the energy cost price increases.
Looking ahead, Revolution’s energy prices remain largely fixed until spring 2023, and the group is seeing Christmas bookings building earlier than last year.
Revolution’s net cash as at 1 August 2022 was £2.6m, providing the group with “significant and sufficient” financial headroom to fund future plans.
The company’s refurbishment programme is reportedly on track with 19 refurbishments completed during the year, representing 28% of its LFL estate, and these are delivering returns in line with Revolution’s payback target of two years.
Revolution continues to expect to refurbish a further 18 sites in FY23, alongside six planned new site openings, and its two new concepts, Founders and Co. and Playhouse, have been “well received”.
Rob Pitcher, CEO of Revolution Bars Group, said: “Revolution Bars Group is in great shape. The business is well positioned with a net cash position to fund our new site and refurbishment programme. It has been exciting to see the positive results of our refurbishment and expansion strategy this year.
“The business is well positioned to continue to progress, is well funded for our new site and refurbishment programme, and we are seeing Christmas bookings building much earlier than last year. Our success is thanks to the whole team’s hard work and their ability to create fun and memorable experiences for our guests.”
